National average price for gallon of gasoline falls to $2.105. Peak was $4.114 in July.
NEW YORK (CNNMoney.com) -- Remember $4 gas? Soon it will be $2 gas.
As the nation's economy worsens, the demand for oil and gas wanes. As a result, prices drop. And drop. And drop.
The price of gas fell overnight Sunday for the 60th consecutive day.
The national average price for a gallon of regular gasoline fell 2 cents to $2.105 a gallon, according to a survey released Sunday by the American Automobile Association.
A gallon of gas has dropped nearly in half since hitting an all-time high of $4.114 on July 17. It's been nearly two years since prices were this low, according to AAA figures.
At the high end, drivers in two states are paying an average of $3 or more: Alaska, at $3.181 a gallon, and Hawaii, at $3.049.
But there are now 16 states where the average price has fallen below $2. Missouri had the cheapest gas in the nation, at $1.816 a gallon.
The rapid decline in gas prices comes as the price of crude oil continues to collapse. Crude prices, which make up roughly half of gasoline prices, have fallen more than 60% since hitting a record $147.27 a barrel on July 11. Crude for December delivery fell $1.20 to settle at $57.04 a barrel on Friday.
CNNMoney.com staff
November 16, 2008: 8:19 AM ET
NEW YORK (CNNMoney.com) -- Remember $4 gas? Soon it will be $2 gas.
As the nation's economy worsens, the demand for oil and gas wanes. As a result, prices drop. And drop. And drop.
The price of gas fell overnight Sunday for the 60th consecutive day.
The national average price for a gallon of regular gasoline fell 2 cents to $2.105 a gallon, according to a survey released Sunday by the American Automobile Association.
A gallon of gas has dropped nearly in half since hitting an all-time high of $4.114 on July 17. It's been nearly two years since prices were this low, according to AAA figures.
At the high end, drivers in two states are paying an average of $3 or more: Alaska, at $3.181 a gallon, and Hawaii, at $3.049.
But there are now 16 states where the average price has fallen below $2. Missouri had the cheapest gas in the nation, at $1.816 a gallon.
The rapid decline in gas prices comes as the price of crude oil continues to collapse. Crude prices, which make up roughly half of gasoline prices, have fallen more than 60% since hitting a record $147.27 a barrel on July 11. Crude for December delivery fell $1.20 to settle at $57.04 a barrel on Friday.
CNNMoney.com staff
November 16, 2008: 8:19 AM ET
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