Local gas prices remain among lowest in state

23 Dec 2015 | Author: | No comments yet »

Gasoline Falls Below $2 a Gallon for First Time in 6 Years.

Just as Americans start to hit the road for the holidays, the average price of gasoline at the pump has dropped below $2 a gallon for the first time in more than six years as global oil supply continues to surge. Low oil prices tied to overproduction and to lower seasonal demand are “the main catalyst” for the decline, said Patrick DeHaan, a senior petroleum analyst at GasBuddy, in a phone interview. “America is the world’s largest oil consumer, and in the winter months demand is reduced,” he said.

The increase in holiday travel this year is being driven by continued improvement in the labor market, rising incomes and low prices, including gas prices that remain well below last year’s levels, officials said. “With most people hitting the roads during this time, we want to stress the importance of buckling up, avoiding drinking and driving, and eliminating distractions behind the wheel such as cell phone usage”. In that same research, however, 97% of licensed drivers said it is unacceptable to drive if they’ve had too much to drink, yet there’s an average of one alcohol-impaired driving death every 53 minutes. U.S. refineries produced 9.83 million barrels a day of the motor fuel in November, 2.3 percent higher than a year earlier, the American Petroleum Institute said Thursday. Americans have saved about $100 billion on fuel this year, which comes to more than $350 a person, according to Michael Green, a spokesman in Washington for AAA.

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