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Gas Prices: AAA’s Fuel Gauge Report | September 30, 2013

Michael Green(WASHINGTON, September 30, 2013) The national average price for a gallon of regular unleaded is $3.40, which is a penny cheaper than yesterday, seven cents cheaper than last week and 19 cents cheaper than last month.  Today’s price represents a year over year discount of 38 cents from 2012.

Barring a hurricane or other unexpected disruption to gasoline production and distribution, AAA expects that retail prices will continue lower in the coming months, as sufficient supplies, flat demand and cheaper winter-blend gasoline mean motorists are likely to pay less to fill their tank.

The most expensive gasoline in the nation can be found in Hawaii ($4.26) and the highest in the continental U.S. is in California ($3.92).  The lowest pump price in the nation is in South Carolina ($3.09). While this is the only state currently below $3.10 per gallon, AAA anticipates that several more states will fall below this threshold in the coming days and weeks.

Top-Ten-Highest-and-Lowest-Average-Gas-Prices-9_30_13

News that President Obama had spoken by phone to Iranian President Hassan Rouhani – the first direct talks between the US and Iran in more than 30 years – added an unanticipated calming effect on markets as analysts try to determine whether this action will help to alleviate geo-political tensions in the Middle East.

Italy’s government has been thrown into turmoil as Silvio Berlusconi withdrew his support from the current coalition government of Prime Minister Enrico Letta.  The actions of Berlusconi, have added to economic uncertainty in the European Union, which could result in additional volatility in petroleum markets.

On the eve of what looks to be an unavoidable government shutdown, West Texas Intermediate (WTI) dropped to a three-month low as futures trading was light in response to Congressional gridlock.  At the close of formal trading on the NYMEX, WTI dropped 54 cents before closing at $102.33 per barrel.  The crude commodity benchmark had not closed this low since July 3.

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