2015 U.S. Gas Prices Are Second-Cheapest in a Decade

2015 ended with the cost of gasoline averaging around 94 cents per gallon less than in 2014.

​WASHINGTON, D.C. January 4, 2016; NACS Daily reported that 2015 brought some of the cheapest gasoline prices in years. The national average price of gas last year was $2.40 per gallon—the second cheapest annual average of the past 10 years. Only 2009 was lower during that time. This year’s annual average was about 94 cents per gallon less than 2014. The annual average price of gas in recent years was $3.34 (2014), $3.49 (2013), $3.60 (2012), $3.51 (2011), $2.78 (2010) and $2.35 (2009).

Average gas prices dropped below $2 on December 21 for the first time since March 25, 2009. The average price of diesel in 2015 was $2.71 per gallon, which was the lowest average for the fuel since 2009. Last year diesel averaged $3.81 per gallon.

On December 31, 2015, gas prices were lower than $2 per gallon in most parts of the country. About 71% of U.S. stations were selling gas for less than $2 per gallon on the last day of the year. More than 16,000 stations across the country are selling gas for less than $1.75 per gallon.

According to AAA, fuel prices remained relatively low throughout the year due to a worldwide glut in crude oil. There was more than enough oil to meet demand around the world, and that allowed oil prices to drop to the lowest levels since 2009.

AAA estimates the annual average price of gas in 2016 is likely to end up between $2.25 and $2.45 per gallon, which would be cheaper or at least comparable to 2015’s average of $2.40 per gallon.