According to a AAA survey, gasoline now costs $1.619 per gallon. This is the lowest level since January 2004 when gasoline averaged $1.617 per gallon.
Gasoline is now down $2.50 per gallon since its record high of $4.114 in July of this year.
The falling price of oil is behind the drop in gasoline. Oil now costs $100 per barrell less than it did in July. This decline is due to less demand from abroad and from Americans driving less.
