This Gas Station Is Selling for $1.99 a Gallon

Dec 04, 2014 03:59 PM EST | Jordan Ecarma


An Oklahoma City gas station has the distinction of being the first to sell fuel for less than $2 per gallon since July 30, 2010.

With gas available for $1.99, the Oncue Express station is well below the already low national average of $2.73, reported.

Last week, the Organization of the Petroleum Exporting Countries decided not to scale back on gas production even though supply is already high and bringing down the price of gas, which has dropped 37 percent in the last five months.

put the national average price for regular gas at close to $2.73 as of 3:45 a.m. today.

The motor club federation estimates that Americans are saving as much as $200 million per day on gas year over year as the price for crude oil drops significantly, lowering costs.

"Gas prices have fallen at a remarkable pace that would have been unthinkable just a few months ago," AAA spokesman Avery Ash said in a . "Lower gas prices represent real doorbuster savings as everyone begins their holiday shopping."

AAA predicts that the price of gas will fall another 15-20 cents per gallon in the near future.

 "We could see prices drop to the lowest levels since the Great Recession if the cost of crude oil continues to set multi-year lows," Ash said.

Another factor at play is the time of year, since people drive less in the winter, bringing gas prices down. Holiday travelers are expected to pay the lowest price for gas since 2009.  

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