CINCINNATI, Oh. (December 7, 2018) – As the end of 2018 is fast approaching, AAA expects consumers will see huge savings at the pump according to an analysis of the current oil market and predictions through year-end on retail gas prices.
At $2.44 the national gas price average has set a new record low for 2018. This is nearly a nickel less than this time last December. AAA expects the national gas price average to fluctuate through the end of the month and possibly end the year as cheap as $2.40.
Ohio’s average at $2.24 per gallon of regular unleaded today is down 24-cents from a month ago and 13-cents from this time last year. Ohio gas prices began to fall steadily around the end of November and has stayed between $2.10-$2.23. The previous 2018 low was in mid-February.
“With filling up costing far less, drivers will have more change jingling in their pockets this holiday season, especially compared to this summer” says Jenifer Moore, AAA spokeswoman. “And now, AAA members who take advantage of the new Shell discount can save even more”.
AAA Members save at Shell through the Fuel Rewards® Program
AAA members can now save up to five cents per gallon through December 31, 2019, when filling up at participating Shell branded stations across the U.S. through the Fuel Rewards® program.
AAA members just need to sign-up at AAA.com/Shell to reap the benefits of this new Discount and Reward program.
An added benefit, members registering for the first time in the Fuel Rewards® program will save 25 cents per gallon on their first fill-up through January 31, 2019. Before providing payment when fueling up, members will see prices roll back at the pump when they enter their Fuel Rewards® Alternative ID, which they use to join, typically a phone number.
Nationwide: Highest and Lowest Gas Price Averages for Dec. 7
Highest Average – Hawaii - $3.60
Lowest Average – Missouri - $2.01
Local Gas Price Averages for Dec. 7
Cincinnati, OH: $2.39
Covington, KY: $2.40
Dearborn, IN: $2.40
Dayton, OH: $2.24
About two-thirds of the retail cost of a gallon of gasoline is determined by the cost of crude oil. Globally, crude supply is growing faster than anticipated. Contributing to the surplus is the United States’ record-breaking production levels – which hit the highest level ever recorded by the Energy Information Administration at 11.7 million b/d last month. In addition, there is more Iranian supply in the market than expected due to the U.S. granting crude sanction waivers to some of Iran’s largest importers, including India, South Korea and Japan.
To help reduce the growing surplus of global crude supply, this week the Organization of Petroleum Exporting Countries (OPEC) met to discuss the potential of cutting crude production by up to 1 million barrels per day. The announcement was expected yesterday, but the cartel delayed the decision until Friday to give time for non-OPEC countries, including Russia, to decide if they will join the production reduction agreement.
Following the delay on Thursday, crude oil prices trended cheaper than earlier in the week because the announcement was not as firm as the market expected. AAA forecasts that as long as crude stays below the $60/bbl mark, Americans will continue to see cheaper gas prices through the end of the year. It has been said: “Changes in gasoline and diesel prices at the retail level mirror changes in crude oil prices.”
Winter Fuel & Driving Tips
As you hit the road this winter, AAA offers these tips to help conserve fuel and keep motorists safe:
- Vehicles do not require a long period of time to warm up. If possible, only run the engine and heater long enough to remove the chill. This will help to conserve fuel. Also, parking your car in a garage will help it stay warm.
- As a precaution, keep at least half a tank of fuel in your vehicle at all times. It helps to reduce condensation in the fuel system. It also helps ensure an adequate reserve of fuel to run the engine for heat should your car become disabled in a remote location.
- Be sure to pack an emergency roadside kit in your car containing a mobile phone and car charger, first-aid kit, blankets, drinking water and snacks, a flashlight with extra batteries, a basic toolkit, warning flares, an ice scraper, jumper cables and a shovel.
Motorists can find current gas prices at GasPrices.AAA.com and along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.
AAA provides automotive, travel, and insurance services to 59 million members nationwide and more than three million members in Ohio. AAA advocates for the safety and mobility of its members and has been committed to outstanding road service for more than 100 years. AAA is a non-stock, non-profit corporation working on behalf of motorists, who can now map a route, find local gas prices, discover discounts, book a hotel, and track their roadside assistance service with the AAA Mobile app (AAA.com/mobile) for iPhone, iPad and Android. For more information, visit www.AAA.com.