The large recent drop in oil prices worldwide has had one very immediate impact for consumers in the United States. Gasoline prices are sinking to levels that haven’t been seen since 2010:
As of December 2, gasoline prices averaged about $2.75 per gallon nationwide. And AAA projects that gasoline prices could fall an additional 10 or 20 cents in the weeks ahead.

“The drop in gas prices has saved Americans roughly $75 billion”

Note that there’s still a lot of regional variation across the US, largely due to differences in state taxes. Prices at the pump average $2.44 per gallon in Missouri but $3.05 per gallon in California (a state with high gas taxes and laws requiring cleaner-burning fuels). But in general, prices are going down for everyone.

This shouldn’t be too surprising. Crude oil is the main component affecting the price of gasoline. Over the past few years, the price of Brent crude has hovered above $100 per barrel, and US gasoline prices averaged around $3.50 per gallon. But now that oil prices have fallen to about $70 per barrel, gasoline prices are falling, too.

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STORY: http://www.vox.com/2014/12/2/7319307/gas-prices-falling