Gasoline prices in the United States are nearing their lowest since 2004.
While most of the world sells gas by the liter, the United States sells gas by the gallon. Either way, most of the world pays much more for gas and fuel than the U.S.
The average price in the U.S. was $2.06 per gallon for unleaded regular, according to the American Automobile Association (AAA).
That is about 54 cents per liter.
The average price dropped another penny over the Thanksgiving holiday to 53 cents per liter. That is according to GasBuddy.com, a service that reports on U.S. gas prices.
That would be 21 cents per liter less than a year ago, and 34 cents cheaper per liter than in 2013, GasBuddy says.
Because nearly 90 percent of Americans will travel by car over the winter holidays, the savings will add up.
The average cost to fill a car in the United States last week was $28.84. That compares to $45.92 in 2013, for a savings of around $20.
The lowest prices were in Indiana, South Carolina, Alabama, Missouri, Texas and Mississippi, AAA said. All five states have average prices of 49 cents per liter or less.
The highest prices were in states west of the U.S. Rockies. Hawaii had the highest prices, at 74 cents per liter, followed by California, at 71 cents per liter.
The lower prices are a result of oversupply, according to GasBuddy.
Prices vary in the United States based on state taxes and the local supply of gasoline from nearby refineries.
Worldwide, the lowest average gasoline prices were in Venezuela, just 1.6 cents per liter, according to GlobalPetrolPrices.com.
Libya, Saudi Arabia, Algeria and Kuwait offered gas at less than 26 cents per liter ($1 a gallon), the website reported.
The highest average prices are in the Netherlands at $1.87 per liter; Norway at $1.74 per liter; and the United Kingdom at $1.68 per liter.
The prices differ based on available supplies, taxes imposed by governments and the amount of subsidies. Venezuela not only produces oil, but heavily subsidizes gasoline to keep prices near zero.
Words in This Story
liter – n. a metric unit for the volume of a liquid or gas; there are 3.79 liters in a gallon
destination – n. a place where someone is going or something is being sent
assumes – v. to think or believe something is true without proven facts
slid – v. to slide or drop
benficary – n. a person, organization, etc., that is helped by something
trend – n. a general direction of change
delighted – v. made very happy
oversupply – n. an amount of something that is more than is needed or wanted
projection – n. an estimate of what might happen in the future based on what is happening now
subsidies -- n. money that is paid usually by a government to keep the price of a product or service low or to help a business or organization to continue to function
deter – v. to cause (someone) to decide not to do something
decline – n. to become lower in amount or less in number