US retail gasoline price hits 2012 low

18 December 2012 16:25  [Source: ICIS news]

HOUSTON (ICIS)--The national average price for a gallon of regular unleaded gasoline hit the lowest price of 2012, automobile organisation AAA said in a report made available on Tuesday.

The average price of regular gasoline hit a yearly low of $3.25/gal. The previous low average had been $3.28/gal on 1 January.

Despite a national average that has declined for 25 consecutive days and 64 of the previous 70, today’s price is the highest on record for this calendar day, AAA said in its Fuel Gauge Report.

AAA said it expects the national average to continue to decline approaching the end of the year and the streak of year-over-year premiums could come to an end in the coming days.

In addition to hitting a new low national price for 2012, several state averages have breached notable thresholds in recent days.

On 14 December, every state’s average price dropped below $4/gal. This was the first time since 1 January and just the second time since 13 March 2011 that the price in every state was below $4/gal, said AAA’s Michael Green.

“These prices have been driven lower by a number of factors, including the switch to winter-blend fuel, which is less expensive to produce; increasing gasoline inventories; cheaper crude oil prices; lower demand; and economic concerns,” said Green.

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By: Anna Matherne

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