US retail gasoline prices see largest October decline since 2008

01 November 2012 19:47  [Source: ICIS news]

HOUSTON (ICIS)--The national average prices of unleaded regular gasoline fell by 26.2 cents/gal in October, which was the largest October drop since 2008, motorist organisation AAA said on Thursday.

Gas prices towards the end of October were dropping at the fastest speeds in nearly four years,” said Avery Ash, AAA spokesperson. “If this trend continues as expected, motorists may soon be paying even less than last year to fill up their cars.”

According to the AAA, the national average price of retail gasoline has dropped for 21 straight days, which is the longest consecutive decline since mid-June.

US gasoline prices should continue to drop through 2012, AAA said in its Monthly Gas Price Report.

The average price will be $3.25-3.40/gal by the US Thanksgiving holiday on 22 November.

“A significant decline in gas prices by the holiday travel season would be welcome news for motorists that have paid record-high prices for much of the year,” said Ash.

Furthermore, AAA predicts that Hurricane Sandy should have minimal impact on gasoline prices, since the northeast is a significant gasoline consumer, not a major producer.

“It is expected that the decline in demand from people staying home during the storm will outweigh any disruption in gasoline production,” according to AAA.

Current average price

Week ago average

Month ago average

Year ago average

$3.507/gal

$3.599/gal

$3.780/gal

$3.437/gal

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

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By: Anna Matherne
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