Gas Prices: AAA’s Fuel Gauge Report | May 28, 2013

Michael Green Contact Tile(ORLANDO, May 28, 2013) Yesterday’s national average retail price for a gallon of regular unleaded gasoline was $3.63 and marked the second consecutive year that the average American motorist has paid less per gallon at the pump when filling up for their Memorial Day holiday travel. The national average on the previous two Memorial Days was $3.64 per gallon (May 28, 2012) and $3.79 (May 30, 2011). AAA forecast that 31.2 million American drivers took to the road this holiday weekend to travel 50 miles or more from home, up slightly from 31.1 million last year.

Gas Prices 2012 vs 2013-5-28

Today’s national average price for regular unleaded gasoline is $3.63 per gallon. This price is thirteen cents more expensive than one month ago but it is three cents less expensive than one week ago. The average American motorist has enjoyed a lower year-over-year pump price for 87 consecutive days, but those savings have narrowed substantially to less than two cents per gallon, down significantly from the peak year-to-date discount of 39 cents on April 18.

Basic CMYKFollowing 17 straight days of increases, the national average price at the pump has now dropped for six consecutive days. The national price is only three cents per gallon below the recent peak of $3.66 on May 22 – the highest price since March 25 – but it is still more than a dime less than the peak price to date of $3.79 per gallon on February 27.

The recent decline in the national average has been keyed by dramatic price drops in the Midwest where many motorists have seen pump prices retreat from historic highs. Following a breakneck run up due to low gasoline supplies and significant refinery maintenance – both planned and unplanned – a handful states in that region have registered week-over-week declines of more than ten cents per gallon. While drivers in Minnesota have seen the most rapid decline as prices have fallen by nearly a quarter during the same period, the average in the state is still historically high at more than $4 per gallon.

Top10 Weekly Declines-5-28

While national gasoline markets have been driven by regional supply and production issues, West Texas Intermediate (WTI) crude oil prices remained relatively flat in recent weeks. At the close of today’s formal trading on the NYMEX, WTI settled up 86 cents at $95.01 per barrel.

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