Agency: U.S. gas prices ended 2018 lower than they began
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U.S. average retail gasoline prices ended the year lower than they began for the first time since 2015, the U.S. Energy Information Administration said.
Regular gas prices averaged $2.72 per gallon in 2018 — 30 cents per gallon higher than in 2017 and 57 cents per gallon higher than in 2016. However, a rapid price drop beginning in October led to the year-end lows, the EIA said.
In five of the 10 cities for which EIA collects weekly retail price data, gasoline prices exceeded $3.00 per gallon at least once in 2018.
Gas prices rose from January through May, but remained relatively stable from June through October. Falling oil prices, high gasoline inventories and flattening demand helped bring the average price down by nearly 50 cents per gallon in the last quarter.
The national price for gasoline declined for 12 weeks in a row at the end of 2018, which marked the longest consecutive weekly drop since the 17-week decline from October 2014 through January 2015, the EIA said.
Stephen Huba is a Tribune-Review staff writer. You can contact Stephen at 724-850-1280, shuba@tribweb.com or via Twitter @shuba_trib.