Gas prices across Indiana and most parts of the U.S. are continuing to fall thanks mostly to plentiful supplies and low demand, according to AAA.
“Trends are indicating that the month of December may bring some of the cheapest gas prices of the year,” said Jeanette Casselano, AAA spokesperson. “Currently, 19 states already have gas price averages less expensive than a year ago so as U.S. gasoline demand remains low and supply plentiful, motorists can expect to save at the pump as long as the price of crude oil doesn’t spike.”
For the week of Nov. 26, the national gas price average has dropped seven cents to land at $2.56. As pump prices steadily decline, they are headed toward some of the cheapest gas prices in 2018, AAA said.
In Indiana, the average price for regular unleaded self-serve gas was $2.33 a gallon for the week of Nov. 26, down from $2.41 from last week. Lake County’s average price was $2.35 for the same grade fuel.
Gas prices have been cheaper in the U.S. as crude oil sells at $57 per barrel and cheaper – the lowest prices of the year, AAA said. However, market observers warn crude could see an increase following the Organization of Petroleum Exporting Countries (OPEC) meeting on Dec. 6 in Vienna, Austria.
At that meeting, OPEC is expected to curtail crude production by 1 million to 1.4 million barrels per day, which could cause crude prices to rise due to reduced global supply, in turn causing gas prices to turn higher in America, AAA said.
The majority of the Great Lakes and Central states are carrying gas price averages cheaper than one year ago: Iowa (-20 cents), Indiana (-16 cents), Ohio (-15 cents), Michigan (-14 cents), Nebraska (-14 cents), Illinois (-11 cents), Missouri (-11 cents), Kentucky (-9 cents), Kansas (-7 cents), Wisconsin (-6 cents) and Minnesota (-2 cents).
