Some 49 states are now paying less at the pump for a gallon of regular gas, as prices have been dropping for 10 days, according to AAA. On Monday, Nov. 27, the national gas price average stood at $2.51, three cents less than last Monday.
AAA noted that drivers can find gas for $2.50 or less at 64% of gas stations nationwide.
“AAA expects to see gas prices trend cheaper through the year-end, decreasing as much as 20 cents for some motorists before year-end,” said Jeanette Casselano, AAA spokesperson.
Alaska ($3.26), Hawaii ($3.24) and California ($3.19) lead with the most expensive gas in the nation.
Alabama ($2.23), Mississippi ($2.24) and South Carolina ($2.24) have the least expensive gas.
AAA reported that on Friday, WTI hit $58.95 bbl – a multi-year high not seen since June 2015. The price spike was driven by expectations of an extension of the current OPEC and Russian production cut through Dec. 31, 2018. The agreement, currently set to end March 2018, will be discussed on Nov. 30 in Vienna.
Market observers are waiting to see if agreement participants will take additional measures to restrict supply in the global market, which could push oil prices even higher.
Meanwhile, oil production in the U.S. reached 9.7 million b/d last week, according to EIA’s latest report, a high not seen since April 1971.