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Gas Prices Officially Hit a New Low for 2018

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The national average price for a gallon of gas is now at its lowest point for the year, with signs of it reaching even lower levels after the holidays

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Gas hits a new low price just in time for Christmas

Throughout most of 2018, gas prices have exceeded those that motorists encountered a year prior in 2017. Earlier this month, the national average gas price officially reached the point where it was less expensive than the price of gas during that same period the previous year.

Now, the national average gas price has crossed another threshold. At a price of $2.44 per gallon, gas is officially at its lowest price for the year.

Roughly a month ago, gas still cast an average of $2.70 per gallon. Between then and now, the average price of gas has fallen nearly $0.30 per gallon.

A growing supply of crude oil is helping to fuel these inexpensive gas prices. In fact, the United States just achieved a record-breaking amount of crude oil production.

“The national gas price average has dropped more than 50-cents since Memorial Day weekend when the average spiked to a high of $2.97,” said Jeanette Casselano, AAA spokesperson. “As prices continue to drop, some motorists are filling up for $2/gallon or less.”

Indeed, 58 percent of gas stations in Missouri are currently selling gas for $2.00 per gallon or less. Missouri also has the cheapest average price of gas, currently listed at $2.01.

Even in places where gas is more expensive, the price is on the decline. Hawaii, which has the nation’s most expensive gas prices, is currently selling gas for an average of $3.62 per gallon. That’s down from earlier this month, when gas cost $3.64 per gallon in the Aloha State.

US officials will not be enforcing the 54.5 mpg fuel efficiency target it previously had for 2015

Lower gas prices will be much appreciated as motorists encounter holiday traffic

Analysts expect that the gas price may become even lower by the end of the year. The current outlook forecasts a national average gas price of $2.40 per gallon by the end of December.

While motorists may have had to stomach increased gas prices throughout the majority of the year, it would seem 2018 will end with far more manageable fuel costs.

Source: AAA