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Gas Price Report: Week of December 3, 2018

National gas price average cheaper than it was one year ago for first time in 18 months.

The national gas price average dropped to a yearly low of $2.46 on the week. That price is two cents cheaper that at the same time one year ago. The last time the daily national gas price average was cheaper year-over-year was 18 months ago on July 6, 2017 when gas prices were $2.24 (versus $2.26 on July 6, 2016). In addition, the national gas price is 31 cents cheaper than a month ago. “Cheap crude oil prices are driving fuel savings at the pump,” said Jeanette Casselano, AAA spokesperson. “Last week crude dropped to its lowest point of the year at $50/bbl.”

Forecast

Prices may not stay this low for much longer, however. At this week’s Organization of Petroleum Exporting Countries (OPEC) meeting, the organization is expected to make an announcement on crude production. “[The meeting] could cause crude oil prices to jump if the organization decides to reduce crude production,” Casselano said.

National average: $2.46

Local state averages:

CT: $2.78        MA: $2.67       NH: $2.55       NJ: $2.52         NY: $2.78       RI: $2.62

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Historical context

This week in history: 1989

Soviet President Mikhail Gorbachev and United States President George H.W. Bush declare the Cold War over.

National Gas Price Average: $1.00

Cost to Fill a Tank (1989/2018)

Toyota Sienna 20

$20.00/$49.20

Subaru Forester 15.9

$15.90/$39.11

Mazda MX-5 Miata 11.9

$11.90/$29.27

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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