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Gas Prices Down Slightly So Far During August, AAA Reports

August 22, 2013

Gas prices have remained steady lately, with an average price for regular unleaded gasoline at $3.54 per gallon, according to AAA’s latest Fuel Gauge Report. This is the lowest price on record on Aug. 19 in the last three years. The average price was $3.72 in 2012 and $3.58 in 2011. The current average price is down 1 cent from a week ago, is 13 cents less than on July 19, and has dropped 9 cents so far during the month of August.

On a regional basis, prices are generally down across the U.S. save for in Alaska, Hawaii, and certain Mountain states, including Utah, Idaho, Mont., Wyo., and Colo. A total of 41 states have a lower average price than a week ago, according to AAA.

Retail gasoline prices are below the seasonal price in recent years, AAA stated, but the price of West Texas Intermediate crude oil is still trading at a relatively high price. On Monday, July 19, the price was $107.10 per barrel. This price is 10 percent higher than last year and more than 30 percent above the price on Aug. 19, 2011.

Factors affecting global oil prices include ongoing violence in Syria, Egypt (which controls the Suez Canal), and Libya. Worries over unrest spreading across the Middle East and North Africa have kept crude oil prices higher, according to AAA.

The illustration below shows the top 10 highest gas prices on a per-state basis as of Aug. 19.

Illustration courtesy AAA.
Illustration courtesy AAA.
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