Gas prices plummet – Drop below $2 per gallon for first time since 2009

How much did you pay for gas during your holiday travels? Average gas prices have dropped $1.38 per gallon since June.

How much did you pay for gas during your holiday travels? Average gas prices have dropped $1.38 per gallon since June, according to AAA.

If you traveled by car this holiday season, you may have been pleasantly surprised to see gas prices at record lows.

Drivers on average are saving $1.02 per gallon this year compared to one year ago, according to AAA. In Illinois, gas prices have dropped 33 cents per gallon in the past two weeks to an average of $2.25 per gallon.

And if your travels took you to Indiana, Iowa, Michigan or Ohio, you probably saw gas prices closer to $2 per gallon, which are among the 10 lowest in the nation. In Oklahoma and Missouri, average prices dropped below $2 per gallon to $1.93 and $1.98, respectively, for the first time since 2009.

The declining prices are due to the global oil market remaining in a state of perceived oversupply due to record production from the United States combined with lower than expected global demand. Full details are available on AAA.com.

How much did you pay for gas during your holiday travels? Email us to let us know, and we’ll post results in our February newsletter.

 

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