The average paid across the U.S. for a gallon of regular gas fell to $2.05 on Friday.
In comparison, at this time last year, drivers were paying an average price of $2.67 for a gallon of regular gas.
The highest national average price on record for a gallon of regular unleaded is $4.11, a peak reached on July 17, 2008.
Why gas prices are falling
AAA, a nonprofit federation of motor clubs, expects gas prices to continue to drop, with the national average price reaching $2 soon.
One obvious reason for the trend is that there are fewer vehicles on the road in response to the coronavirus pandemic. AAA explains:
“New data from the Energy Information Administration reveals that with many Americans staying at home and practicing social distancing, gas demand dropped dramatically … last week.”
Also contributing to falling prices is a crude-oil price war between Russia and Saudi Arabia.
Half of states have prices under $2
On Thursday, AAA’s state-by-state data revealed that the average gas price was already less than $2 per gallon in 24 states. By Friday, that was the case in 25 states.
The 10 states with the lowest average prices for regular gas as of Friday were:
- South Carolina: $1.798 per gallon
- Missouri: $1.795
- Texas: $1.785
- Mississippi: $1.770
- Indiana: $1.763
- Michigan: $1.755
- Kentucky: $1.736
- Ohio: $1.698
- Wisconsin: $1.668
- Oklahoma: $1.628
If you’d prefer even lower prices, check out “7 Smart Ways to Save Money at the Gas Pump.”
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