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Gas Price Report: Week of December 10, 2018

National gas price average falls to lowest price since December 2017.

The national gas price average continues to fall, dropping four cents from last week and 28 cents from last month. This week’s price point of $2.42 is the lowest since mid-December last year. The last time the national average was cheaper on the week, month and year was during July 2017. “Motorists are noticing a big difference as they fill-up at the gas pump this month,” said Jeanette Casselano, AAA spokesperson. “Month-over-month, gas price averages have dropped double digits for every state…In some states, gas prices are nearing $2 per gallon – something that hasn’t been seen since December 2017.”

Forecast

AAA expects the national gas price average to drop as low as $2.40 by the end of the year due to cheaper crude oil prices. However, pump prices this cheap may not last into 2019. Last week, the Organization of the Petroleum Exporting Countries (OPEC) announced that the cartel and non-OPEC members, including Russia, will reduce production. The decision will help reduce the high level of global crude supply but has the potential to increase gas prices.

National average: $2.42

Local state averages:

CT: $2.74        MA: $2.64       NH: $2.50       NJ: $2.47         NY: $2.74       RI: $2.59

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Historical context

This week in history: 1958

National Airlines operates the first domestic jet airline flight in the United States, using a Boeing 707 to fly from New York to Miami.

National gas price average: $.30

Cost to fill a tank (1958/2018)

Nissan Sentra

$3.96/$31.94

Ford Mustang

$4.65/$37.51

Chevrolet Silverado

$7.20/$58.08

Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/Mobile.

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