AAA: Gas prices finally fall below $2 in time for the holidays
Just in time for the holidays, AAA is reporting that the national average price of gas dipped to $1.99 per gallon.
Gas prices have not been this low since March 2009, according to the safety agency.
AAA estimates Americans have saved over $115 billion on gasoline costs this year thanks to lower prices. The organization calculates this amounts to over $550 per licensed driver.
In a statement, AAA president and CEO Marshall Doney said, “drivers across the country are celebrating the historic return of cheaper gas prices.’’
Why are prices so low? AAA says there are “more than enough oil and gasoline supplies around the world to meet current demand.’’ But gas prices also tend to fall during early winter months because people drive less and use less fuel during this time of year.
“The lowest gas prices in nearly seven years are a holiday gift that few consumers could have imagined when gasoline was $4 a gallon,’’ said Doney, referring to the sharp spike in gas prices experienced in 2008.
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In Massachusetts, the average price of gas remains above $2 per gallon according to gas-tracking website GasBuddy.com. According to GasBuddy’s most recent figures, the average price of gas in Massachusetts is $2.05 per gallon, down 1.6 cents from last week’s average of $2.07 per gallon.
In the Boston market, gas prices are lined up with the average state price. GasBuddy reports Boston gas prices fell 2.6 cents per gallon in the past week to land at an average of $2.05 per gallon. GasBuddy conducts a daily survey of 1,058 gas outlets in the Boston area to determine this figure.
But just because the national average is $1.99 per gallon does not mean there is not cheaper gas to be found. AAA also reports over two-thirds of gas stations nationwide are selling gas for less than $2 per gallon and that $1.88 per gallon is the more common price of gas nationwide.
In Massachusetts, GasBuddy reports the lowest price of gas is $1.82 per gallon.
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