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National Gas Price Sinks Below $2


For the first time since March 2009, the national average price of gasoline has dropped below $2 a gallon, according to gasbuddy.com. 

Currently more than two-thirds of gas stations are selling gasoline at $1.99 or less, according to the report, yet the national benchmark had previously failed to breach $2 a gallon as fuel prices have been stubbornly slow at dropping in the West and new refinery issues there may soon lead the national average back up. For now, with the recent decline in crude oil prices continuing, the weeklong $2 barrier has finally been crossed.

Various factors have pushed global crude oil prices consistently lower, fuel supply in much of the country has been higher and consumer demand has been unremarkable. There is more good news on the horizon for those who enjoy the low prices: many areas will see them stick around for a good portion of the winter.

Thirty states now have an average price below $2 and another five states: (Maryland, Illinois, New Hampshire, Florida and Utah) are poised to join the club within days as the momentum has brought their respective averages within a nickel of $2 a gallon. Only 33 percent of the nation’s gas stations have prices over $2 a gallon and just three states have zero gas stations under that level: Hawaii, California and Nevada.

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