WEX Monthly PPG Average Report for December 2014
|Los Angeles, CA||$2.92||$3.39|
|New Orleans, LA||$2.34||$3.12|
|New York, NY||$3.11||$3.98|
|San Francisco, CA||$3.05||$3.77|
|St. Louis, MO||$2.19||$3.13|
|National Average (US)||$2.54||$3.38
Retail Gasoline Prices Plunge To Lows Not Seen Since 2009
Gasoline prices continue their downward spiral in December. The national average fallen to $2.18 per gallon, its lowest level since the spring of 2009. OPEC, and in particular Saudi Arabia’s refusal to cut production, has pushed crude prices to $50 per barrel, nearly half the value from just 6 months ago.
Seven states have average prices less than $2.00 per gallon, but the range in prices has increased dramatically, meaning smart shoppers can save even more. The difference between the lowest 5% and highest 5% of stations is $1.12 per gallon. Last year it was just 85 cents. In fact, 39 states have at least 1 station with a price below $2.00 per gallon.
Experts believe prices will continue to fade through January with the national average forecasted to reach below the $2.00 per gallon mark. February, however, should see prices increase as refiners start the switch over to the summer spec fuel, a blend required by the EPA. Historically, the switch over has sent prices jumping. The good news is that this year the launching pad will be much lower and market-watchers are calling for more tame increases.
Meantime, diesel prices are closing in on $3.00 per gallon nationally. A mild autumn in the Northeast has kept heating oil and diesel prices at bay and analysts believe diesel will also continue to fall.