US retail gasoline prices decline for fifth month in row

03 December 2012 22:58  [Source: ICIS news]

HOUSTON (ICIS)--The national average price of retail gasoline in the US declined for the fifth consecutive month, automobile organisation AAA said on Monday.

The national average price of gasoline dropped by 11.9 cents/gal to $3.44/gal in November, AAA said.

Furthermore, Monday’s national average price of $3.387/gal is the lowest since 12 July.

“Most motorists managed to save a little money on gasoline just in time for holiday shopping,” said Avery Ash, AAA spokesperson. “Prices unfortunately did not fall as quickly as most of us would have liked as a result of factors ranging from fighting in the Middle East to optimism over the fiscal cliff.”

Gas prices nationally have fallen by nearly 50 cents/gal on average since 14 September, the day before much of the US began the transition to cheaper, winter-blend gasoline.

AAA predicts that gasoline's national average retail price will drop slowly through 2012 and be between $3.20-$3.40/gal by New Year’s Day.

“Motorists may luck out and pay the lowest gas prices of 2012 by the time they celebrate New Year,” Ash said. “However, there is a small chance that pump prices could rise or remain flat as a result of rising oil prices and other economic factors.”

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By: Anna Matherne
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