National gas price average falls below $2 - KAIT Jonesboro, AR - Region 8 News, weather, sports

National gas price average falls below $2

JONESBORO, AR (KAIT) -

The national average price for a gallon of gas has dropped below $2 a gallon for the first time since March 2009.

The recent decline in crude oil prices helped the national average drop below $2 after more than two-thirds of gas stations are selling at $1.99 or less per gallon.

Various factors have pushed global crude oil prices lower, fuel supply in much of the country has been higher and consumer demand has held steady, according to GasBuddy.

They also said there is more good news for those who are enjoying the low prices: many places will see them stick around for most of the winter.

“It’s likely that gasoline prices will eventually decline even further into early January as demand bottoms out, but eventually the party comes to an end,” Patrick DeHaan, senior petroleum analyst for GasBuddy, said. “That’s because demand will begin to climb approaching the spring, as well as federal regulations that require refineries to shift from winter-blend gasoline to summer blend. Refinery maintenance also leads to capacity going offline- capacity that is relied boost supply just as demand is rising.”

DeHaan believes the national average might bottom out at $1.85 before that happens, though.

Thirty states now have an average price below $2 and another five states will likely join them within days.

Just three states have zero gas stations selling for less than $2 per gallon: Hawaii, California and Nevada. 

To find the cheapest place to buy gas in Region 8, check out the Region 8 Pump Patrol page

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