The national average price of gas fell to $2.48 on Monday, Dec. 4, marking the lowest average pump price since early November.
AAA reported that prices at the pump have been falling nationwide over the past two weeks. Today’s national average gas price is three cents less than a week ago and four cents lower than two weeks ago, but 30 cents more than this time last year.
“Cheaper winter gas prices are being seen for the bulk of the country as gasoline demand hits the lowest mark since February,” said Jeanette Casselano, AAA spokesperson. “On the week, 90% of states saw their gas price average drop – some even by double digits.”
AAA noted that last Friday, WTI increased 96 cents, closing at $58.36. The price per barrel of crude pushed higher last week and is likely to continue its climb following news on Nov. 30 from OPEC and some non-OPEC producers, led by Russia, that they have agreed to keep their production cuts in place through the end of December 2018.
Participants in the agreement plan to continue to reduce output by 1.8 million barrels per day (bpd) in order to drain the global glut of oil that has suppressed oil prices, AAA reported.
EIA reported last week that U.S. crude production hit its highest point since April 2015 in September of this year.