Gas Prices Hit Three-Year Springtime Low
In AAA’s latest Monthly Gas Price Report, the outlook for prices is good for businesses that own a vehicle fleet, with the company predicting that gas prices will fall somewhere between $3.20 and $3.40 for the average summer price.
The company said that during the next few weeks, the average national price could rise due to refinery maintenance and the ongoing switch to summer blend gasoline. AAA added that prices in the Great Lakes region would be one of the regions affected by this price increase.
For the month of April, gas prices nationally averaged $3.55 per gallon, which AAA said is the least expensive average price for a gallon of gasoline since April 2010. In 2012, the average gas price was $3.89 in April, and in 2011, it was $3.79 per gallon.
Contributing factors to lower prices include falling oil prices, for example West Texas Intermediate (WTI) falling below $87 per barrel in mid-April and an earlier run-up in prices in 2013.
On a regional basis, on April 29, the five U.S. states with the highest prices for a gallon of gasoline include Hawaii, at $4.34; Alaska, at $3.97; Ill., $3.91; Calif., at $3.90; and Mich., at $3.79. The five states with the lowest prices on that date included S.C., at $3.23; Tenn., $3.26; Ala., $3.27; Ark., $3.27; and Miss., at $3.28.