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Gas Price Report: Week of November 12, 2018

Gas prices across the country continue to fall.

gas report week of november 12

State gas price averages are down as much as 5 to 12 cents per gallon on the week in more than two-thirds of the country. As demand drops and refinery maintenance season ends, the national gas price average has dipped to $2.70. That price is six cents less than last Monday, 21 cents less than last month and just 14 cents more than last year. In fact, the year-over-year price differential has not been this small since January.

Today, 41 percent of gas stations nationwide are selling unleaded gasoline for $2.50 or less. In comparison, the majority of gas stations were selling gas for $2.51 or more during the Memorial Day holiday weekend.

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Forecast

As good as the gas price trend has been of late, motorists may be in for even more of a treat. “Prices could plunge even lower, especially if we see a surge in gasoline production after refiners fully restart units from the fall maintenance season,” said Jeanette Casselano, AAA spokesperson. “Also driving down pump prices is the fact that crude oil is selling under $65 per barrel, a rare sight this year.”

National average: $2.70

Local state averages:

NY: $2.89       NJ: $2.68         RI: $2.76         CT: $2.91        MA: $2.77       NH: $2.68

Historical context

This week in history: Nov. 15, 1940

The New York Midtown Tunnel linking Manhattan to Queens opens to traffic. The first motorists to drive across had tanks filled with gas that cost 18 cents a gallon.

National gas price average in 1940: $0.18

Cost to fill a tank (1940/2018)

Ford Explorer

$3.35/$50.22

Toyota Camry

$2.61/$39.15

Chevrolet Volt Hybrid

$1.60/$24.03

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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