Average National Gas Prices Fall Below $2; First Time Since 2009

An early present for the record 100.5 million Americans traveling over the Christmas holiday: According to AAA, the national average price of gas has dropped below $2 a gallon for the first time since March 25, 2009. Compared to last year, the prices are 41 cents lower.

In Connecticut, a state that has the 10^th highest average in the nation because of our high taxes, strict environmental regulations and the high cost of doing business here, among other things. It has seen its sharing of declining prices, too.

As of  Dec. 21, AAA said Connecticut is averaging $2.18, which is 62 cents lower than this time last year. Nutmeggers haven’t seen average prices this low since 2009.

AAA’s weekly survey of prices in the Nutmeg State’s four regional areas:

Gas prices have been on the decline for several reasons:

• First, there’s an enormous oil glut with more than enough supplies worldwide to meet current demand.
• Second,   gas prices generally fall through early winter because people drive less this time of year so it’s likely prices will continue to decline over the coming weeks; and
• Third, the price of crude oil, the driving force of prices at the pump, had dropped dramatically this year and is averaging between $35 and $40 a barrel.

As of Dec. 21, 22 states have average prices under $2, with lowest in Missouri and Oklahoma with $1.77, followed by South Carolina with $1.78. The highest prices are Hawaii and California, with $2.73 and $2.72, respectively.

Nationally, more two-thirds of U.S. stations are selling gas under $2 a gallon, and drivers can find at least one station selling gas for less than that price in 47 states. The most common price nationwide is $1.899 a gallon.

AAA Northeast is a not-for-profit auto club with 61 offices in Rhode Island, Massachusetts, Connecticut and New Jersey providing more than 5.1 million local AAA members with travel, insurance, finance, and auto-related services.