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Gas prices lowest since 2010, on average, and may drop more

People are seeing some serious savings at the gas pump.
People are seeing some serious savings at the gas pump.
NIT – Today’s national average price of gas is $2.75 per gallon, which is the lowest average since Oct. 5, 2010, according to a report from AAA.

Gas prices nationally are about 52 cents per gallon less expensive than a year ago, which is the greatest year-over-year savings since 2009. AAA estimates that Americans are saving about $200 million per day on gasoline compared to a year ago.

“Gas prices have fallen at a remarkable pace that would have been unthinkable just a few months ago,” said Avery Ash, AAA spokesman. “Lower gas prices represent real doorbuster savings as everyone begins their holiday shopping.”

U.S. average gas prices have dropped 69 days in a row for a total of 60 cents per gallon. This is the longest streak of consecutive price declines since autumn 2008.

Average gas prices have dropped about 95 cents per gallon since reaching a high of $3.70 on April 28, 2014. AAA estimates that Americans are saving about $350 million per day on gasoline compared to highs during the spring and summer.

The average price of gas in November was $2.89 per gallon, which was the lowest monthly average since November 2010. By comparison, gas prices averaged $3.23 per gallon in November 2013.

Gas prices have dropped to the lowest levels in four years due to significantly lower crude oil costs. Domestic crude oil prices (WTI) have dropped more than $40 per barrel since June with prices last week reaching levels not seen since September 2009.

Domestic oil production has increased by more than 70 percent since 2008 and the United States may soon become the world’s largest oil producer. This increase in production has helped to outstrip global demand, especially as economic concerns mount in both Asia and Europe.

OPEC chose to maintain an oil production target of 30 million barrels per day at its recent meeting on November 27, despite the recent decline in the cost of crude oil.

AAA expects gasoline to drop another 15-20 cents per gallon in the near term as retail prices catch up with steep declines in the cost of both crude oil and wholesale gasoline. Gas prices likely will remain relatively low this winter due to abundant supplies and OPEC’s decision to maintain crude oil production.

“The holiday joy should continue as gas prices drop even further in the weeks ahead,” continued Ash. “We could see prices drop to the lowest levels since the Great Recession if the cost of crude oil continues to set multi-year lows.”

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