US gas prices at a new five-year low amid oil slump

Source: Bloomberg
© Scanpix/Reuters
In the US prices for gasoline dropped to a new low in five years, with drivers paying $2.2021 per gallon on the average last week. By January 9 prices declined 26.92 cents during the past three weeks and are $1.14 per gallon lower than a year ago. Crude oil prices falling below $50 was the main reason for the slump in gasoline, whereas the reason for low oil prices was OPEC refusing to cut output. The highest gas price in the US was recorded in San Francisco, $2.66 per gallon, while the lowest in New Mexico, $1.76 per gallon.
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