Gasoline Price Falls Below Year-Ago Level

The price of regular unleaded gasoline has fallen to $2.46 per gallon, which has reached a low point for 2018 and is 2 cents lower than the price from a year ago, according to AAA.

The current price level is now the lowest since the 2017 Fourth of July weekend when gas prices were at $2.24 per gallon. It's also 31 cents cheaper than a month ago. Drivers in 32 states are paying less to fill up their tanks compared to a year ago. In the past year, 24 states saw their gas prices fall double digits.

"Cheap crude oil prices are driving fuel savings at the pump," said Jeanette Casselano, AAA spokesperson. "Last week crude dropped to its lowest point of the year at $50 per barrel. However, this week’s Organization of Petroleum Exporting Countries meeting could cause crude oil prices to jump if the organization decides to reduce crude production."

The organization has scheduled a Dec. 6 meeting in Vienna to announce whether it will reduce crude production.

States with the largest yearly increases include Nevada at $3.15 (44 cents), Arizona at $2.80 (41 cents), Hawaii at $3.64 (38 cents), California at $3.53 (36 cents), Utah at $2.86 (35 cents), Wyoming at $2.84 (33 cents), Washington at $3.30 (32 cents), Oregon at $3.12 (29 cents), Idaho at $2.90 (26 cents), and Montana at $2.78 (15 cents).

States with the largest monthly decreases include Nebraska at $2.25 (46 cents), Iowa at $2.19 (46 cents), Michigan at $2.27 (45 cents), Kentucky at $2.14 (42 cents), Kansas at $2.16 (42 cents), Missouri at $2.05 (41 cents), Indiana at $2.21 (41 cents), Ohio at $2.13 (41 cents), Illinois at $2.36 (41 cents), and Oklahoma at $2.11 (39 cents).

Meanwhile, the average price of a gallon of diesel fell 5.4 cents to $3.207, which is 28.5 cents higher than a year ago, according to the U.S. Energy Information Administration.