With regular unleaded at $1.99 Monday, the national average price of gasoline dropped below $2.00 per gallon for the first time since March 25, 2009, according to AAA’s Daily Fuel Gauge Report.
AAA estimates that cheaper gas prices have saved Americans more than $100 billion on gasoline so far this year compared to 2014, which works out to nearly $550 per licensed driver in the country.
Locally, the average price for a gallon of unleaded is 1.81, down 40 cents from one year ago, according to AAA.
Gas costs just $1.69 a gallon at the Thorntons at Reading Road near Tennessee Avenue and United Dairy Farmers stores at Linwood Avenue and Delta Avenue and Madison and Red Bank Expressway, www.gasbuddy.com reports.
Gas prices have dropped because there is more than enough oil and gasoline supplies around the world to meet current demand.
“Here in Greater Cincinnati and across the country, drivers can celebrate lower gas prices this holiday season,” said Cheryl Parker, spokeswoman for Cncinnati's AAA office. “Saving money more at the pump, especially during this time of year, is a great gift to all motorists.”
The low prices come as AAA projects a record 100 million holiday travelers this holiday season.
Nearly two-thirds of U.S. stations are selling gas under $2 per gallon, and drivers can find at least one station selling gas for less than that price in 45 states. The national average price of gas is about 41 cents less than a year ago.
Gas prices also generally fall through early winter because people drive less this time of year.
It is likely that prices will continue to decline over the coming weeks.
“This historic shift in prices has saved families hundreds of dollars this year,” Parker added.