Gas Prices Expected to Go Down Into the New Year

By Jeremy Coumbes on December 31, 2019 at 2:14pm

According to AAA a year-end spike in road trip travel due to the holidays helped to push the national average of a gallon of gas more expensive on the week – up four cents to $2.58. Compared to last month, the national average is the same price, but 31 cents more expensive than the end of 2018.

The majority of states saw gas prices increase in the last week – some by as much as a nickel to a dime, but any spikes in gas prices that motorists are seeing will be short-lived. AAA expects gas prices to decrease following the holidays.

In 2019, the national gas price average was $2.61, which is ten cents cheaper than the 2018 average of $2.71. In the Great Lakes and Central region Illinois ($2.65) is experiencing a seven-cent increase and Indiana is seeing an eight-cent increase.

Despite a nearly 400,000 bbl build in gasoline stocks, gasoline prices in the region are up due to year-end holiday travel. Data from the Energy Information Admiration (EIA) lists total stocks at 52 million bbl, which is about 1 million more than this time last year. Stocks are expected to continue to build and drive gas prices cheaper in the new year. According to Gas, in Jacksonville the average price of a gallon of gas is currently $2.57.