06 November 2012 16:09 [Source: ICIS news]
HOUSTON (ICIS)--The national average price for a gallon of regular unleaded gasoline hit its lowest price in more than 100 days at $3.47/gal, automobile organisation AAA said on Tuesday.
The national average had been the highest on record each calendar day since late August.
The national average price at the pump has now fallen for 24 consecutive days, which is the longest streak since prices dropped 26 days in a row from 15 May through 11 June, the AAA said in its Fuel Gauge Report.
Power outages and distribution issues in the wake of Hurricane Sandy left some delivery terminals and service stations unable to deliver gasoline to stations and consumers.
“It is important for motorists to realise that this continues to be an issue of electrical supply rather than a gasoline shortage,” said Michael Green of AAA. “Once power is restored, there is more than adequate gasoline supply ready to be delivered to consumers.”
While prices in some storm affected areas have increased temporarily, AAA said the price impact of Hurricane Sandy will be because of demand destruction rather than supply destruction. The organisation said it expects prices to continue to decline.
AAA continues to predict that the national average will be $3.25-3.40/gal by the US Thanksgiving holiday on 22 November, and $3.10-3.30/gal by the end of 2012.
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