The national average pump price plunged 14 cents since Dec. 5 to $3.26 as of Dec. 12, six cents less than a year ago. There are now approximately 34 states with averages lower than last year.
“The seasonal pattern of less driving due to shorter days and crummy weather, combined with a lower oil cost, is driving gas prices lower,” said Andrew Gross, AAA spokesperson. “If this trend continues, many states could see their average prices fall below $3 a gallon by early next year.”
According to data from the Energy Information Administration (EIA), gas demand remained low at 8.36 million b/d over the same week, approximately 605,000 b/d lower than a year ago. Meanwhile, total domestic gasoline stocks rose significantly by 5.3 million bbl to 219.1 million bbl. Increasing supply and lower gasoline demand will push pump prices lower.
The Dec. 12 national average of $3.26 is 52 cents less than a month ago and six cents less than a year ago.
The nation’s top 10 largest weekly decreases: Montana (-26 cents), California (-25 cents), Alaska (-24 cents), Nevada (-21 cents), Oregon (-21 cents), Washington (-21 cents), Michigan (-21 cents), Arizona (-20 cents), Wyoming (-20 cents) and Indiana (-19 cents).
The nation’s top 10 least expensive markets: Texas ($2.69), Oklahoma ($2.70), Arkansas ($2.79), Missouri ($2.81), Louisiana ($2.84), Mississippi ($2.84), Tennessee ($2.84), Wisconsin ($2.85), Georgia ($2.87) and Kansas ($2.89).
Source: AAA
