Gas Prices: AAA’s Fuel Gauge Report | November 18, 2013
(WASHINGTON, November 18, 2013) After falling to a multi-year low of $3.18 per gallon last Tuesday, the national average price of gas has inched higher on six straight days. Today’s national average at the pump is two cents more expensive than one week ago, but it remains 15 cents cheaper than one month ago and 21 cents less than the same day last year. Average prices nationally have fallen 39 cents since September 1.
Average gas prices in every state and Washington, D.C. are less — in many cases substantially — than both one month ago and one year ago, however price movement over the last week has been a mixed bag. Motorists in 20 states are paying less than last Monday, led by Utah (-6 cents), Hawaii (-7 cents) and Idaho (-8 cents), while drivers in the remaining 30 states and D.C. are paying more, led by increases in a number of Midwestern states: Mo. (+7 cents), Ky. (+8 cents), Mich. (+9 cents), Ohio (+10 cents) and Ind. (+10 cents). These price increases in the Midwest were supported overnight by heavy storms that swept through the region and raised concerns of potential refinery disruptions. As of this afternoon, there are reports that that storm may have impacted production at ExxonMobil’s 250,000 barrel per day refinery in Joliet, Illinois, but the overall impact appears limited.
Five states currently post a state average price at the pump that is below $3 per gallon. Nine more states are within a dime of this psychologically important threshold. On Saturday, for the first time since January 5, motorists in every state in the U.S. were paying less than $4 per gallon.
Up until one month ago, the price of West Texas Intermediate (WTI) crude oil had remained above $100 per barrel for 15 straight weeks. While gas prices at the pump had been declining since mid-July, these elevated crude oil prices provided an ultimate floor for how low retail gas prices could fall. This dynamic has now shifted and WTI has settled below the $100 per barrel mark for five straight weeks. Prices continued to drift lower today as WTI settled 81 cents lower at $93.03 per barrel at the close of formal trading on the NYMEX. This is the lowest settlement for WTI since May.