(December 8, 2020) WASHINGTON, D.C. — Pump prices increased on the week despite U.S. gasoline demand falling below 8 million barrels a day, the lowest weekly reading since June and the softest demand reading for the week of Thanksgiving since 1997. At $2.16, the national gas price average is more expensive on the week (+4 cents) and the month (+5 cents), but cheaper (-42 cents) compared to last year at this time, according to AAA.

“Gas prices were predicted to decrease following the holiday, but robust gains in crude oil prices and the OPEC  decision to increase production next year led to at a number of states seeing pump price jumps of 3 to 12 cents,” said Jeanette Casselano McGee, AAA spokesperson. “Even with the weekly jumps, gas prices remain relatively cheap with 15 state averages at $2/gallon or less.”

Last week, crude oil prices (WTI) reached a high of $46 a barrel, a price point not seen in nine months — since early March. However, it is possible that prices have capped and will decrease as coronavirus cases rise, which will likely contribute towards lower demand numbers this month. Ultimately, that will lead to motorists seeing cheaper gas prices the closer we get to the holiday season. Last December the national gas price average was $2.57. One week into the month this year, the average is $2.15.

Quick stats

    •     The nation’s top 10 largest yearly decreases: Arizona (-69 cents), Nevada (-65 cents), Idaho (-64 cents), Alaska (-63 cents), Utah (-63 cents), Colorado (-61 cents), Oregon (-56 cents), Michigan (-55 cents), Wyoming (-54 cents) and Wisconsin (-54 cents).

    •    The nation’s top 10 least expensive markets: Missouri ($1.81), Mississippi ($1.83), Texas ($1.85), Oklahoma ($1.86), Louisiana ($1.87), Arkansas ($1.87), Wisconsin ($1.89), Tennessee ($1.90), Alabama ($1.90) and South Carolina ($1.91).