For First Time in 18 Months, National Average Gas Price Is Cheaper Than Year Ago

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For First Time in 18 Months, National Average Gas Price Is Cheaper Than Year Ago

12/04/2018
Gas pumps

WASHINGTON, D.C. — The national gas price average fell to $2.46 per gallon of regular fuel as of Dec. 3, marking the first time in 18 months the daily average was cheaper year-over-year. It also set a new low price for the year, according to AAA.

The last time the daily national average was cheaper year-over-year was July 6, 2017, at $2.24 compared to $2.26 on July 6, 2016.

The latest national average is also 31 cents cheaper than one month ago.

Twenty-four states also saw gas prices decline in double digits on the week.

"Cheap crude oil prices are driving fuel savings at the pump," said Jeanette Casselano, AAA spokesperson. "Last week crude dropped to its lowest point of the year at $50/bbl. However, this week's Organization of Petroleum Exporting Countries (OPEC) meeting could cause crude oil prices to jump if the organization decides to reduce crude production."

Among the association's other findings are:

  • The top 10 largest yearly increases were found in Nevada, Arizona, Hawaii, California, Utah, Wyoming, Washington, Oregon, Idaho and Montana.
  • The top 10 largest monthly decreases occurred in Nebraska, Iowa, Michigan, Kentucky, Kansas, Missouri, Indiana, Ohio, Illinois and Oklahoma.
  • The average gas price in every Great Lakes and Central state is cheaper year over year, while gas prices are cheaper on the week, month and year across the South and Southeast regions.
  • Delaware has the cheapest gas price average of any Mid-Atlantic or Northeast state at $2.20.
  • State gas price averages in the Rockies are three to 10 cents cheaper than one month ago, but are significantly higher year-over-year, with Utah seeing the largest increase at 35 cents.

Additionally, gas prices on the West Coast are among the highest in the country, with all states in the region on the top 10 most expensive list. Hawaii is the most expensive at $3.64 per gallon, followed by California ($3.53), Washington ($3.30), Alaska ($3.22), Nevada ($3.15), Oregon ($3.12), and Arizona ($2.80).

However, state averages are lower week over week, with Hawaii, California and Washington seeing the largest declines.

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