Pump prices continue to fall as demand for gas drops to two-year low

(January 8, 2019) The latest Energy Information Administration (EIA) data registers gasoline demand at 8.6 million barrels a day for the week ending December 28 — the lowest level on record since February 2017. Despite record motor vehicle travel for the holiday, demand was down nearly 900,000 barrels, suggesting that demand this winter could be lower than expected.

Today’s national gas price average is $2.24 and has declined for 12 weeks in a row. The national average is three-cents cheaper on the week, 20-cents cheaper than last month and 25-cents cheaper year-over-year, according to weekly statistics by AAA.

“As the global crude market continues to be oversupplied, oil prices are dropping, continuing last week’s trend,” said Jeanette Casselano, AAA spokesperson. “This is good news for motorists filling up at the pump.”

Quick Stats

    The nation’s top 10 least expensive markets are: Missouri ($1.82), Oklahoma ($1.90), Arkansas ($1.91), Texas ($1.91), Alabama ($1.91), South Carolina ($1.91), Mississippi ($1.91), Louisiana ($1.93), Kansas ($1.93), and Ohio ($1.95).

    The nation’s top 10 yearly decreases are: Michigan (-55 cents), Illinois (-49 cents), Ohio (-47 cents), Indiana (-47 cents), Iowa (-47 cents), Wisconsin (-46 cents), Nebraska (-41 cents), Missouri (-41 cents), Kentucky (-39 cents), and Delaware (-36 cents).