Christmas has come early for drivers this year, as U.S. average gas prices are below $2.50 a gallon for the first time since October 2009, according to driving group AAA.
They dropped 2.77 cents per gallon overnight – the largest one-day drop since November 2008.
The national average price of gasoline is now 70 cents lower than last year as increased domestic production and falling global demand has led to sustained decline in oil prices.
For a deeper insight, gas prices have fallen for 82 days in a row, helping to lift Americans’ disposable income 3.5 percent from year-ago levels, and this had a favorable impact on travel.
The cheapest 1 percent of U.S. gas stations are selling gas for $1.98 per gallon today.
Meanwhile, U.S. crude oil plunged 4 percent today to below $55 a barrel, even as U.S. stockpiles declined albeit less than expected last week.
The material has been provided by InstaForex Company – www.instaforex.com