U.S. Gas Prices Drop To Their Lowest Point Since 2008

Gasoline prices in the United States have dropped to their lowest point since 2008, leaving American gas consumers with leftover dollars in time for the holiday season.

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The price of gas is always a hot topic. With the rising costs of numerous other goods and activities, the last cost that anyone wants to worry about is the one of transportation.

The national average cost for gas prices has decreased for 24 days in a row, and according to AAA’s Daily Fuel Gauge Report, the gas prices on Thanksgiving this year were the lowest since 2008. As of now, the average price is approximately $2.04 a gallon, but by Christmas, it is expected that this price will be lower than $2 a gallon. The current national average for gas is 14 cents lower than last month and 74 cents lower than it was at this time last year.

In some areas throughout the U.S., the cost for gas is already lower than the expected average for Christmas. GasBuddy, a fuel price tracker, reported that in Michigan, Missouri and Ohio, drivers are paying some of the lowest prices in the country – about $1.80 a gallon. Some states have prices even lower than that, with prices of approximately $1.40 a gallon in gas stations in Texas.

Nearly two-thirds of the nation’s 130,000 gas stations now are selling that gasoline for under $2/gallon, a remarkable change from a year ago, when 0 percent of stations were under $2.

The current oversupply of crude oil is said to be responsible for the low prices on the global oil markets. Even though there is geopolitical conflict between Russia and Turkey, there has not yet been an increase in prices and it is expected that any future tension between the two countries will have minor impact on oil production in the Middle East. OPEC, the Organization of the Petroleum Exporting Countries, will meet Dec. 4 to determine any new speculations in oil production, but it is expected that a reduction in oil production is very unlikely.

In other oil coverage here at Immortal News, the U.S. warned other countries of the health of the global economy, as oil trades were at $47 a barrel in September.

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