Gasoline prices have dropped to the lowest point in more than two-and-one-half-years, after plungng more than 40 cents per gallon since the September eleventh terrorist attacks.
According to the Lundberg Survey of eight-thousand service stations, the average retail price of a gallon of gas on Friday was $1.15. That´s down eight cents in the past three weeks. It´s the lowest gasoline price since March of 1999. In some areas of the nation regular unleaded gas sells for below one dollar per gallon.
Jeffrey Spring, a spokesman for the Automobile Club of Southern California, notes that gas prices were at or above two dollars per gallon in some areas just six months ago.
With airline traffic dropping, a record 87 percent of Americans traveled by car over the Thanksgiving. The Auto Club expects that the turn to car travel will continue for the Christmas holiday season. In the latest Lundberg Survey, Atlanta had the cheapest gas at 90 cents, with Honolulu the most expensive city at $1.70.
Analyst Trilby Lundberg says that despite a rebound in crude oil prices after a steep drop, swollen gasoline supplies are likely to keep gasoline prices down into January.