WASHINGTON, Dec. 23 (UPI) -- The U.S. price for a gallon of regular unleaded gasoline has declined for the longest stretch since the so-called great recession, motor club AAA reported.
AAA reports a retail price for a gallon of regular unleaded gasoline for Tuesday at $2.38, about a penny less than Monday and 87 cents less than this date in 2013.
The price for a gallon of gasoline has declined every day since Sept. 25, or 89 days in row, which is longer than any period on record for the motor club. The decline streak breaks the previous 86 day record set in 2008, when the global economy slipped into recession.
While several cities are selling gas below the $2 mark, no state is reporting a state average below that threshold. Missouri may be the first, however, with a state average price for Tuesday of $2.05.
Though jeered at the time, former House Speaker Newt Gingrich said on the presidential campaign trail in 2012 gas could fall to around $2 per gallon if more emphasis were placed on domestic energy production.
The low price at the pump is a reflection of a crude oil market skewed toward the supply side in a weak global economy. The United States is producing about 9 million barrels of oil per day.
In today's dollars, the average price per gallon based on Gingrich's predictions would be $2.08 per gallon.
AAA warned the low cost of crude oil could curb U.S. domestic oil production.
"Tumbling global prices have the potential to impact supply by slowing production in higher cost regions, which includes the United States," it said in a Monday report.
