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Falling demand and a significant decrease in the price of crude oil has helped to push the price of a gallon of regular gasoline to $3.81 – its lowest level in nearly two months.

Just one month ago, the price of gas was just sort of its record high, selling at an average price of $4.10 per gallon. While the recent month-long decrease in the price of gas is certainly a very welcome sight, it should be noted that today’s current price is still 38% above the $2.77 we were paying at this point last year.

Currently, there are nine states reporting an average gas price above $4 per gallon, with Hawaii having the highest average price at $4.58 per gallon. Missouri is reporting the lowest state-wide average price, coming in at $3.52. Oklahoma has the second lowest price at $3.56 per gallon.

Remember the first time the price of gasoline was around $3.75 a gallon? Many of us thought we were going to have to drastically cut back our driving, prepare ourselves for $5 or higher gas, and face some pretty dire financial predicaments. It’s a wonder there wasn’t mass rioting in the streets.

Fast forward just six weeks and all of a sudden, $3.81 gas isn’t so bad. In fact, it feels like an absolute relief from the $4.12 we were paying just a three weeks ago.

It’s amazing how good a simple seven percent drop in the price of a modern-day necessity can feel!

However, if Americans continue to drive less, purchase vehicles with better fuel economy and oil prices continue to fall – due to a global economic slow down and continued strengthening of the dollar (hopefully) – this recent price drop might turn into something a little more significant.

Unfortunately, I’m not holding my breath and I believe that gas prices won’t fall but 10% from current levels before the end of the year.