Gas prices dropped to the lowest level in five years on Tuesday in Houston.
The price per gallon dipped below the $2 per gallon mark.
Average retail gasoline prices in Missouri have fallen 12.1 cents per gallon the past week, according to GasBuddy’s survey of 3,980 gas outlets in Missouri. This compares with the national average that has fallen 10.8 cents per gallon in the last week to $2.42 per gallon, according to GasBuddy.com.
Including the change in gas prices in Missouri during the past week, prices on Sunday were 77.1 cents per gallon lower than the same day one year ago and are 50.3 cents per gallon lower than a month ago. The national average has decreased 41.1 cents per gallon during the last month and stands at 80.4 cents per gallon lower than this day one year ago.
It’s good news to consumers, who have more disposable income as result of the steep fall.
Prices for the fuels are closely linked to oil, so a sharp drop in crude prices has exerted downward pressure. A glut in the U.S. is also weighing on these markets. Propane and butane are at more than 10-year lows, down nearly half since the start of September, according to Oil Price Information Service, which tracks these markets.
The low cost of propane will help the roughly 5 percent of American households that use itL for heating to save anywhere from 20 to 34 per percent this winter, the U.S. Energy Information Administration said recently.