Gasoline prices in New York have dropped as much as 30% since the beginning of the year, and the price of a gallon of regular unleaded fell to $2.26 on Monday, from $2,500 last week.
That means consumers can save more than $1.50 a gallon this year by switching to unleaded, which is cheaper than paying the premium for the most expensive gasoline.
The jump in gasoline prices comes as many people in the country are getting out of cars and into SUVs, which are quieter and can travel longer distances.
That is good news for people who like to drive.
Gasoline prices are also falling because of the Federal Reserve’s decision to cut interest rates.
The decision to lower rates, which had been in place for years, also led to higher gasoline prices and the plunge in the price that people pay for fuel.
The Fed is expected to begin a gradual reduction in its key rate in the next few weeks, which could be enough to lower gasoline prices by another 10% to 15% in a year, according to the Wall Street Journal.