Gas prices are at multiyear lows, with the national average at $2.85 per gallon of regular gas. U.S. households spend about $550 billion annually on fuel, contributing to lower household spending. Some states have even lower prices, with Oklahoma at $2.22 per gallon.

The drop in gas prices is due to the sharp decline in oil prices, with West Texas Intermediate crude at $56 per barrel. American consumers are benefiting from the lower gas prices, providing some relief to stretched household incomes. Gas prices are expected to remain low, benefiting consumers.

As gas prices fall, American consumers are finding some financial relief amid stretched household incomes. The decline in gas prices is helping to alleviate affordability concerns among consumers. Gas prices are one of the few components of the consumer price index that continue to fall, providing a silver lining for consumers.

Read more at Yahoo Finance: Gas Prices Plunge to 4-Year Low, Boosting US Economy