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The national average price of regular unleaded fell 1 cent to $2.25 per gallon for the week ending July 17 due to near all-time levels of demand while supply has ebbed lower.
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Lower than earlier forecast crude oil prices are expected to translate into continued low prices at the pumps for both diesel and gasoline, according to a new U.S. Energy Department report.
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The national average price of a gallon of regular unleaded gasoline increased 3 cents to $2.26 for the first increase in five weeks for the week ending July 10, according to AAA.
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The national average gasoline price continues to move lower, falling to a level not seen since the Independence Day holiday in 2005, according to AAA.
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The average national price of a gallon of unleaded gasoline remains at a low for the year at $2.26, despite increased demand at the start of the summer driving season, reports AAA.
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Conventional wisdom in the fleet market is often wrong. If we roll back the calendar, the conventional wisdom about fuel prices was that there would be ebbs and flows in price per gallon rates, but the overall price trajectory would trend upward. The flaw with conventional wisdom is that it only works when no new variables are inserted into future projections. A case in point is the shale oil revolution, which now has experts predicting oil prices will remain flat for the foreseeable future.
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The nation's average price of gasoline fell 5 cents to $2.29 for the week ending June 19 as strong oil production and weak gasoline demand has kept prices on a downward trajectory, according to AAA.
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Drivers are spending an average of 3 cents less at the pump that a week ago as national average gasoline prices have been falling across the country, the AAA reported.
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The national average rice of gasoline increased 1 cent to $2.38, two cents more than prices both a month and a year ago. AAA reported that a moderate dip in gasoline prices are normal following long holiday weekends, and prices in 30 states have fallen as much as four cents.
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The national average price of a gallon of regular unleaded increased 1 cent to $2.37 for the week ending May 30, which is 2 cents more than a month ago and 5 cents more than a year ago.
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