CNN Money recently reported something we’ve been seeing at the gas pump – the return of cheap gas. On a trip this weekend to Rock Hill, SC just across the border from Charlotte, I bought gas for $1.74 per gallon!
From the CNN article:
Prices have been going nowhere but down since June. And according to AAA, the average price of regular gasoline is now $2.40 per gallon — or more than $1 less than it was a year ago.
For this weekend, a time when a lot of Americans hop in their cars, prices are at 2004 levels.
The decline has been widespread. Average prices are still above $3 in only four states: California and Nevada, as well as Alaska and Hawaii — two states where everything is always more expensive.
Of the country’s 130,000 or so gas stations, more than 5% are selling gas for less than $2 a gallon, AAA says. In South Carolina, the statewide average has fallen below $2 in the past week.
For employees that commute by car to work, cheap gas is like getting a raise! A typical drive is saving $50 per month.
It looks like gas will stay low for a few months as AAA believes gas will fall below $2 in many parts of the country by the end of December.