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Gas Price Report: Week of June 24, 2019

Despite record demand, gas prices continue to fall as the country enters the summer months.

The national gas price average dropped to $2.66 as the country heads into its first full week of summer. That price is two cents less than last week and 18 cents less than one month ago.

Going against the usual trend, gas prices continue to fall despite high demand. U.S. gasoline demand hit its highest level at 9.93 million b/d, for the week ending June 14. It is the highest level ever recorded since the Energy Information Administration (EIA) began publishing data in 1991. Yet prices are decreasing due to the recent trend in cheaper crude oil pricing. When compared to this time last year, domestic crude prices are cheaper by approximately $12 per barrel.

“Filling-up at the pump this summer could mean savings as much as a quarter a gallon,” said Jeanette Casselano, AAA spokesperson. “Cheaper prices could entice motorists to travel more and even take some last-minute road trips.”

National average: $2.66

Local state averages:

CT: $2.83        MA: $2.71       NH: $2.55       NJ: $2.75         NY: $2.85       RI: $2.70

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Historical Context

This week in history: June 25, 1950

The United States, a team composed mostly of amateurs, beat England 1-0 in the World Cup held in Brazil. The game is considered one of the greatest soccer upsets of all time.

National gas price average in 1950: $0.27

Cost to fill a tank (1950/2019)

Audi Q8

$6.08/$59.85

Subaru Legacy

$5.00/$49.21

MINI Convertible

$3.13/$30.86

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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