Average US gas price falls below $2 for first time since 2009

The nationwide average price for a gallon of regular gasoline Monday fell below $2 for the first time since March 2009.

The American Automobile Association reported that the national average reached $1.99 on Monday, a level expected about a month ago. The new low for the year comes as holiday travelers are hitting the road.

“Drivers across the country are celebrating the historic return of cheaper gas prices,” said Marshall Doney, AAA’s president and chief executive. “The lowest gas prices in nearly seven years are a holiday gift that few consumers could have imagined when gasoline was $4 a gallon.”

The average price for a gallon of gas in Bellingham on Monday, Dec. 21, was $2.43, up a nickel from a week ago but down 27 cents compared to a year ago, according to AAA Washington’s Daily Fuel Gauge Report. Among Washington’s major metro areas, Seattle had the highest average at $2.50 a gallon while Richland had the lowest, at $2.22.

AAA said gas prices have dropped because there is more than enough oil and gasoline supply around the world to meet demand. In addition, gas prices generally fall through early winter because people drive less and use less fuel this time of year.

Gas prices have been slower to drop on the West Coast recently because of production problems at two California refineries, according to GasBuddy.com. In a news release, GasBuddy senior petroleum analyst Patrick DeHaan said the national average may bottom out at $1.85 a gallon before rising again this spring.

This story was originally published December 21, 2015 at 3:11 PM with the headline "Average US gas price falls below $2 for first time since 2009."