High Gas Prices

Gas Prices: AAA’s Fuel Gauge Report | December 3, 2012

(WASHINGTON, December 3, 2012) Today’s national average price for a gallon of regular unleaded gasoline is $3.39. This price is four cents less expensive than one week ago and ten cents less than one month ago, but it is 11 cents more expensive than one year ago. Today’s price is the highest on record for this calendar day and continues the streak of daily record prices that began on August 20.

Over the last week, prices in every state except Missouri and Kansas have fallen, led by drops in the middle of the country. While these week-over-week declines were most pronounced in Ohio (-15.4 cents), Michigan (-12.3 cents) and Indiana (-11.7 cents), these states are also three of only four where motorists today are paying more than they were on the same day last month: Indiana (+6.7 cents), Kentucky (+4.4 cents), Ohio (+2.3 cents) and Michigan (+1.3 cents).

 

Nationally, the largest one-week decline in pump prices was at the end of October when the national average dropped 14 cents. The largest increase during a similar seven-day period was 15 cents per gallon as prices surged higher to end February. Volatility has been more dramatic in the Midwest, where drivers have seen some of the largest price swings in the nation this year. Motorists in the region were squeezed to begin August, as prices rose some 40 cents or more per gallon in just one week, following regional production and distribution glitches. Prices in these same states had dropped about 25 cents in a week only a month earlier at the end of June.

While national retail gas prices have declined each day during the past week, crude oil prices have increased slightly, as market attention has focused on the impact of the looming U.S. fiscal cliff and the broader health of the global economy. West Texas Intermediate (WTI) crude oil breached the $90 per barrel mark during intraday trading, but ultimately settled up just 18 cents at $89.09 per barrel at the close of formal trading on the NYMEX.  WTI has not settled above $90 per barrel since October 19.

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