American motorists will see something happen this week that has not occurred since March 25, 2009: The U.S. average price of gasoline will slip below $2 per gallon.
“The current trend has the national average today at $2.05, which maintains the consistent rate of decline we’ve monitored for the past several months,” said Patrick DeHaan, senior petroleum analyst with GasBuddy. “When you couple that with the fuel fundamentals reported by the Energy Information Administration (EIA), specifically, the inventory build in recent weeks, it’s a certainty that we’ll see the national average price of gas move below $2.00…probably within the next 48 to 72 hours,” he added. “We could see it fall to $1.95 or even lower in the weeks ahead.”
The current average price of gasoline is now $1.24 less than the average price Americans paid one year ago. And as a result, American motorists in 2015 are projected to save $750, on average, versus what they spent last year. Motorists in Michigan are seeing the greatest savings nationwide; on average they’re paying $1.36 less today than they paid one year ago.
“26 states now have average prices below $2 per gallon and more than 50% of the gas stations in the U.S. are already below $2 per gallon,” added Gregg Laskoski, another senior petroleum analyst with GasBuddy. “Right now, there are more stations reporting prices under $2.00 (57.1 percent), than there are reporting prices above $2.25 (20.5 percent).
GasBuddy predicts prices will rise come spring and summer driving season, but will remain considerably lower than 2013 and early 2014.