U.S. gasoline prices have fallen more than 50 cents over 68 consecutive days and have been below $3 per gallon nationally for a full month, motor club AAA said.
AAA reports a national average retail price for a gallon of regular unleaded gasoline Tuesday at $2.76, down 22 cents from one month ago and 51 cents lower than this date in 2013.
"The national average is the lowest since Oct. 7, 2010, and the year-over-year discount is the widest mark since Oct. 17, 2009," the motor club said in a Monday briefing. "The national average has been below the $3 per gallon benchmark for exactly one month."
Mississippi has the lowest state average in the nation with $2.52 per gallon. It was Sept. 25 last time the national average price for gasoline increased.
AAA said lower global oil prices are driving prices at the pump. A decision last week from the Organization of Petroleum Exporting Countries to keep production station pushed oil prices even lower.
The Energy Information Administration, the analytical arm of the Energy Department, said it expects gasoline prices to keep falling for the rest of the year, barring any major catastrophe, to settle at $2.80 for a monthly average in December.
Last year's annual average price was $3.51 per gallon and EIA said it expects an average $3.39 per gallon for 2014. For full-year 2015, the average price for a gallon of regular unleaded should be $2.94 per gallon.
