Gas Prices: AAA’s Fuel Gauge Report | August 12, 2013

Michael Green Contact Tile(WASHINGTON, August 12, 2013) Today’s national average price for regular unleaded gasoline is $3.55 per gallon, which is the fourth highest price for this calendar date behind 2008 ($3.80), 2012 ($3.69) and 2011 ($3.61). Today’s price is seven cents less than a week ago and has now declined for 22 of 24 days, including a current streak of 11 consecutive days. During this 24-day stretch, the national average has fallen 12 cents, somewhat offsetting the nearly 20-cent jump in the national average from July 7-19.

Last Tuesday, August 6, marked the first time since June 1 that U.S. motorists enjoyed a yearly savings at the pump. This year-over-year discount has widened to more than 14 cents today, the largest disparity since May 14.

National gas prices are down an average of almost eight cents per gallon on the month to date. This is reminiscent of recent August declines of six cents in 2010 and nine cents in 2011, but it so far represents a stark departure from the 33-cent surge during the same month last year. Gas prices have the potential to increase in the coming weeks due to possible late-summer hurricanes and accompanying refinery problems. These types of issues can disrupt production, distribution and gasoline supply at a time when many Americans are filling up their tanks for summer travel. However, if no major hurricanes threaten the Gulf Coast and refineries continue to run smoothly heading into the mid-September changeover to winter-blend gasoline, gasoline prices could remain flat or even decline further.

Top-Ten-Highest-Avg-Gas-Prices-8-12

Motorists in all but four Mountain states (Mont., Wyo., Idaho and Colo.) are paying less at the pump than one week ago. These declines have been most dramatic in the Midwest where retail prices have tumbled by a dime or more in six states: Mo. -10 cents; Ill. -11 cents; Ky. -11 cents, Ohio -14 cents, Mich. -16 cents and Ind. -18 cents.  These are among the same states where even more dramatic month-over-month declines have pulled the national average lower. Less than half of states (22) currently enjoy a monthly savings at the pump, but three states (Ohio, Ind. and Mich.) have posted price reductions of 20 cents or more compared to just two states (Mass. and Mont.) where prices have risen by a dime or more.

 

After a day with no clear direction, West Texas Intermediate settled WTI settled at 106.11, up 14 cents per barrel at the close of formal trading on the NYMEX.

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