Gas Prices Drop Just In Time For Holiday Travel

The national average has decreased 8.4 cents per gallon during the last month and stands 39.4 cents per gallon lower than this day one year ago. He says most stations could be in the $1.60 range this winter, before prices begin to head upward in the spring. The national average is about 64 cents less now compared to a year ago at this time.

Because of low prices this year Gas Buddy’s holiday travel survey estimates that American’s will spend about $1.6 billion less for year-end travel.

US gasoline prices everywhere have been hitting record lows, as a global oversupply of crude oil and lessening demand has put the fuel on a slow and steady decline since summer. The lowest 1% of USA stations are selling gas for an average of $1.59 per gallon, and more than 13,000 stations are selling gas for less than $1.75 per gallon.

But Chicago is far from the highest prices in the country.

Thirty states now have an average price below $2 and another five states: (MD, IL, NH, FL and UT) are poised to join the club within days as the momentum has brought their respective averages within a nickel of $2 a gallon.

“Those prices will benefit drivers during a seasonal travel spike December 23 to January 3”. Oil is the primary cost associated with making gasoline, and every $10 decline in the cost of oil can reduce gas prices by almost 25 cents per gallon. Prices have increased in the Great Lakes area and California. Through October, which is the most recent data available, Americans have driven more than 2.63 trillion miles for the year, which is a 3.4% increase over the same period in 2014.