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Gas Demand Hits Lowest Level in Nearly Two Years, Lowering Cost

Gas prices continue to plummet, according to AAA.
Gas prices continue to plummet, according to AAA. Photo Credit: Pixabay

Prices at the pump continue to plummet for motorists, as the gasoline demand hits its lowest level in nearly two years, AAA announced.

Nationally, the average motorist is paying $2.23 per gallon, down from $2.49 a year ago and down 19 cents from a month ago. The price drop comes despite a record number of travelers throughout the country during the holiday season.

According to AAA, the average price per gallon has dropped each week for more than three months. Officials cited supply and demand for the decreasing prices.

“As the global crude market continues to be oversupplied, oil prices are dropping, continuing last week’s trend,” AAA spokesperson Jeanette Casselano stated. “This is good news for motorists filling up at the pump.”

AAA noted that more Americans traveled by car this holiday season than ever before. An estimated 102 million people were expected to hit the road, a 4.4 percent increase from a year ago.

“Motorists are noticing a big difference as they fill-up at the gas pump this month,” Casselano, noted. “Month-over-month, gas price averages have dropped double digits for every state. For some, state gas prices are as much as 40-cents less than they were in November. In some states, gas prices are nearing $2 per gallon – something that hasn’t been seen since December 2017.”

In New York, drivers are still paying among the highest prices in the country, with drivers charged an average of $2.57 per gallon statewide. The prices are particularly expensive in the Hudson Valley, with Westchester (an average of $2.88 a gallon) leading the way, with Rockland ($2.83); Putnam ($2.81); Dutchess ($2.67) and Orange ($2.49) right behind.

Connecticut drivers are paying an average of $2.57 per gallon at the pump, with Fairfield County residents being charged an average of $2.67.

Despite the relief at the pump, AAA officials are warning that prices may jump due to OPEC. According to AAA, on Jan. 1, OPEC and several non-OPEC producers plans to reduce crude production by 2.1 million barrels during the first six months of 2019 to balance the global market. Industry experts see this move as potentially driving up worldwide crude oil prices, which in turn will affect prices at the pump,

“This is a classic case of supply and demand and is greatly benefiting drivers,” AAA spokeswoman Fran Mayko stated. “But over the next few weeks, we might see an increase in pump prices because of OPEC’s recent decision to cut production.”

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