Gas Prices Falling Due to Lower Oil Prices and Demand, and Completed Refinery Maintenance
In AAA’s latest Fuel Gauge Report, the company said the national average price for a gallon of regular, unleaded gasoline is down 7 cents from Tuesday, April 9, is 38 cents less than it was a year ago on that date, and has fallen for 41 out of 47 days, as of April 16, since it hit a peak 2013 price of $3.79 on Feb. 27.
The report said prices at the pump are down from a week ago in every state but Idaho. Drivers in 40 states are paying at least 10 cents less than a month ago, those in seven states are paying 20 cents less, and drivers in Indiana and Ohio are paying 30 cents less. Hawaii still has the highest prices, and as of Saturday, April 13, was the only state where drivers are paying more than $4 per gallon.
Factors driving prices down include refineries resuming normal operations after finishing maintenance, production concerns easing, weak demand data, and falling oil prices. AAA said that at the close of formal trading on NYMEX, West Texas Intermediate crude oil settled at $88.71 per barrel, which is $8.52 below a recent peak price on March 28, and the first time since Dec. 24 that WTI has fallen below $90 per barrel.
The chart below shows the highest prices in the U.S. as of April 16, 2013.
Chart courtesy AAA.