CINCINNATI, Oh. (December 27, 2018)–With less than a week away from the New Year, pump prices in Ohio and across the nation have dropped significantly to near or less than $2.00 per gallon.
The current average price for regular gas in Ohio is $2.01, 15-cents less than a week ago and 24-cents less than a month ago placing the state on AAA’s Top 10 Largest Weekly Decreases in Gas Prices List.
“Ohio drivers will likely see prices below $2 to start the New Year,” said Jenifer Moore, AAA spokeswoman. “Heading into 2019, gasoline demand is expected to dwindle during the month of January, an expected change following the busy holiday travel season.”
This drop in prices follows a national trend as nearly 20 percent of states are currently enjoying prices below $2.00 per gallon.
Nationally, retail averages have dropped 83 of the past 90 days. The national average for regular unleaded gasoline currently sits at $2.30 per gallon, which is six cents less than one week ago, 24 cents less than one month ago and 16 cents less than at the same time last year.
OPEC will begin production cuts on January 1, with hopes that the shift in global supply will push oil prices higher. The effectiveness of the cuts will likely not be known until later in the first quarter.
“All eyes are on OPEC to kick off the year,” continued Moore. “Many are waiting to see if they stick to their promise to cut crude production by 1.2-million b/d and if the proposed cuts will be enough to restore balance to the market.”
Over the past few years, OPEC and partnering countries have demonstrated a strong resolve to comply with proposed cuts in production. It is likely that the cartel will reconvene in April, and if there is a need to further balance global supply and demand, OPEC will likely tweak current production numbers at that meeting.
- The nation's top 10 largest weekly decreases are: Ohio (-15 cents), Indiana (-15 cents), South Dakota (-12 cents), Michigan (-12 cents), Montana (-11 cents), Kentucky (-10 cents), Illinois (-10 cents), Wisconsin (-10 cents), Wyoming (-9 cents) and Idaho (-9 cents).
- The nation’s top 10 least expensive markets are: Missouri ($1.87), Oklahoma ($1.95), Arkansas ($1.97), South Carolina ($1.97), Texas ($1.97), Alabama ($1.97), Mississippi ($1.97), Louisiana ($1.98), Kansas ($1.99) and Iowa ($2.01).
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.
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