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Gasoline prices are falling across the country with 46 states and the District of Columbia posting prices below $2.50 a gallon, according to a CNNMoney report.
The average price of unleaded regular gas dropped 2 cents to $2.220 a gallon, from $2.240 the day before, according to a survey released Tuesday (Nov. 11) by motorist group AAA.
The last time gas was this low was Feb. 12, 2007 at $2.2158 a gallon.
Gas has fallen 55 straight days, since just after Hurricanes Gustav and Ike battered the Gulf coast in September.
Prices have dropped 46.04%, or $1.894, from their record high of $4.114 a gallon set July 17, according to AAA. The average price per gallon dropped below $3 on Oct. 18, the first time in nearly nine months.
Gas has dropped by 88 cents from this time a year ago, a decrease of 28.41%. In the past month, prices have dropped more than a dollar, $1.027 a gallon, for a decrease of 31.62%.
Even as gas prices fall, demand for gasoline has continued to slip. MasterCard’s weekly survey of gas station credit card swipes showed demand down 3.9% last week, compared to the same period last year.
Crude prices, which make up roughly half of gasoline prices, have fallen nearly 60% since hitting $147.27 a barrel on July 11. U.S. crude for December delivery rose $1.37 to $62.41 a barrel in New York trading on Tuesday.