US average retail gasoline falls below $3 – AAA

20 October 2008 19:12  [Source: ICIS news]

HOUSTON (ICIS news)--The US national average for retail gasoline prices has slipped below $3/gal (€0.59/litre) for the first time in eight months, the American Automobile Association (AAA) said on Monday.

After dropping over the weekend, the current national average of $2.92/gal is down from $3.78/gal one month ago and a peak at $4.11/gal recorded on 17 July, just after crude oil set a record mark.

Crude values have since tumbled by around 50%.

The year-ago average was $2.82/gal, AAA said.

The average retail price for diesel has fallen to $3.64/gal currently from $4.14/gal one month ago and a peak at $4.85/gal, also set on 17 July, the association said.

US gasoline prices can have a significant influence on pricing in aromatics and other chemicals markets.

Prices for gasoline and other transportation fuels have been declining amid sharp downward revisions to petroleum demand due to the weakening economic outlook.

($1 = €0.75)

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By: Stephen Burns
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