Gas Prices: AAA’s Fuel Gauge Report | April 15, 2013
(WASHINGTON, April 15, 2013) Today’s national average price for a gallon of regular unleaded gasoline is $3.53. This price is seven cents less expensive than one week ago, 16 cents less than one month ago and 38 cents less than one year ago. The national average has now fallen for 12 straight days and 41 of 47 days since the peak 2013 price to date of $3.79 on Feb. 27. In 2011 the national average for regular unleaded gasoline peaked at $3.98 on May 5. In 2012 the price peaked at $3.94 on April 5 and 6.
Motorists across the country continue to feel relief at the pump as prices in every state but Idaho are lower than one week ago. While Idaho is also one only five states where drivers are not paying less than a month ago, many of those states where gasoline is less expensive have seen prices fall dramatically: motorists in 40 states are paying at least a dime less than one month ago, seven states are paying at least 20 cents less and two states (Ind. and Ohio) are paying at least 30 cents less. Drivers in Hawaii continue to pay the highest gas prices in the country and as of Saturday were the only state to average more than $4.00 per gallon. This marked the first time since February 7 that only one state had registered an average price at the pump above this threshold.
Retail gas prices have dropped steadily since the end of February, however the factors pressuring prices lower have changed during this decline. Prices fell to begin March as many refineries resumed normal operations following the completion of seasonal maintenance and production concerns eased. This decline came even as crude oil prices moved higher. West Texas Intermediate (WTI) crude oil settled at what was then a 2013-low of $90.68 per barrel to begin March. On the final trading day of the month WTI settled $6.55 higher at $97.23, which was the highest price since mid-February.
U.S. gasoline prices in April have continued to fall, not just because of weak demand data and signs of economic weakness but as oil prices have also moved sharply lower.
At the close of today’s formal trading on the NYMEX WTI settled $2.58 lower at $88.71 per barrel. This is $8.52 below than the recent peak price on March 28 and is the first time since Christmas Eve that WTI has settled below $90 per barrel.