Gas Down 60 Straight Days

The price of gas fell overnight Sunday for the 60th consecutive day.
The national average price for a gallon of regular gasoline fell 2 cents to $2.105 a gallon, according to a survey released Sunday by the American Automobile Association. A gallon of gas has dropped nearly in half since hitting an all-time high of $4.114 on July 17. It's been nearly two years since prices were this low, according to AAA figures. The dramatic drop is bad news for refiners like Exxon (NYSE:XOM) and Chevron (NYSE:CVX) who have seen margin evaporate.

At the worst? Drivers in two states are paying an average of $3 or more: Alaska, at $3.181 a gallon, and Hawaii, at $3.049. There are 16 states where the average price has fallen below $2 and Missouri had the cheapest gas in the nation, at $1.816 a gallon.

The rapid decline in gas prices comes as the price of crude oil continues to collapse. Crude prices, which make up roughly half of gasoline prices, have fallen more than 60% since hitting a record $147.27 a barrel on July 11.

Crude (NYSE:USO) for December delivery fell $1.20 to settle at $57.04 a barrel on Friday.