Average gasoline price nationwide below $2 per gallon

The low price in Lafayette on Monday was $1.61 a gallon at Sam’s Club, 3222 Ambassador Caffery Blvd.

AAA listed Missouri as having the lowest statewide average at $1.77 for regular, with Oklahoma and SC a penny higher. AAA says the national average dropped below the $2 mark this morning. They say the cheaper prices saved Americans more than $100 billion on gas so far this year, equaling about $550.00 per licensed driver.

“If you look at it relative to crude, gasoline prices have been… significantly higher than one would expect with very weak prices”, he said.

The national average of gas is now $2.01 per gallon.

Behind the cheap gas of course is the plunging price of oil.

“For now, with the recent decline in crude oil prices continuing”, said the website, “the week long $2 barrier has finally been crossed”. That price range is almost a penny wider than a week ago and about 20 cents narrower than it was a year ago.

Regardless of what they pay for gas, few Americans will face weather-related travel delays through Christmas, as warmer-than-normal temperatures dominate much of the country.

The headline on the AAA Daily Fuel Gauge report for today says it all – “We’re going to party like it’s $1.99”.

Graph showing gas prices.

While Indiana is typically a volatile state when it comes to gas prices things should stay below the $2.00 mark until at least Valentine’s Day. By late winter, gas prices may rise 50 cents per gallon or more as refineries conduct maintenance in advance of the busy summer driving season.

While demand isn’t being killed by a recession, sluggish demand from Asia and Europe due to economic weakness is helping keep oil prices low.

A record number of people will travel for the holidays this year as gas prices continue to fall and temperatures soar. Last year, travel increased 4.5 percent across the country.

He says we could see gas prices at the low 1.40’s in some areas in the coming months.