Gas Prices: AAA’s Fuel Gauge Report | March 25, 2013
( WASHINGTON, March 25, 2013) Today’s national average price for a gallon of regular unleaded gasoline is $3.67. This price is two cents less than one week ago, eleven cents less expensive than one month ago and 23 cents less than the average price one year ago. The national average has fallen for five consecutive days and 22 of 26 days since the peak 2013 price to date of $3.79 on Feb. 27.
It is still too soon to say whether retail prices have peaked for the spring because there is still refinery maintenance to be completed and much of the country has yet to transition to summer-blend gasoline. However, with the national average falling further below the year-ago price, AAA continues to predict that the national average will crest lower than recent years. In 2011 the national average for regular unleaded peaked at $3.98 on May 5. In 2012 the price peaked at $3.94 on April 5 and 6.
As the national average price of gasoline has drifted lower, motorists in the vast majority of states have felt welcome relief at the pump. Drivers in 41 states and Washington D.C. pay less today than one month ago, led by declines of more than 20 cents in Georgia and Minnesota. The only states paying more than one month ago are some Western states: Mont. (11.2 cents), Wyo. (8.4 cents), Wash. (6.4 cents), Alaska (4.4 cents), Ore. (4 cents), Hawaii (3.8 cents), N.M. (2.1 cents), Ariz. (1.2 cents) and Utah (0.8 cents). Motorists in every state pay less today for gas than they paid on the same day in 2012, and every state, with the exception of North Dakota (-3.6 cents), has an average price that is at least a dime less than a year ago.
Oil markets kept a wary eye on signs of economic instability overseas last week, following discussions of a 10 billion euro bailout package for Cyprus. While that country accounts for just 0.2% of the economic activity in the eurozone, there were some concerns that instability could spread to other economies if an agreement was not reached. Following news over the weekend that a bailout deal had been agreed to crude oil prices moved higher today. At the close of formal trading on the NYMEX West Texas Intermediate (WTI) crude oil settled up $1.26 at $93.71 per barrel.