U.S. drivers paid less for gasoline in the first quarter of 2016 than at any time in the past 12 years. The national average price for a gallon of regular gasoline in the first quarter was $1.86.
The national average price on Thursday is $2.06 per gallon, about 36 cents per gallon less than the year-ago price. Nearly 60% of U.S. gas stations are selling a gallon of regular gasoline for under $2 a gallon, and the most common price around the country is $1.999.
Through the first quarter, U.S. drivers saved about $10 billion, according to a AAA report released Thursday. That amounts to about $45 per licensed driver. For all of 2015, Americans saved $120 billion compared with 2014, or about $565 per licensed driver.
Current gas prices are an even bigger bargain, compared with the first quarter of 2012 when a gallon of gas averaged $3.58, the highest first-quarter average ever. Compared with that quarter, Americans saved about $50 billion this year, or $240 per licensed driver.
The five states with the cheapest average gas prices are Missouri ($1.83), New Jersey ($1.84), Oklahoma ($1.85), South Carolina ($1.87) and Alabama ($1.87).
The five states with the most expensive prices are California ($2.79), Hawaii ($2.59), Nevada ($2.44), Washington ($2.29) and Alaska ($2.29).
Prices are rising nationwide, however, and are likely to continue to do so until around Memorial Day. AAA said that prices could rise another 15 to 25 cents per gallon in many parts of the country, but that even following those increases, gas will still be cheaper than in recent years.
The Average American Is Losing Their Savings Every Day (Sponsor)
If you’re like many Americans and keep your money ‘safe’ in a checking or savings account, think again. The average yield on a savings account is a paltry .4% today, and inflation is much higher. Checking accounts are even worse.
Every day you don’t move to a high-yield savings account that beats inflation, you lose more and more value.
But there is good news. To win qualified customers, some accounts are paying 9-10x this national average. That’s an incredible way to keep your money safe, and get paid at the same time. Our top pick for high yield savings accounts includes other one time cash bonuses, and is FDIC insured.
Click here to see how much more you could be earning on your savings today. It takes just a few minutes and your money could be working for you.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
