AAA Monthly Gas Price Report: September 2012 Trends and October Outlook

 

 

 

 

 

 

National Gas Prices Break Record Highs Every Day for Six Weeks

  • The national average price of gasoline has broken daily record highs every day for six consecutive weeks (43 days in a row since Monday, Aug. 20). Today’s average of $3.78 a gallon is 16 cents more expensive than the previous record for Oct. 1 from 2008. AAA expects that pump prices will continue to break daily records through at least the end of the year based on current trends.
  • “Motorists are frustrated nationwide because gas prices have not declined more than a few cents from summertime highs,” said Avery Ash, AAA spokesperson. “Despite an end to the busy driving season, record-low supplies are preventing drivers from catching much of a break.”
  • September’s monthly national average of $3.83 was the most expensive ever for the month. The previous record-high average for September was $3.72 a gallon in 2008.
  • Gas prices this September cost 14 cents more on average nationally than in August. The monthly average pump price this August was $3.69 a gallon.
  • Gas prices in 2012 are on track to be the most expensive ever. The average price of gas so far in 2012 is $3.64 a gallon, which compares to the existing annual-average high of $3.51 from 2011.
  • Despite breaking daily and monthly record highs, gas prices decreased five cents a gallon from Aug. 31 to Sept. 30. This was the first month-over-month decline since June and only the third month this year to experience a decrease in gas prices.

 

AAA Predicts National Gas Prices to Decline by Election Day

  • AAA predicts that the national average price of gasoline will decline by Election Day, but consumers in many parts of the country, especially in the Northeast and West Coast, may experience temporary price increases over the next couple of weeks as a result of record-low gasoline inventories.
  • “There could be significant fluctuations in regional gas prices until refineries have an opportunity to ramp up production,” continued Ash. “While gas prices most likely will continue to break daily records, we expect that prices should decline by Election Day.”

 

Today’s Gas Prices (Oct. 1, 2012)

  • Today’s national average price of gasoline is $3.782 a gallon, which is 2.6 cents less than a week ago and 34.9 cents more than a year ago.
  • The five states with the highest prices include: Hawaii ($4.42), Calif. ($4.17), Conn. ($4.12), N.Y. ($4.11) and Alaska ($4.07). The five states with the lowest prices include: S.C. ($3.51), Miss. ($3.53), Ala. ($3.54), Tenn. ($3.55) and Texas ($3.55).

AAA’s Daily Fuel Gauge Report is updated every day at FuelGaugeReport.AAA.com with average national, state and local retail prices for gasoline, diesel and E-85. Every day up to 120,000 stations are surveyed based on credit card swipes and direct feeds in cooperation with the Oil Price Information Service (OPIS) and Wright Express for unmatched statistical reliability. All average retail prices in this report are for a gallon of regular, unleaded gasoline.

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