Nearly 20 percent of states are currently enjoying prices below $2.00 per gallon. Nationally, retail averages have dropped 83 of the past 90 days. The national average for regular unleaded gasoline currently sits at $2.30 per gallon, which is six cents less than one week ago, 24 cents less than one month ago and 16 cents less than at the same time last year.
Heading into 2019, gasoline demand is expected to dwindle during the month of January, an expected change following the busy holiday travel season. At the same time, OPEC will begin production cuts on January 1, with hopes that the shift in global supply will push oil prices higher. The effectiveness of the cuts will likely not be known until later in the first quarter.
“All eyes are on OPEC to kick off the year,” said Jeanette Casselano, AAA spokesperson. “Many are waiting to see if they stick to their promise to cut crude production by 1.2-million b/d and if the proposed cuts will be enough to restore balance to the market.”
Over the past few years, OPEC and partnering countries have demonstrated a strong resolve to comply with proposed cuts in production. It is likely that the cartel will reconvene in April, and if there is a need to further balance global supply and demand, OPEC will likely tweak current production numbers at that meeting.
Quick Stats
- The nation’s top 10 largest weekly decreases are: Ohio (-15 cents), Indiana (-15 cents), South Dakota (-12 cents), Michigan (-12 cents), Montana (-11 cents), Kentucky (-10 cents), Illinois (-10 cents), Wisconsin (-10 cents), Wyoming (-9 cents) and Idaho (-9 cents).
- The nation’s top 10least expensive markets are: Missouri ($1.87), Oklahoma ($1.95), Arkansas ($1.97), South Carolina ($1.97), Texas ($1.97), Alabama ($1.97), Mississippi ($1.97), Louisiana ($1.98), Kansas ($1.99) and Iowa ($2.01).
Great Lakes and Central
Prices have dropped significantly across the region, with Ohio (-15 cents), Indiana (-15 cents), South Dakota (-12 cents) and Michigan (-12 cents) topping the list of largest weekly declines. Missouri ($1.87) and Oklahoma ($1.95) have both dropped below $2 per gallon. Drivers in Iowa ($2.01) and Ohio ($2.01) will likely see prices below $2 to start the New Year.
According to the latest Energy Information Administration (EIA) report, gasoline inventories in the Midwest region jumped by 1.7 million bbl to 51.4 million bbl for the week ending on December 14. Total regional inventories are now 3.6 million bbl higher than this same time last year.
South and Southeast
Most drivers in the South and Southeast regions continue to enjoy some of the cheapest prices in the nation due to their proximity to major Gulf Coast refineries and having some of the lowest state gasoline taxes in the country. Currently, six states in the region are seeing average prices below $2 per gallon: South Carolina ($1.97), Alabama ($1.97), Arkansas ($1.97), Texas ($1.97), Mississippi ($1.97) and Louisiana ($1.98).
Mid-Atlantic and Northeast
The Northeast is one of the most expensive regions in the country this week. Connecticut ($2.65), New York ($2.64), Washington D.C. ($2.62), Massachusetts ($2.56) and Vermont ($2.56) all land on the list of top-15 most expensive markets in the country.
Despite recent declines, prices in Vermont, New York and Connecticut are still at least one-cent higher year-over-year.
Rockies
Gas prices for drivers in the Rocky Mountain region have dropped steadily over the past week. Increased refinery runs helped boost regional supply. With no export outlets, OPIS reports that the region is most susceptible to “clearance sales” on gasoline when inventories inflate. Currently, three states in the region are on the top-10 list of largest declines for the week: Montana (-11 cents), Wyoming (-9 cents) and Idaho (-9 cents).
West Coast
Motorists in the West Coast region continue to pay the highest pump prices in the nation, with all of the region’s states landing on the nation’s top 10 most expensive list. Hawaii ($3.41) is the nation’s most expensive market, followed by California ($3.38), Washington ($3.13), Alaska ($3.07), Nevada ($2.96), Oregon ($2.98), and Arizona ($2.68). While expensive, prices are decreasing, with all state averages moving lower on the week: Hawaii (-6 cents) saw the largest drops.
The EIA’s weekly petroleum status report, for the week ending on December 14 showed West Coast gasoline stocks decreased by approximately 700,000 bbl to 27.6 million bbl. Stocks are approximately 3.4 million bbl lower than at this time last year, which could cause prices to spike if there is a supply challenge in the region this week.
Oil market dynamics
At the close of Friday’s formal trading session on the NYMEX, WTI decreased 29 cents to settle at $45.59. Oil prices mostly fell last week, reaching their lowest since the third quarter of 2017, as market observers have concerns that the global crude market is oversupplied. Moreover, according to the latest weekly petroleum status report from the EIA, total domestic crude inventories took a slight step back last week. At 441.5 million bbl, crude inventories fell by 500,000 bbl. When compared to last year at this time, combined inventories across the country are still 5 million bbl higher this year. To reduce the oversupply of crude globally, earlier this month OPEC and non-OPEC producers, including Russia, announced that beginning in 2019, they will reduce crude production by 1.2 million b/d (for an initial six month period). This move could drive crude oil prices up, and in turn drive gas prices higher in the New Year.
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.
Shhhhh!! Don’t tell Murphy he’ll raise the gas tax again!
to late he already did
James Agnello he should be out mowing the shit off his lawn with his teeth. I’m sure lots of dogs are poopin there
Patrick Ritchie I know he might do it again now! Lol
Not New Jersey for anything good.
