Published on April 28, 2016
We’ve been enjoying the cheapest gas prices in a long time in the past 4 months this year. Collectively, Americans cut $10 billion off their gas bill from the previous year. That’s a saving of about $45 per driver. Prices haven’t been so low in 12 years!
According to AAA, the national price average was $1.86 per gallon during the first quarter, which was the cheapest quarter since the first one of 2004. AAA experts predict that the price of gasoline may rise by about 25 cents per gallon by May 30th, Memorial Day. Gasoline prices will still remain low compared to previous recent years. Fifty-nine percent of gas stations are still maintaining their prices under $2 per gallon.
According to AAA, American drivers saved $565 per licensed driver in 2014. The most expensive quarter was back in 2012, when gas prices averaged $3.58 per gallon. Currently, Americans are saving approximately $240 per quarter.
Americans drove about 3.06 trillion miles in 2015 (the most ever recorded by the Federal Highway Administration). Preliminary numbers suggest that low gas prices are inducing a historic rise in driving, with 240.7 billion miles recorded just during the month of January; that’s the most ever recorded during that month.
AAA says the price increase from the past 35 days has come from increasing demand, refinery maintenance, and a switch to the summer blend of gasoline. Driver are paying about $4-$9 more to fill up their cars compared to mid-February.
Missouri hold the cheapest gas prices in the nation, averaging at $1.83 per gallon, while California holds the highest prices, at $2.79 per gallon.