Gas Prices: AAA’s Fuel Gauge Report | September 9, 2013

Michael GreenYear-over-Year-Gas-Price-Declines-9-9(WASHINGTON, September 9, 2013) Today’s national average price for regular unleaded gasoline is $3.57 per gallon. Today’s price is two cents less expensive than one week ago and 25 cents behind the same day last year, but it is fractions of a penny more than a month ago. The more than 25-cent year-over-year discount is the largest year-over-year disparity in more than four months.

With summer travel now in the rearview for many motorists, retail gas prices are likely to continue moving lower through the fall due to plentiful supplies, continued weaker demand, and the mid-September switch to cheaper winter-blend gasoline. While this would be welcome news for motorists, the possibility does remain that escalating violence in the Middle East, hurricanes or other unexpected disruptions to supply or distribution could send prices at least temporarily higher in the coming months.

Drivers in every state and D.C. are enjoying lower prices at the pump versus a year ago, but the size of the year-over-year discount varies dramatically. The average retail price in Alaska is only fractions of a penny less expensive than the same date last year, while the price in nine states is at least 30 cents lower: N.C. -32 cents, Ariz. -32 cents, Ga. -32 cents, Wash. -33 cents, Mich. -33 cents, S.C. -34 cents, Va. -34 cents, Ore. -34 cents, and Ill. -36 cents.

While retail gas prices have stayed within a relatively narrow 20-cent range since March (between $3.47 and $3.67), West Texas Intermediate (WTI) crude oil has surged more than 25 percent from a 2013-low of $86.68 on April 17 to a multi-year high of $110.53 last Friday.

At the close of today’s formal trading on the NYMEX, WTI settled $1.01 lower at $109.52. This marks the 47th consecutive settlement above $100 per barrel. Oil prices have remained elevated as tensions in the Middle East and North Africa have escalated and the U.S. publically considers military action in Syria, and there is potential for prices to move higher should violence spread to other countries in the region.

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