Gas Prices at 5-Year Low

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The average price of a gallon of gasoline in the United States dropped two cents overnight to $2.60, the lowest the average price has been since December 27, 2009. Pump prices for gasoline had not reached those low, recession-driven prices from that date to this.

The AAA said on Friday that its prediction that gas would average $2.50 a gallon by Christmas is probably going to be wrong — now the auto club thinks prices will hit that level sooner.

Friday’s most common price for a gallon of gas in the United States is $2.499 a gallon, and 46% of the country’s gas stations are selling gasoline for less than $2.50 a gallon. AAA estimates that U.S. consumers are saving $375 million a day, compared with summertime highs, thanks to the falling price of gasoline. Year over year for December, U.S. drivers are saving about $225 million.

Based on the comparison to summer’s higher price, the average household is saving $100 a month on gasoline. Year over year, the savings are about $60 a month.

The only state in the lower 48 where gas costs more than $3 a gallon is New York, and the price there is just $3.02 a gallon.

The five states with the lowest average prices per gallon are Missouri ($2.32), Oklahoma ($2.36), Texas ($2.38), Mississippi ($2.39) and South Carolina ($2.40).

The national average price is about $0.65 a gallon less than a year ago.

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