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The Car and Truck Fleet and Leasing Management Magazine

Gasoline Falls Below $2 Per Gallon

January 12, 2016

Photo courtesy of Wikimedia.
Photo courtesy of Wikimedia.

The national average price of gasoline has cracked the $2-per-gallon level, falling to a seven-year low and level not seen since March of 2009 when it averaged $1.91, according to federal records.

The average price fell 3.2 cents to $1.996 for the week ending Jan. 11. The price is 14.3 cents lower than it was a year ago, according to the U.S. Energy Information Administration.

Gasoline prices fell across the board in the nine regions tracked by the agency with the sharpest decline coming in the Midwest with a 3.9-cent fall to $1.821. The Gulf Coast now has the cheapest gasoline at $1.727 per gallon.

Among states, now only California ($2.847) and Hawaii ($2.676) gasoline costs more than $2.50 per gallon. Gasoline in 12 other states and the District of Columbia costs at least $2 per gallon, while gasoline in 36 states has fallen below that level. Missouri's $1.644 gasoline is now the nation's cheapest.

Meanwhile, the price of diesel fell 3.4 cents to $2.177. Diesel is now 87.6 cents lower than it was a year ago.

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