Survey: Gas prices still falling as crude oil costs nosedive

AP News
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Posted: Dec 20, 2015 7:43 PM

CAMARILLO, Calif. (AP) — The price of gasoline nationwide keeps dropping.

Industry analyst Trilby Lundberg said Sunday that the average price of regular gas fell 4 cents in the past two weeks, to $2.06 per gallon. That's the lowest price since April 2009.

But the price-tracking website GasBuddy.com says the average has dropped to $1.99 per gallon, the first time it's been below $2 since March of 2009.

Prices have dropped because supplies are strong and demand hasn't been huge. GasBuddy predicts that many areas will see low prices for much of the winter, although refinery issues in the West could drive prices up.

Gas has fallen below $2 in 30 states, and more than two thirds of U.S. gas stations are selling at $1.99 per gallon or less, according to GasBuddy. The website says the national average could bottom out at $1.85 before rising in the spring as demand rises and refineries shift to federally required summer gasoline blends.

Lundberg says the average cost of midgrade is $2.35 per gallon, while Premium averages $2.55.

In California, where prices are highest, she says a gallon of regular averages $2.61, with midgrade costing $2.74 and premium at $2.83.

In the Lower 48 states, the highest average price of regular gasoline is in Los Angeles, at $2.71, while Tulsa, Oklahoma has the lowest, at $1.72, according to Lundberg.