US retail gasoline has largest weekly decline since 2008

23 October 2012 16:32  [Source: ICIS news]

HOUSTON (ICIS)--The US national average of retail gasoline hit the largest week-on-week decline since 2008, motorist organisation AAA said on Tuesday.

Tuesday’s national average price for a gallon of regular unleaded gasoline is $3.65.

According to AAA, while the national average has been the highest on record each day for more than two months, the difference between prices from a year ago continues to narrow. 

“AAA expects that gas prices across the country will continue to drop leading up to Election Day and will move even lower approaching the end of the year, barring any unforeseen forces,” said Michael Green of AAA.

Reformulated gasoline blendstock for oxygen blending (RBOB) futures have dropped by nearly 30 cents/gal since the start of October, and retail prices are finally beginning to replicate the lower prices.

“For the last several months, changes in the national average have often obscured regional volatility, as prices in some states have risen dramatically even as prices in others have fallen,” Green said in AAA’s Fuel Gauge Report.

In 2011, AAA said the national average price on 6 November was $3.41/gal. AAA expects that the national average is likely to be between $3.40-3.50/gal when American’s head to the polls in just over two weeks.

Current average price

Week ago average

Month ago average

Year ago average


$3.648/gal

$3.773/gal

$3.814/gal

$3.456/gal

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

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By: Anna Matherne
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