From Wn.com

Good news for American drivers – the average price of gasoline in the U.S. is heading back down to less than $2 a gallon, CBS News reported Wednesday.

Prices at the pump are already below that level in 15 states, with South Carolina drivers enjoying the cheapest gas at $1.81, according to AAA.
Other states where prices are low: Alabama ($1.86), Tennessee ($1.89), Mississippi ($1.89), New Jersey ($1.90) and Virginia ($1.91). More than four of 10 gas stations around the nation are selling gas for less than $2 a gallon, the report said.

Premium gas around the U.S. fetches an average of $2.67 a gallon, while diesel costs $2.35, according to the Lundberg Survey.

But wait, there’s more. The Energy Information Administration expects the average price for regular unleaded gas, which is at a four-month low of $2.12, to drop below $2 nationwide by year-end.

A year ago, gas cost about $2.58 and was pushing $3.50 at this point in 2014.

Gasoline and diesel usage and pricing
The usage and pricing of gasoline or petrol results from factors such as crude oil prices, processing and distribution costs, local demand, the strength of local currencies, local taxation, and the availability of local sources of gasoline (supply). Since fuels are traded worldwide the trade prices are similar, the price paid by consumers largely reflects national pricing policy: some regions, such as Europe and Japan, impose high taxes on gasoline (petrol); others, such as Saudi Arabia and Venezuela, subsidize the cost. Western countries have among the highest usage rates per person. The largest consumer is the United States, which used an average of 386 million US gallons (1.46 gigalitres) each day in 2005.

U.S. petroleum consumption reached an estimated 18.87 million barrels per day in 2011, and is expected to increase to 18.96 million barrels per day in 2012. U.S. gasoline demand decreased to an average of 8.75 million barrels per day in 2011 (approximately 368 million gallons per day), or about 41 million fill-ups per day (based on a 9-gallon fill-up). Demand for 2012 is projected to continue to decline to 8.74 million barrels per day. Drivers in the United States traveled 8.105 billion miles per day in 2011, and are expected to travel 8.158 billion miles per day in 2012. This equates to an average of 33 miles per vehicle per day. On average, U.S. drivers consume 1.49 gallons of gasoline per day, or about 10.44 gallons per week.

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Photo: Creative Commons / Ramon FVelasque

Photo: Public Domain / Fg2

Photo: AP / Matthias Rietschel

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