Excess supply of crude oil is driving down prices at the pump.
As crude oil prices continue to fall and demand for fuel continues to plummet throughout the winter months, drivers are enjoying fuel prices at their lowest point since February 2009.
According to a report from AAA, fuel prices have fallen for 63 of the last 74 days, and fuel prices are currently falling at the fastest pace since mid-November.
When comparing to the June 2014 high for crude oil prices, AAA has revealed that today’s crude oil prices are more than 70% lower. It is expected that global supply will continue to outpace demand, and prices at the pump will continue to drop. In recent weeks, crude oil has settled below $30 per barrel for the first time since 2003.
AAA has reported that a total of 38 states currently have average fuel prices below $2 per gallon, and 17 of those states are recording averages below $1.75. The lowest national average fuel prices are being seen in Oklahoma ($1.59), Missouri ($1.62) and Alabama ($1.65). Due to lingering refinery issues, California is still weighing in with the highest national average at $2.75, followed by Hawaii ($2.63), Alaska ($2.48) and Nevada ($2.41).
Fuel prices are down week over week in all 50 states, month over month in 48 and year over year in 45.
Fuel prices are expected to remain low in the near future.