US 2012 retail gasoline set to break average price record

29 November 2012 20:47  [Source: ICIS news]

HOUSTON (ICIS)--The US national average price of a gallon of gasoline at the pump in 2012 will be the highest ever, an analyst said on Thursday.

Currently, the yearly national average is at $3.63/gal, according to a report from GasBuddy.com.

“With one month left, yes, it’s mathematically possible that 2012 could close without becoming the most expensive year ever for American consumers at the gas pumps. But that would necessitate an unthinkable calamity,” said GasBuddy.com senior petroleum analyst Patrick DeHaan.

According to DeHaan, the national average in 2011 was $3.51/gal.

“The national average price of gasoline in the US would have to drop to $2.35/gal or lower for every day for the remainder of 2012 in order for the yearly average price to fall below last year’s level,” he said.

Supply issues in California and Hurricane Sandy on the east coast have pushed retail gasoline prices to highs in recent months.

“It reminds us exactly how vulnerable our nation’s fuel infrastructure is, and why the US should be looking to increase refining capacity where it is needed most,” said GasBuddy analyst Gregg Laskoski.

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By: Anna Matherne
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