US retail gasoline price drops as east coast distribution returns

13 November 2012 17:57  [Source: ICIS news]

HOUSTON (ICIS)--The national average price for a gallon of regular unleaded gasoline should fall by the US Thanksgiving holiday as distribution problems to the east coast ease following Hurricane Sandy, automobile organisation AAA said on Tuesday.

According to AAA, the current national average price for regular unleaded gasoline is $3.44/gal, which is nearly 3 cents/gal less than one week ago and approximately 36 cents/gal less than one month prior.

“For nearly three months, the national average has been the highest on record each calendar day. However, that gap has almost disappeared,” said AAA’s Michael Green.

Many east coast retail gasoline stations are reopening after Hurricane Sandy passed through the region. However, resupply issues are pushing regional retail gasoline prices higher in New York and New Jersey.

“This continues to be a distribution problem, and not a systemic issue with gasoline supplies,” said Green in AAA’s Fuel Gauge Report. “As petroleum terminals return to service, there is plenty of gasoline ready to make its way to stations.”

Once this happens, AAA expects retail prices in affected areas to follow the rest of the country lower.

AAA predicts that the national average price will be $3.25-3.40/gal by Thanksgiving and $3.10-3.30/gal by the end of 2012.

Current average price

Week ago average

Month ago average

Year ago average

$3.440/gal

$3.463/gal

$3.794/gal

$3.422/gal

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

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By: Anna Matherne
713-525-2653



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