Gas Prices Plummeting As Price Of Oil Drops – 13 States Under $2 Per Gallon
Gas prices are dropping around the country, and it’s happening just in time for the busy holiday season in which so many people will be traveling. With the price of oil dropping, it’s bringing some good news for those in the United States. Travelers and shoppers aren’t just seeing reasonable gas prices, but some states have prices actually below $2 per gallon.
CNN Money reported that at least 13 states had gas for under $2 as of Monday, December 15.
Three states – Ohio, Louisiana, and Oklahoma – have actually been found to have regular gas for as little as $1.90 a gallon. Oklahoma seems to have the most abundant locations with cheap gas.
Colorado, Missouri, Alabama, New Mexico, Indiana, Texas, Virginia, Mississippi, Nebraska and Arizona are the ten other states that have gas prices dropping below $2 on average.
Busy travel states such as New York and Florida are feeling the price of oil dropping as well. New York is finally averaging under $3 per gallon while some locations in Florida are seeing prices below $2.50.
Over half the nation’s gas stations are under $2.50/gal. (55.5% are!) Last year 100% were OVER $2.50/gal. #gasprices @GasBuddy
— Patrick DeHaan (@GasBuddyGuy) December 15, 2014
Twitter and other forms of social media have lit up with people helping one another find the lowest gas prices around. They’re simply shocked at how the cost of gas continues to lower more and more, just in time for the holidays.
More good news for drivers! #Gasprices still dropping -> down 60 cents from last year! #HolidayTravel @FOX10News pic.twitter.com/WyJhIrfgvl
— Sarah Wall (@SarahWallFox10) December 15, 2014
While this may seem like great news for those looking to enjoy the holiday season, it’s not all in the best light. CNBC reported that stocks lowered again on Monday and it’s all due to the price of oil continuing to fall. Art Hogan, chief market strategist at Wunderlich Securities knows the pattern.
“We’ve got a pattern now of as goes oil, so goes the market. It doesn’t necessarily make sense, but that’s the nature of the beast until it’s not.”
“When we see any asset class falling precipitously, it’s difficult for other asset classes to catch a bid.”
January delivery for crude oil dropped $1.91, or 3.3 percent, to just $55.90 a barrel on the New York Mercantile Exchange.
Gas prices dropping is very good news for the holiday shoppers and the travelers looking to head out and visit loved ones for the holiday. With all good things though, there is a price to pay. As crude oil prices continues to drop, so does the stock market and something will eventually have to give.
[Image via CNN Money]
