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Gas Prices Fall Below $2 a Gallon

National average has dropped $1.10 from last year

November 21, 2008

Just in time for the weekend, the national average price of a gallon of unleaded gasoline has fallen below $2 a gallon for the first time in more than two years. The price Friday was $1.989 a gallon, according to AAA.

That's down more than 16 cents from last Friday, down nearly 87 cents in 30 days, and down nearly $1.10 from a year ago.

A major reason is the continuing drop in oil prices, which fell below $50 a barrel this week. Crude oil fell to $48.50 a barrel on the New York Mercantile Exchange Thursday, the lowest level since May 18, 2005, when oil hit $46.80 a barrel. Many analysts think oil go fall below $40 before it begins to rally.

Alaska remains the lone state to have an average gas price above $3, at $3.07. The average price in Hawaii this week finally fell below the $3 mark, to $2.948. The two states continue to have the most expensive gasoline in the nation.

The cheapest gas this week can be found in Missouri. Show-Me State motorists are paying an average $1.69 for unleaded regular. Oklahoma has the second cheapest price, at $1.782. Ohio is next at $1.791.

California motorists are paying an average of $2.239 for gas, down more than $1 from just one month ago. The price has even slipped below $2 in the Stockton-Lodi area, with an average of $1.989. The highest average price for gas in California Friday was in the San Francisco and Santa Barbara areas, at $2.368 a gallon.

Drivers in New York are paying an average of $2.371 for unleaded regular. The cheapest average prices is found in the Syracuse area at $2.239 with the most expensive in the Buffalo-Niagara Falls area, at $2.503.

On Friday 31 states had average unleaded regular prices below $2 a gallon.

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