Gas prices drop for 107th straight day, now average less than $2 a gallon

Posted at 12:26 PM, Jan 12, 2015
and last updated 2015-01-12 12:39:55-05

RICHMOND, Va. — The average price for a gallon of gas in metro-Richmond has fallen below $2 a gallon. The current average price, $1.99 a gallon, is the lowest it has been since May 2009.

Gas prices are $1.20 less than last year at this time and have fallen eight cents in the last week, 45 cents over the last month, according to AAA Mid-Atlantic.

Chart courtesy of AAA Mid-Atlantic

Chart courtesy of AAA Mid-Atlantic

“The savings are significant as drivers are saving anywhere from $15 – $40 per fill-up, depending upon the size of their vehicle’s gas tank,” AAA Mid-Atlantic spokeswoman Martha Mitchell Meade said.

Prices at some local gas stations have fallen below $1.70 a gallon, according to the gas tracker.

Tap or click here to use gas tracker

“The price of crude is continuing its downward slide due to a glut of supply and weak demand, and closed below $50 per barrel on January 6, 2015, for the first time since April 2009,” a AAA Mid-Atlantic spokesperson wrote in a email. “Global oil prices are expected to remain relatively low for the first half of 2015, which could put additional pressure on high-cost production countries like the United States.”

AAA Mid-Atlantic predicted gas prices to stay below $3 per gallon this year. The national average has declined for a record 107 days.

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