US gasoline prices decline at slower pace in November

27 November 2012 16:41  [Source: ICIS news]

HOUSTON (ICIS)--The drop in the national average retail price for a gallon of regular unleaded gasoline has slowed in November, led by regional disruptions, automobile organisation AAA said on Tuesday.

Today’s national average price for a gallon of regular unleaded gasoline is $3.42, which is 13 cents/gal less expensive than one month ago, but it is slightly more expensive than one week ago, AAA said.

The price is the highest on record for this calendar day and continues the streak of daily record prices that began on 20 August. 

The national average price at the pump peaked this summer at $3.87/gal on 14 September, the day before much of the US began the transition to the heavier, cheaper winter-blend gasoline, said AAA’s Michael Green.

“Since that day, gas prices have fallen steadily (60 of 73 days) and are now 45 cents below the recent peak,” Green said in AAA’s Fuel Gauge Report.

However, the report showed that the national average has declined by less than 10 cents/gal in November. 

“The reasons for this slowing decline are regional disruptions to distribution in the aftermath of Hurricane Sandy, higher crude oil prices and bullish US economic news,” Green said.

While the issues following the hurricane were slowly resolved, retail gasoline prices in impacted areas were higher, offsetting falling prices in other regions.

“Prices in affected areas have returned lower recently. However, the decline in the national retail price of gasoline has now been impacted by rising crude oil prices,” said Green.

Current average price

Week-ago average

Month-ago average

Year-ago average

$3.419/gal

$3.412/gal

$3.548/gal

$3.300/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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