Are we returning to the days of 99 cent gas?

The average price of a gallon of regular gas in the U.S.is now $1.74, the cheapest since January 2009.

In several cities in the Midwest and Plains states, however, prices have fallen below $1.30 – even $1.20 – a gallon.

AAA found that self-serve, regular is selling for as low as $1.71 per gallon and as high as $1.94.

Other states reporting significantly lower average gas prices are Oklahoma ($1.37), IN ($1.45), Kansas ($1.46), OH ($1.47), Minnesota ($1.52) and North Dakota ($1.63).

Today GasBuddy is reporting that the lowest gas prices in the Lansing area are $1.26 a gallon.

“Incredible as it sounds, we wouldn’t be shocked to see a few stations in these states as low as 99 cents a gallon”, said Patrick DeHaan, senior petroleum analyst at Gasbuddy.com.

California, however, remains an exception.

The price of a gallon of gasoline in MA has dropped for the ninth consecutive week, making it the cheapest it’s been in seven years. The national average has decreased 24.6 cents per gallon during the last month and stands 43.4 cents per gallon lower than this day one year ago.

DeHaan attributed the recent decline in gas prices to refineries looking to sell off stores of the winter-blend before transitioning to the summer blend.