Average U.S. Gasoline Pice 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 end-of year 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 [is something] few consumers could have imagined when gasoline was $4 a gallon.”

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.