National gas price average dropping toward lowest of the year

(November 28, 2018) On the week, the national gas price average has dropped seven cents to land at $2.56. As pump prices steadily decline, they are headed toward some of the cheapest gas prices in 2018. The national average was lowest in January at $2.49 while May brought the most expensive price of $2.97, according to AAA's weekly gas report.

“Trends are indicating that the month of December may bring some of the cheapest gas prices of the year,” said Jeanette Casselano, AAA spokesperson.

“Currently, 19 states already have gas price averages less expensive than a year ago so as U.S. gasoline demand remains low and supply plentiful, motorists can expect to save at the pump as long as the price of crude oil doesn’t spike.”

Gas prices have been cheaper in the U.S. as crude oil sells at $57/barrel and cheaper — the lowest prices of the year. However, market observers warn crude could see an increase following the Organization of Petroleum Exporting Countries (OPEC) meeting on Dec. 6 in Vienna, Austria. At that meeting, OPEC is expected to curtail crude production by 1 million to 1.4 million barrels per day, which could cause crude prices to rise due to reduced global supply, in turn causing gas prices to turn higher in America.

Quick Stats

    The nation’s top 10 largest weekly decreases are: Ohio (-14 cents), Kentucky (-11 cents), Mississippi (-11 cents), South Carolina (-10 cents), Michigan (-9 cents), Alabama (-9 cents), Arkansas (-9 cents), Georgia (-9 cents), Illinois (-9 cents) and Texas (-9 cents).

    The nation’s top 10 least expensive markets are: Missouri ($2.18), Oklahoma ($2.21), South Carolina ($2.23), Texas ($2.24), Delaware ($2.24), Louisiana ($2.26), Mississippi ($2.27), Alabama ($2.27), Kentucky ($2.27) and Ohio ($2.28).