On December 9, 2014 9:21 am
The U.S. Energy Information Administration estimated Monday that the average price for a gallon of gasoline fell to $2.67, the lowest price in more than four years, while West Texas Intermediate crude slumped to as low as $63.
In some areas of the country, including some cities in Texas and Oklahoma, gasoline is selling closer to $2 per gallon.
Weak global demand for crude and a flood of cheap oil from North American producers are sending the price of gasoline plummeting, but the savings won’t look the same around the globe as they do in the U.S.
Drivers in countries that don’t subsidize gasoline or tax the fuel heavily pay among the highest prices in the world to fill up their cars. According to Bloomberg data as of Dec. 1, Norway, Turkey, the Netherlands and Hong Kong all have gasoline prices above $8 per barrel.