Rhode Island gas prices down to $2.05
That makes the average price at the pump in Miami-Dade $2.15 a gallon.
For the first time since March 25, 2009, the national average price of gasoline has dropped below $2 a gallon.
All three are still higher than the national average, which is $1.99. The most common price nationwide is $1.899 a gallon.
Petrol prices are shown at a Shell gas station in Encinitas, California October 10, 2014.
Fort Wayne was in line with area prices, with Toledo at $1.79 a gallon, Kalamazoo $1.79 a gallon and South Bend at $1.80 a gallon, the statement said.
Michigan’s average gas price is down to $1.83 a gallon, 7¢ less than a week ago according to Triple-A MI. And about 30 percent of USA home heating oil customers are low income, so any energy savings can have a big impact on household finances.
Gas prices also generally fall through early winter because people drive less this time of year.
Commentary around the future of oil prices has been mixed with some analysts calling for a stabilization and eventual rebound in prices while others think crude is heading to a barrel or lower.
According to survey publisher Trilby Lundberg, that’s lowest price in more than six years.
Laskoski says the downward pressure of the price of crude oil is what’s driving gas prices down. “The lowest gas prices in almost seven years are a holiday gift that few consumers could have imagined when gasoline was $4 a gallon”, AAA President and CEO Marshall Doney said in a statement.
While demand isn’t being killed by a recession, sluggish demand from Asia and Europe due toeconomic weakness is helping keep oil prices low.
Last year, conventional economic wisdom said the decline in oil prices would be good for consumer spending.