US retail gasoline prices to break records through 2012

01 October 2012 21:28  [Source: ICIS news]

HOUSTON (ICIS)--The national average price of gasoline has broken record highs each day since 20 August and retail gasoline prices will continue to break daily records through the end of 2012, US automobile organisation AAA said on Monday.

According to AAA, the national average price for September was $3.83/gal, which was the most expensive ever for the month. The previous September record-high average was $3.72/gal in 2008.

“Motorists are frustrated nationwide because gas prices have not declined more than a few cents from summertime highs,” said Avery Ash, AAA spokesperson. “Despite an end to the busy driving season, record-low supplies are preventing drivers from catching much of a break.”

Furthermore, AAA predicts that 2012 gas prices are on track to be the most expensive ever, based on current trends.

Patrick DeHaan, analyst with GasBuddy.com, agreed.

“I fully expect 2012 to feature the highest ever yearly average, higher than 2011, which is the current record holder,” DeHaan said. 

While AAA said prices are likely to decline by Election Day on 6 November 2012, DeHaan does not think it will have as big of an impact.

“I don’t believe Election Day will factor in at all, more so the Middle East – Iran/Israel,” he said.

Current average price

Week ago average

Month ago average

Year ago average


$3.782/gal

$3.808/gal

$3.827/gal

$3.433/gal

(Source: AAA’s national average price for regular retail gasoline.)

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By: Anna Matherne
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