And you can thank our wonderful Governor (who recently raised the gas tax $0.04/gallon), his equally wonderful predecessor Chris Christie (the so-called conservative who raised it a whopping $0.23/gallon just two years earlier), and the Legislature who overwhelmingly supported this whole big tax hike scheme that started with the huge initial tax hike and the ability to raise them even further without additional legislative approval: mostly Democrats, but a lot of Republicans (including Assembly Leader Jon Bramnick, along with Senator Robert Singer and Assemblyman Sean Kean, the latter two of which represent part of Ocean County) did as well.
Michael De Fortuna it also allows for then to use the money on anything they see fit. So many people vote yes on those questions without reading first. :/
Michael De Fortuna it also allows for then to use the money on anything they see fit. So many people vote yes on those questions without reading first. :/
This article is the main reason why I get so irate about the gas tax issue, and why more people should be angry: https://www.usatoday.com/story/news/nation/2014/10/12/why-it-costs-you-2-million-a-mile-to-build-a-nj-road/17125069. Note that this is 4 years old, and NOTHING has been done.
I was in NC last week it was 1.67
Seeing everyone blamed Trump when gas went over 3 bucks can we give him credit for this? Lol
Yes. Don’t forget to give him credit for your 401k losing thousands of dollars too.
Yes. Don’t forget to give him credit for your 401k losing thousands of dollars too.
When things are good you must thank Obama. Everybody knows the rules
When things are good you must thank Obama. Everybody knows the rules
Drêw Gërård just have to know when you cash out. Remember it being over 26K?!
Everything he touches fails. A lifelong conman and criminal. Luckily for him there’s no shortage of marks out there.
The stock market is losing money because there will be gridlock in dc for the next two years. Investors dont know what will happen in said two years. Democrats don’t give one flying fu*k about what happens to people’s 401k’s or the economy. All they care about is resist and their own power. Fk everyone else.
The stock market is losing money because there will be gridlock in dc for the next two years. Investors dont know what will happen in said two years. Democrats don’t give one flying fu*k about what happens to people’s 401k’s or the economy. All they care about is resist and their own power. Fk everyone else.
$1.87 here in Alabama
And yet again we are the only full serve state.
Can’t thank a Democrat for that. TRUMP 2020
Dawn Borg Smith durrrr
Sure, just don’t check your retirement fund or prices on any other goods that have tariffs on them.
Sure, just don’t check your retirement fund or prices on any other goods that have tariffs on them.
Drêw Gërård mine are doin just fine. Been steadily rising every quarter. Even got a raise my union didn’t ask for. thank you
Drêw Gërård mine are doin just fine. Been steadily rising every quarter. Even got a raise my union didn’t ask for. thank you
Oh, a union you say? You know the GOP are against unions and favor corporations over workers, right? Surely you know this.
Retirement fund down?? Lol
Drêw Gërård I could care less if I’m in a union bldg, not my decision they were here before me. Just stating the fact the contract wasn’t up and we got a raise anyway. Wonder why
Scott Binkley all my funds are doing good. I haven’t lost any money
Of course not NJ??NOTHING DROPS FOR US EXCEPT OUR TAKE HOME PAY
I have a friend in Indiana and she posted its $1.60 a gallon
Governor Murphy, the idiot in charge!
198 At wawa
Cheapest i seen in ocean county is the wawa in 37 by the bridge 2.18
Cheapest i seen in ocean county is the wawa in 37 by the bridge 2.18
225 up on 530 in whiting ripping off the old folks
NJ isn’t under 2 bucks because of the asinine gas tax that was forced upon us!
NJ isn’t under 2 bucks because of the asinine gas tax that was forced upon us!
Exactly that tax hurt every business that uses vehicles yet nobody mentions that
Exactly that tax hurt every business that uses vehicles yet nobody mentions that
And not a good road in the state from our extra gas tax.
Ed Minchey exactly funding over budget road project after project…. wanna see where out taxes go look at the contractors getting the bids
Thank Sweeney for his increase…… had to take one of the good things away that we had l left
Thank Sweeney for his increase…… had to take one of the good things away that we had l left
1.76 here in Sc
1.76 here in Sc
2.50 in NY.
And your wonder why everybody’s leaving New Jersey
Didnt see these gas prices with Barrack Obama in office ??
Lowest I’ve seen is $2.12/ gallon at the Speedway in Jackson
That because you have to pay more taxes in this sorry state
Was just in South Carolina gas was $1.85 gal
I moved from NJ to Delaware. I paid $2.01 yesterday
In Houston Texas I paid $1.75 a gallon. Outside of Houston you could find it for $1 69 a gallon
JC Atkinson
Alexander Raimo
No news wants to carry this. It’s a positive in our economy and may make Trump look good. So shhhh keep it quiet
seeing it around $1.83 in Florida but diesel is $2.89
NJ used to be one of the cheapest for gas until Christie gave us the gas tax hike before he left.
NC $1.69. SC $1.59
During Christmas in North Carolina we paid $1.93
Bend over NJ
Bend over NJ
Our gas tax hike is thanks to Christie who didn’t use the money it was intended for. Surprise, surprise. Also to blame are the ones who voted yes, because they didn’t pay attention and see what they were allowing to pass.
Our gas tax hike is thanks to Christie who didn’t use the money it was intended for. Surprise, surprise. Also to blame are the ones who voted yes, because they didn’t pay attention and see what they were allowing to pass.
They keep raising the gas tax. Of course nothing goes down