Gas prices are dropping. The national gas price average has dropped seven cents placing the nation’s average at $2.56 a gallon for regular unleaded.
As pump prices steadily decline, they are headed toward some of the cheapest gas prices in 2018, according to the latest data from AAA.
The national average was lowest in January at $2.49 per gallon while May brought the highest price of $2.97 per gallon.
“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.”
Prices in the U.S. have started to fall since American crude oil production has surpassed Saudi Arabia and Russia. The price of one barrel of oil is now at $57. However, trends in the market suggest that the Organization of Petroleum Exporting Countries (OPEC) could increase their prices per barrel. A December 6 meeting is to take place in Vienna Austria where production is expected to increase from 1 million barrels/day to 1.4 million barrels/day.
- 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).
Observers of the market will keep an eye on OPEC which could decide to reduce their total crude oil production next month. That could trigger countries like Russia to reduce production causing prices to increase.