Pump prices dip even lower, allowing drivers to fill up for 25 cents less per gallon compared to last year.
Gas demand has hit a two-year low while the national average price of gas continues to slide, AAA reported.
The latest Energy Information Administration (EIA) data recorded gasoline demand at 8.6 million b/d for the week ending Dec. 28, marking the lowest level on record since February 2017.
Even as drivers ramped up holiday travel at the end of 2018, gasoline demand was down nearly 900,000 bbl, pointing to the probability that demand this winter could be lower than expected.
AAA reported that the national gas price average hit $2.24 on Monday, Jan 7., after 12 consecutive weeks of declining prices. The national average is three-cents cheaper compared to this time last week, 20-cents cheaper than last month and 25-cents cheaper compared to this time last year.
“As the global crude market continues to be oversupplied, oil prices are dropping, continuing last week’s trend,” said Jeanette Casselano, AAA spokesperson. “This is good news for motorists filling up at the pump.”
Missouri ($1.82) and Oklahoma ($1.90) have the least expensive gas. Michigan (-55 cents) and Illinois (-49 cents) are seeing the biggest yearly decreases in price.
California ($3.32) has passed Hawaii ($3.30) this week as the state with the most expensive gas price average.
