(January 19, 2016) – Tumbling crude oil prices around the world have helped send the national retail average price for gasoline to its lowest mark since February 2009.
According to AAA, retail averages have fallen for 63 of the past 74 days, for a total savings of 34 cents per gallon, reaching Monday’s price of $1.88 per gallon. Motorists typically enjoy falling gasoline prices in early winter due to decreased demand for gasoline and that also is helping to push prices downwards. Despite recent declines, the national average price of gas is only 18 cents per gallon cheaper than a year ago since prices also were very low in early 2015.
The price of crude oil has dropped more than 70 percent compared to the June 2014 high ($107.26 per barrel), and expectations that both global and domestic supply will continue to outpace demand are helping drivers to save at the pumps.
Missouri’s average came in at $1.61 a gallon and St. Joseph’s average was slightly lower at $1.59 a gallon.