Gas Prices: AAA’s Fuel Gauge Report | April 8, 2013

Michael Green Contact Tile(WASHINGTON, April 8. 2013) Today’s national average price for a gallon of regular unleaded gasoline is $3.59. This price is four cents less expensive than one week ago, 11 cents less than one month ago and 34 cents less than one year ago. Today’s 34-cent year-over-year decline is the largest such mark since October 20, 2009. The national average has now fallen for 5 straight days and 34 of 40 days since the peak 2013 price to date of $3.79 on Feb. 27. In 2011 the national average for regular unleaded gasoline peaked at $3.98 on May 5. In 2012 the price peaked at $3.94 on April 5 and 6.

Top Ten Most Expensive State Averages for GasolineMotorists in every state are enjoying year-over-year price relief at the pump, including declines of more than 40 cents per gallon in nine states. Month-over-month relief has been nearly as universal with drivers in only four states in the Mountain West paying more than they did a month ago: Utah (13 cents), Idaho (5 cents), Colo. (3 cents) and Mont. (2 cents).

Retail gas prices across the country surged to begin 2013, as the national average increased 49 cents through the end of February. This was the largest increase on record for the first two months of a year. The run up was only somewhat attributed to higher crude oil prices and was instead driven by a decline in refinery production and higher gasoline futures prices. Similarly, the recent decline following the dramatic rise has not been a product of lower crude oil prices, which have actually increased during this stretch. Falling retail gas prices have instead been the result of an increase in refinery production and economic concerns, which have raised demand concerns.

Top Ten Month over Month Declines in Gas Prices

West Texas Intermediate (WTI) crude oil has traded in a relatively narrow range of $7.82 in 2013 in comparison to recent years. WTI began the year at $93.12 and increased to a year-to-date peak of $97.94 on January 30 before settling as low as $90.12 on March 4. By comparison, WTI traded in a $22.40 range during the first quarter of 2011 (a low of $84.32 on February 15, a high of $106.72 on March 31) and a $13.41 range during the same period in 2012 (a low of $96.36 on February 2, a high of $109.77 on February 24).

After economic concerns sent WTI tumbling during the second half of last week, prices recovered slightly today. At the close of formal trading on the NYMEX WTI settled 66 cents higher at $93.36 per barrel.

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