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Gas Prices: AAA’s Fuel Gauge Report | January 13, 2014

Michael Green(WASHINGTON, January 13, 2014) Today’s national average price at the pump is $3.31 per gallon. This is half a penny less expensive than one week ago, but it is half a penny more than the same date last year and seven cents more than one month ago.  After rising to $3.33 on January 3 – a more than two-month high – the national average has now declined for eight of ten days, but it has fallen at total of just a penny and a half during this span.

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Prices in some areas have increased due to extremely cold weather causing refinery issues, yet sub-zero temperatures have also decreased demand for gasoline, which could put some downward pressure on prices.  Prices in the majority of states (35) and Washington, D.C. are less expensive than one week ago; however these declines have been minimal and motorists in just one state (Delaware) are paying a nickel less than last Monday.

Fewer than half of states are registering week-over-week price increases; however the increases have tended to be more pronounced, with motorists in Hawaii and three Midwestern states (Indiana, Michigan and Ohio) paying at least a nickel more.  These rising prices in the center of the country have been even more evident when comparing today’s state averages to one month ago.  Motorists in just three states (Alaska, Wyoming and Florida) are paying less for gasoline, while those in 13 states are paying at least a dime more including three Midwestern states (Michigan, Ohio and Minnesota) where they are paying at least 20 cents more.

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After settling above $100 per barrel for one day on December 27, which ended a streak of nine consecutive weeks below the triple digit threshold, West Texas Intermediate (WTI) crude oil prices have tumbled back toward the $90 per barrel threshold. This sharp decline has been attributed to a stronger U.S. dollar, the return to the global market of Libyan crude, further easing of geopolitical tensions with Iran, and continued concerns surrounding weak domestic demand for gasoline.  The decline continued today as WTI prices settled 92 cents lower at $91.80 per barrel at the close of formal trading on the NYMEX.  This mark is just pennies higher than $91.66 settlement recorded last Thursday, which was the lowest price since May 1.

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