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Gas Price Report: Week of January 7, 2019

Gas prices fall for 12th straight week as demand remains low.

The national gas price average has dropped for the 12th week in a row, falling to $2.24. The cost is three cents cheaper than last week, 20 cents cheaper than last month and 25 cents cheaper year-over-year.

One cause of the falling price is a decrease in demand. The latest Energy Information Administration data registers gasoline demand at 8.6 million barrels per day for the week ending Dec. 28 – the lowest level on record since February 2017. Even during the holidays, which saw record motor vehicle traffic, demand for gasoline was still down, suggesting a trend that may continue throughout the winter.

“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.”

National average: $2.24

Local state averages:

CT: $2.58        MA: $2.50       NH: $2.35       NJ: $2.34         NY: $2.58       RI: $2.44

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Historical Context

This week in history: Jan. 11, 1964

The U.S. Surgeon General releases the first government report that states smoking may be hazardous to one’s health.

1964 national gas price average in 1964: $0.30

Cost to fill a tank (1964/2019)

Ford F-150

$7.80/$58.24

Jeep Wrangler

$5.25/$39.20

Nissan Sentra

$3.96/$29.57

Motorists can find current gas prices along their routes 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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