Regional Gas Price Highs Persist Despite Overall Drops, Diesel Headed Upward
TORRANCE, CA - Although some parts of the U.S. have seen prices drop 12 to 18 cents, specifically in the Midwest, the East and West Coasts have actually seen prices go up.
Retail gasoline prices in the U.S. as of Oct. 1, 2012. Source: AAA
TORRANCE, CA – Wright Express (WEX) released its latest fuel prices analysis for September along with an updated forecast of prices through the end of the year. Retail prices have dropped to an average price of $3.78 per gallon after rising to a high of $3.87 on Sept. 14.
Analysts had been predicting larger drops in fuel prices than have been seen so far. Although some parts of the U.S. have seen prices drop 12 to 18 cents, specifically in the Midwest, the East and West Coasts have actually seen prices go up. According to WEX, low inventories combined with more refinery problems are keeping prices high. In the northeast, WEX said analysts expect oil imports to increase soon, which would drive down prices in that region.
On the West Coast, specifically California, WEX said prices will likely go up until refineries in the region return to full production and inventories rise.
AAA also released its latest monthly gasoline prices report, stating that the September monthly average price for a gallon of gasoline was $3.83, and was the most expensive ever for that month. The company said the previous record-high average for September was $3.72 per gallon in 2008. AAA predicts prices will drop by Election Day, but agreed with WEX’s outlook that prices on the West Coast and northeast could remain high until inventories climb.
Retail gasoline prices in the U.S. as of Oct. 1, 2012. Source: AAA
WEX said analysts have pushed back their previously predicted price drop of 50 cents per gallon by Thanksgiving to the end of the year. Still, even if that drop does occur, the resulting price would still be 25 cents per gallon higher than the lowest price gasoline fell to at the end of 2011, according to AAA.
AAA also stated in its recent monthly price report and outlook that gas prices in 2012 are on track to be the most expensive ever. The company said that the average price for a gallon of gasoline in 2012 has been $3.64 per gallon, which is up from the $3.51 per gallon average in 2011 (the previous high).
As for diesel, WEX said international stocks are tight on supply, so the company expects prices to rise further, especially if a cold winter in the northeast drives up heating oil demand.
The chart below from WEX shows the gasoline price trend for the last two years:
Source: Wright Express
More Fuel
Turning Fleet Payment Data into Executive Insights
Ramel Lindsay of U.S. Bank Voyager discusses how fleets can transform payment and transaction data into actionable intelligence to reduce costs, improve oversight, and support executive decision-making.
Read More →
Why the IRS Raised Its Mileage Rate in the Middle of 2026
Fuel-price volatility drove the rare increase to 76 cents per mile, the fifth midyear adjustment since 2000.
Read More →
July Fuel Update: Prices Keep Rising in Light of More Conflict
Gas prices continue to rise as more and more conflicts do, too.
Read More →
Bob Adamsky on Fuel Volatility: "Don't Panic, Have a Plan."
When it comes to up and down fuel prices, Adamsky has a message for fleets: “Don’t panic.”
Read More →
How Fleets Can Gain Control of Non-Fuel Spend
Fuel often gets the spotlight, but non-fuel expenses can have a major impact on fleet costs. Ramel Lindsay of U.S. Bank Voyager discusses how fleets can gain better visibility and control over these often-overlooked expenditures.
Read More →
Fuel is Just the Start: How Middle East Tensions are Driving Up Fleet Maintenance Costs
The Middle East conflict is doing more than pushing up fuel prices. It’s also raising the cost of key maintenance products your fleet depends on, from motor oil to tires to windshield wipers. Here’s what you need to know about this budget-busting situation.
Read More →
June Fuel Update: Prices Fall Below $4
Drivers are finally getting some relief at the pump. The national average gas price has dropped below $4 a gallon for the first time in months, with prices falling in 47 states as oil markets react to developments in U.S.-Iran negotiations.
Read More →
Study: How 2026's Gas Price Hikes Affect Different Vehicle Types
New data from iSeeCars reveals how rising fuel costs have affected different vehicle segments as gasoline prices climbed nearly 46% over the past four months.
Read More →
Are You Tracking Your Fleet's True Total Cost of Ownership?
Bobit Business Media surveyed 190 fleet professionals and found that while most fleets are tracking costs, fragmented systems and data gaps are keeping true TCO visibility out of reach. With rising pressure to control spend in an increasingly volatile environment, the gap between what fleets think they know and what the data actually shows is wider than you might expect. See how your peers are managing costs today and where the industry still has room to improve.
Read More →
May Fuel Update: All Regions Experience Declines
Gas prices are finally easing in much of the country, but experts warn global tensions could quickly reverse the trend as the national average remains well above last month’s levels.
Read More →