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Gas Price Report: Week of November 26, 2018

Gas prices across the country fall close to yearly low.

The national gas price average continues to fall, dropping seven cents from one week ago to land at $2.56. This price is creeping toward the lowest mark of the year, which was set in January at $2.49. “Trends are indicating that the month of December may bring some of the cheapest gas prices of the year,” said Jeanette Casselano, AAA spokesperson. “Currently, 19 states already have gas price averages less expensive than a year ago so as U.S. gasoline demand remains low and supply plentiful, motorists can expect to save at the pump as long as the price of crude oil doesn’t spike.”

Forecast

Unfortunately, there is a real possibility of gas prices going up in the very near future. Market observers warn that the cost of crude oil could see an increase following the Organization of Petroleum Exporting Countries (OPEC) meeting on December 6 in Vienna, Austria. At that meeting, OPEC is expected to curtail crude production by 1 million to 1.4 million barrels per day, which could cause crude prices to rise due to reduced global supply, in turn hiking up gas prices in America.

National average: $2.56

Local state averages:

CT: $2.84        MA: $2.72       NH: $2.61       NJ: $2.59         NY: $2.83       RI: $2.69

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Historical context

This week in history: Nov. 26, 1948

The first Polaroid camera sold for $89.75 in Boston at the Jordan Marsh department store. For that amount of money, drivers could have purchased 345 gallons of gasoline.

National gas price average in 1948: $0.26

Cost to fill a tank (1948/2018)

Ram 1500

$6.76/$66.56

Audi A8

$5.64/$55.55

Chevrolet Equinox

$3.87/$38.14

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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