Now may be the best time in years to break out the road maps and cut back on the midnight cereal snacks as the average price of gasoline continues to hover well below the cost of milk.
According to data collected by the Wall Street Journal, U.S. consumers were paying an average of $3.30 per gallon of milk in November compared to an average of $2.19 per gallon of gasoline that month.
A report published earlier this month by the American Automobile Association found that U.S. drivers are paying the lowest average price for regular unleaded gasoline since 2009.
Consumers in 42 states and Washington, D.C. are saving 50 cents or more per gallon compared to the same period last year.
Only California has posted a yearly savings of less than 25 cents per gallon, the AAA said.
Gasoline prices fell to a nationwide average of $2.02 per gallon as of December 21, according to the U.S. Energy Administration.
While the U.S. rig count has fallen by about 61 percent since last year, shaky international markets and record breaking OPEC production have held crude prices, and therefore gasoline prices, at multi-year lows.
West Texas Intermediate crude was trading at $36.34 per barrel around noon on Tuesday after touching 11 year lows in recent days.
The EIA currently expects U.S. regular gasoline retail price to average $2.43 per gallon this year and $2.36 per gallon in 2016, down from an average of $3.36 per gallon in 2014.
“The oil market faces many uncertainties heading into 2016, including the pace and volume at which Iranian oil reenters the market, the strength of oil consumption growth, and the responsiveness of non-OPEC production to low oil prices,” the agency said.