Gas Prices Below $2 for First Time Since 2009

Gas prices on Monday dipped below $2 a gallon for the first time since March 2009, according to AAA.

The national average for a gallon of regular gasoline today is $1.998, according to AAA’s daily fuel gauge, which surveys as many as 120,000 gas stations. Prices are down almost 40 cents from last year.

“Drivers across the country are celebrating the historic return of cheaper gas prices,” Marshall Doney, president and chief executive of AAA, said in a statement. “The lowest gas prices in nearly seven years are a holiday gift that few consumers could have imagined when gasoline was $4 a gallon.”

The lower prices are likely to have a greater impact as Americans are driving more. In October, Americans drove 273.5 billion miles, a record for that month, the Federal Highway Administration said last week.

AAA predicts that prices will not raise through January and could potentially drop even more as the oil glut continues.

Morning Consult