US gas prices lowest in more than 5 years: survey

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Gasoline prices are at their lowest in more than five years. | AP file photo

CAMARILLO, Calif. — The average price of regular gasoline nationwide has dropped 27 cents a gallon in the past three weeks, to $2.20.

Industry analyst Trilby Lundberg says it’s the lowest in more than five years and more drops are possible, although probably not as steep.

In the Chicago metro area, gas prices are down 55 cents a gallon in the past month to $2.23 a gallon, according to the AAA Daily Fuel Gauge Report. In the city, a gallon of regular gasoline costs an average of $2.46, down from $3.06 a month ago. Statewide, the average price is $2.09, down from $2.66 a month ago.

Lundberg said Sunday that lower crude oil prices are driving prices down, along with an abundant oil supply.

The highest-priced gas in the Lower 48 states was found in San Francisco, at $2.66 a gallon. The lowest was in Albuquerque, New Mexico, at $1.76 a gallon.

California’s lowest average was in Sacramento, at $2.42 a gallon.

The average price for midgrade gas in the U.S. is $2.44. For premium it’s $2.61.

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