AAA: National Gas Price Average Dropping Toward Lowest of the Year

According to the latest data from AAA, pump prices are steadily declining and are heading toward some of the lowest levels in 2018.

The national average was lowest in January at $2.49, while May brought the most expensive price of $2.97.

“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/bbl and cheaper – the lowest prices of the year. However, market observers warned crude could see an increase following the Organization of Petroleum Exporting Countries (OPEC) meeting on Dec. 6 in Vienna, Austria. At that meeting, OPEC was 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 for the week of Nov. 26 were: 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 were: 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).