Gas Falls Below $2 a Gallon

Prices have dropped for 120 straight days
By Newser Editors and Wire Services
Posted Jan 23, 2015 3:56 PM CST
Gas Falls Below $2 a Gallon
Traffic moves along Route 21 in downtown Newark, N.J., where a gas station lists the cash price for regular unleaded at $1.72.   (AP Photo/Julio Cortez)

At some point this will end, perhaps even soon. The price of gasoline will not fall to zero. But for the first time since 2009, most Americans are paying less than $2 a gallon. Just three months ago experts were shocked when it fell under $3. "It's crazy," says Michael Noel, an economics professor at Texas Tech University who studies oil and gasoline prices. "But for consumers it's very, very good." Pump prices have declined for a record 120 straight days, according to AAA, though the size of the declines is shrinking and the streak may soon end. But even if the price rises this spring, as it typically does, driving during summer travel season should still cost less than it has in years. (More gas prices stories.)

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