Gas prices in Texas, Missouri, Ohio, Indiana, Illinois, Michigan, Oklahoma, Kansas, and North Dakota have reached their lowest average point since 2004, according to Gasbuddy.com . Oklahoma has the cheapest average cost of the bunch, at $1.37 for a gallon of regular, while North Dakota has the "highest" price point of the nine states, with an average that's still dirt cheap, all things considered: $1.63. "The cheapest gasoline prices in over 12 years are showing up in some lucky states in the heart of the nation, with previously unthinkable 99-cent gasoline becoming a strong possibility as wholesale gas prices plunge amidst growing supply," GasBuddy.com senior analyst Patrick DeHaan said in an email. The average price of regular gas in California is $2.50 a gallon, or about 80 cents higher than the national average. California has one of the highest gas taxes in the country at about 40 cents a gallon -- roughly 10 cents more than the national average. The nationwide average is $1.721 per gallon as of 1:15 p.m., down 6.8 cents from a week ago, 25.6 cents from a month ago and 45.5 cents from a year ago. Since oil refineries aren't profiting off this market, some may take the unfavorable conditions as a chance to shut down and conduct maintenance, Tom Kloza, chief analyst for the Oil Price Information Service, told CNN Money.
– You're not imagining things: Gas prices could soon fall as low as $1 per gallon at some US gas stations, USA Today reports. Some Midwest states—Michigan, Wisconsin, Illinois, Minnesota, North Dakota, Oklahoma, Indiana, Ohio, and Kansas—are already seeing the lowest prices in 12 years. And one in four US gas stations is currently selling gas for $1.50 per gallon or less, according to Time. “Incredible as it sounds, we wouldn’t be shocked to see a few stations in these states as low as 99 cents a gallon,” says one expert. As of Tuesday afternoon, the nationwide average was $1.72 per gallon. That's approximately 7 cents less than last week, 26 cents less than last month, and 46 cents less than last year. It's the lowest average price the US has seen in six years. The low prices—caused by a combination of falling demand and increasing production in the US and Middle East—are good news for consumers but bad news for oil companies. Oil prices hit 13-year lows last month, and the stocks of companies like BP and Exxon Mobil were down Tuesday. But not everyone is enjoying the savings. CNN reports the average price of gas in California is around $2.50 per gallon. That's due to both a larger-than-average gas tax and cleaner-than-average gasoline. California's requirement for gasoline that creates fewer emissions keeps prices higher but has made a huge impact on the state's air quality. One expert warns the rest of the country better enjoy low gas prices while it can. Refineries not turning a profit at these prices may close down for maintenance, sending gas supplies down and prices up.