The average price of gasoline in the United States has dropped by 11 cents to $2.14 a gallon. That’s the lowest price point since late January, according to a Lundberg survey released on Sunday.
The decline continues as oil refiners and gasoline wholesalers and retailers pass along saving to customers.
At current levels gas prices are 70 cents lower at retailers than last year, and at their lowest price point since January 23, 2015 when retail prices hit $2.07 per gallon.
Benchmark crude oil prices have fallen below $40 per barrel as oversupply keeps the market in check and a strong US dollar has deterred other countries from ramping up demand.
“The pump price may well continue dropping during the rest of November and into December,” the report said. The report also listed higher run-rates at U.S. refineries as another reason for lowering prices.
In the panel of cities in the lower 48 states, the low average was Indianapolis at $1.79 and the high average was Los Angeles at $2.76 a gallon.
Prices have increased over the last two weeks, but only after a 19-week decline.
Officials in Venezuela are asking OPEC to take action before prices slide to $20 per barrel, a price point that some analysts in Venezuela believe may be a possibility if immediate action is not taken.