Gas Prices Continue to Plummet

National average may drop below $2 per gallon as President Obama's ratings soar.
2:22 | 01/19/15

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Transcript for Gas Prices Continue to Plummet
For millions traveling this weekend, there was one welcome headline. New Numbers out. The average price of gas now $2.505 a gallon. That's down six cents in the past week. Tonight, new hope that the national average will dip below the $2 mark within days. ABC's chief business correspondent Rebecca Jarvis with a snapshot of where it's cheapest tonight. Wow. $1.78. Reporter: Tonight, we're hearing it from so many of you. Today in Tulsa, Oklahoma gas is $1.63. Reporter: Gas below $2 across the country. We've gone from spending about $75 on each of our cars to below $50. Gas prices are so good right now that we were able to afford a vacation this year. Reporter: Americans now spending nearly 2$2.5 billion less every week on gasoline than they did this time last year. That's $1,100 in savings a year for the typical family. Tonight, Vermont, Alaska and Hawaii, the only states left in the country without at least one station selling sub-2 gas. David, prices have now dropped 116 days straight. That is the longest losing streak in history. And at this rate, the entire country will see the national average dip below $2 a gallon by this weekend. David? A losing streak we love. Rebecca Jarvis on gas prices. Now, to another number tonight that many wondering if the two are related. The new approval ratings for president Obama. Perhaps you'll remember, in the days before the mid-term elections, just this November, republicans taking control of the senate. The president had a 44% approval rating. It had been lower. Tonight, that number up to 50%. I want to bring in ABC's chief white house correspondent Jonathan Karl. Is there any question the gas prices are playing into it? Reporter: There's no doubt that is what's driving this. Gas prices low, the unemployment rate low. The president's message in the state of the union will be America is back. The economic resurgence is real. And if you look at our poll, Americans are starting to feel it. Look. 41% believe the economy is excellent or good. That is a big change from just three months ago when it was just 27%. But David, tomorrow in that big speech, the president is going to play a little robin hood. He's going to propose tax hikes on the rich. Help for the poor and middle class. Those programs don't have much of a chance of passing, but it's a recognition that while the economy is growing, so is that gap between rich and poor.

This transcript has been automatically generated and may not be 100% accurate.

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