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US Average for Gas Drops Below $2 a Gallon

National prices at lowest levels since 2009.

by on Dec.22, 2015

The U.S. average price for a gallon of gas has dropped below $2 and is expected to continue sliding into next year.

The price of gasoline continues to slide as the Christmas holiday approaches and are poised to go even lower as the global price of crude oil continues to fall, setting the stage for further decline in pump prices.

U.S. average gas prices dropped below $2 per gallon for the first time since March 25, 2009, during the depths of the great recession, according to AAA’s survey of gasoline prices nationwide. The national average price of gas had dropped to $1.998 per gallon.

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AAA estimates that cheaper gas prices have saved Americans more than $115 billion on gasoline so far this year, which works out to more than $550 per licensed driver. Marshall Doney, AAA’s president and CEO, noted, “The lowest gas prices in nearly seven years are a holiday gift that few consumers could have imagined when gasoline was $4 a gallon.” (more…)