Gas prices dropped below $2 per gallon Monday for the first time in almost seven years, but Chicago still has some miles to go before crossing that threshold.
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The price of gasoline dropped to a national average of $2 a gallon on Sunday, the Auto club said.
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Gas prices across the country have fallen to an average of less than $2 a gallon for the first time since March 2009, AAA reports.
In New Jersey those rates are sitting a little lower, at about $1.73 cents a gallon.
“It makes it more affordable, especially when you’re making your way across country, and now you can spend that money that you would spend on gas on other things”, said a traveler going to Florida from Texas.
“The International Energy Agency’s prediction that the global supply glut will continue, combined with the expectation that global oil demand will slow in 2016, helped send prices lower last week”.
In the region, prices varied, with Hardin County having the lowest price at the pump at $1.68 per gallon. “We saw that yesterday at $1.39, that was in Kansas”.
The price at the pump will end the year almost 80 cents lower than its peak in June. He said if the gas prices weren’t so low the family of five would have stayed home.
It’s not your imagination: gas really is cheaper than it’s been in years. Averages in these states may not fall below $2.
In California, where prices are highest, she says a gallon of regular averages $2.61, with midgrade costing $2.74 and premium at $2.83. The maintenance reduces fuel production and typically leads to higher gas prices. Average gas price for the week ending December 14 was $1.953 per gallon.
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An oversupply of crude oil and slowed demand has dropped prices to levels not seen even during the height of the recent financial crisis. The states with the cheapest averages include: Missouri ($1.77), Oklahoma ($1.78) and SC ($1.78). Nationwide, AAA says there should be an approximate 1.4 percent increase of travelers compared to a year ago.
