US retail gasoline price falling from week ago average

09 October 2012 15:54  [Source: ICIS news]

HOUSTON (ICIS)--The national average price of US retail gasoline rose week on week, as increases in a minority of states offset drops from the majority, automobile organisation AAA said on Tuesday.

“Skewing the national average is a historic spike in prices in California, where the state average has increased a record 50 cents in the last week to an all-time high of $4.67 per gallon,” Michael Green of AAA said. “This is nearly double the next largest one-week increase in California history, which was 26 cents in late February of this year.” 

At that time, national gasoline prices were surging because of higher oil prices stemming from escalating geopolitical tensions with Iran and positive news surrounding European sovereign debt concerns, Green said in AAA's Fuel Gauge Report. 

Tuesday’s national average price for a gallon of regular unleaded gasoline is $3.82. This price is slightly cheaper than one month ago, but is about 4 cents/gal more expensive than one week ago and nearly 42 cents/gal more expensive than one year ago. 

Current average price

Week ago average

Month ago average

Year ago average





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

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By: Anna Matherne

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