Energy Economy

Gas Prices Drop Below $2 per Gallon at Stations in 41 States

The national average price of a gallon of regular gasoline on Wednesday is $2.20, the lowest average on this date since November 4, 2004. About 30% of U.S. gas stations are selling gasoline for less than $2 a gallon and the 1% of U.S. stations with the lowest prices are selling a gallon of gas for an average of $1.75 a gallon.

The states with the lowest average gas prices include South Carolina ($1.90), Alabama ($1.92), Mississippi ($1.93), Texas ($1.95), and Louisiana ($1.95).

The states with the highest average prices include: Hawaii ($2.88), California ($2.83), Nevada ($2.71), Washington ($2.45) and Alaska ($2.44).

The data were reported Wednesday by AAA. The association also noted that U.S. drivers can find at least one gas station in 41 of the 50 states selling gas for less than $2 a gallon.

AAA spokesperson Avery Ash said:

The fuel savings continue to add up with pump prices in many areas below $2 per gallon. It looks increasingly likely that drivers will find the cheapest gas prices for the upcoming holidays in at least seven years. … With any luck, we could still see average gas prices drop below $2 per gallon in more areas in time for Christmas.

Refinery maintenance and turnaround are keeping prices temporarily higher in some locations, and AAA said that higher gasoline prices might continue through the first part of November. AAA also noted that the national average price of gasoline has fallen in four consecutive years, with last year’s drop averaging 23 cents per gallon over the course of the month.

The national average price of gas in October was $2.26 per gallon, the cheapest monthly average since February 2015 and the lowest October average since 2006. By comparison, the average price of gas in October 2014 was $3.16 per gallon.

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