Gas Prices: AAA’s Fuel Gauge Report | January 21, 2014
(WASHINGTON, January 21, 2014) Today’s national average price at the pump is $3.28 per gallon. This is four cents more expensive than one month ago, but it is three cents less than both one week ago and the same date last year. Following 29 straight days with a price higher than the same date in 2013, today’s price marks the fourth consecutive day that the national average has registered a year-over-year discount. After rising to $3.33 on January 3 – a two-month high – the national average has now declined for 16 of 18 days.
With the exception of seven states (Oklahoma, Nebraska, Louisiana, Arizona, Georgia, Kansas and South Dakota), pump prices across the country have fallen over the last week. The majority of these declines have been minimal — motorists in 36 states and Washington, D.C. have seen prices fall less than four cents per gallon — however average prices in Michigan, Indiana and Ohio have each dropped more than a dime. These three states also registered among the largest weekly increases to begin last week, so the recent decline is a pull back from prices which had been on the rise. Increasing retail gas prices in the center of the country had been linked to extremely cold weather causing refinery issues, which has pressured prices higher, however sub-zero temperatures can also decrease demand for gasoline, which could put some downward pressure on prices.
Lower crude oil prices have also contributed to falling pump prices for motorists across the country. On December 27 West Texas Intermediate (WTI) crude oil settled at $100.32 per barrel, which ended a streak of nine consecutive weeks below the triple digit threshold. Prices returned below that threshold the next trading day and fell as low as $91.66 on January 9, before increasing slightly last week. Prices continued to drift higher today as WTI settled up 62 cents at $94.99 per barrel at the close of formal trading on the NYMEX.