Gas Prices Have Fallen For A Record 16 Straight Weeks

The main positive from oil’s dramatic fall over the last few months is lower gas prices for consumers.

The US Energy Information Administration provides weekly averages of gasoline and diesel prices across the country, and those prices have now fallen for a record 16 straight weeks.

Gas prices have fallen every week since September 29, when the average price of gas was $US3.354/gallon. As of January 20, the price had fallen to just $US2.066/gallon, the lowest price since April 27, 2009.

The fall in gas prices was a big part of the drop in the consumer price index seen in December, and economists have argued that the money families save on lower gas prices could spur more consumption on other goods.

But either way, a stunning chart.

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