Gas Prices: AAA’s Fuel Gauge Report | October 28, 2013
(WASHINGTON, October 28, 2013) Today’s average price for regular unleaded gasoline is $3.28 per gallon, which is the lowest price of 2013. AAA expects gas prices to fall even further approaching the end of the year, as sufficient supplies, flat demand, the shift to cheaper winter-blend gasoline and falling crude oil prices likely mean cheaper prices at the pump.
Today’s national average is seven cents cheaper than one week ago, 13 cents cheaper than one month ago and 26 cents less than the same date last year. National gas prices have now dropped for ten consecutive days and have fallen 31 cents from an average of $3.59 per gallon on September 1.
Motorists in every state and Washington, D.C. are enjoying cheaper average prices than one week ago, led by three Midwestern states where prices have dropped more than 15 cents per gallon since last Monday. Hawaii continues to be the only state with an average price higher than $4 per gallon ($4.09). On Friday, Missouri became the first state to fall below $3 per gallon since Wyoming averaged below that mark on February 7. Drivers in several additional states could join Missourians paying less than $3 in the coming days, as five additional states have an average price within a dime of this threshold: Louisiana ($3.10), Kansas ($3.08), Oklahoma ($3.07), Arkansas ($3.06), and Texas ($3.05).
As discussed in recent AAA Fuel Gauge Reports, sustained expensive crude oil prices had provided an effective floor for how low retail gas prices could fall. After settling above $100 per barrel for 16 straight weeks, the price of West Texas Intermediate (WTI) crude oil dropped below this mark last Monday. At the close of formal trading on the NYMEX WTI settled 83 cents higher at $98.68 per barrel, but has now ended below $100 for six straight trading sessions.