Pumped! Missouri gas price drops below $2 a gallon

Missouri is the first state in five years to have its statewide gas price average drop below $2 per gallon, according to AAA.

The average price in the Show Me State stood on Friday at $1.98 per gallon, $1.02 per gallon less than the statewide average one year ago.

The state, which has one of the lowest gas taxes in the USA, crossed below the $2 mark as the nation has seen the average price on a regular gallon of fuel plummet 12 cents in the last week and 50 cents in the last month. The national average for a regular gallon of gas stood at $2.32 on Friday.

Oklahoma's statewide average, $2.01 on Friday, is likely to drop below $2 this weekend, said Michael Green, AAA spokesman. Kansas ($2.06), Indiana ($2.09) and Texas ($2.09) round out the top five cheapest states to fuel up your car.

Gasoline prices have now fallen nationally a record 92 straight days, and consumers could see gas prices plunge another 5 to 10 cents per gallon by the New Year, according to AAA.

Savings at the pump are the result of increased U.S. oil production, OPEC's refusal to cut production and more fuel efficient vehicles cutting the demand for gas. The weakening economic situation in Europe and Asia as well a strong U.S. dollar have also contributed to the drop in price.

Consumers are saving more than $450 million per day on gasoline compared to the highs in the spring and summer earlier this year, according to AAA.