AAA-Gas-Prices-April-28-2014

Gas Prices: AAA’s Fuel Gauge Report | April 28, 2014

Michael Green Contact Tile(WASHINGTON, April 28, 2014) Today’s national average price at the pump is $3.70 per gallon. This is three cents more than last week, and 16 cents more than one month ago. The national average is up nearly 20 cents compared to the same date last year, which is the largest year-over-year premium since July 22, 2013.  Despite this differential, today’s price is lower than the same date in both 2011 and 2012. The national average has now increased on 76 of the past 80 days, but remains in line with AAA’s projection for spring gas prices which expected a peak between $3.55 and $3.75.

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During the second half of April, drivers in the Northeastern corridor have experienced some of the largest increases in retail prices.  Connecticut (+8 cents), Massachusetts (+8 cents), New Hampshire (+7 cents), and Rhode Island (+7 cents) all rank in the top ten of the largest weekly price increases. Meanwhile, over the last seven days, prices in some Southeastern and Midcontinent states have declined with the biggest savings seen in Kentucky (-4 cents), Nebraska (-2 cents), Arkansas (-2 cents) and Florida (- 2 cents).

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While the most dramatic increase in price over the last seven days occurred in Utah (+ 11 cents), followed by Connecticut and Massachusetts (+8 cents), retail prices in 11 states did fall – albeit slightly – during this span: Colorado, Iowa, Kansas, Florida, Arkansas, Nebraska, Kentucky, Wisconsin, Oklahoma, North Dakota and Texas. The majority of motorists are continuing to pay more at the pump. Drivers in 37 states and the District of Columbia continue to pay a year-over-year premium in the double digits, led by California (+35 cents), Delaware (+32 cents) and Georgia (+32 cents).

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Ongoing geopolitical tensions between Russia and Ukraine remain a central reason for crude oil prices remaining elevated, which has contributed to higher gas prices. Additional sanctions on Russia were issued this morning by the Obama Administration, and market watchers will continue to monitor the situation closely for any signs of further escalation that could impact global oil supplies.  At the close of formal trading on the NYMEX, WTI closed 24 cents higher at $100.84 per barrel.  This marks the 24th consecutive settlement above $100 per barrel.

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