US average of retail gasoline to be highest on record for 2012

11 December 2012 17:11  [Source: ICIS news]

HOUSTON (ICIS)--The national average price for a gallon of regular unleaded retail gasoline in the US is set to reach the most expensive on record in 2012, automobile organisation AAA said on Tuesday.

The national average price is at $3.33/gal, and while it has declined for 18 consecutive days, the price is the highest on record for this calendar day. This continues the streak of daily record prices that began on 20 August, the AAA said in its Fuel Gauge Report.

“With only three weeks remaining in 2012, it is all but certain that the average price this year will be the most expensive on record,” said AAA’s Michael Green.  

According to AAA, the 2012 national average to-date is $3.62/gal, and the previous record was last year at $3.51/gal.

“While nationwide demand will likely increase slightly as motorists travel to visit family for the holidays, demand is expected to remain low to begin 2013, which will keep downward pressure on gasoline prices,” said Green.

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By: Anna Matherne

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