US retail gasoline prices down year on year

15 January 2013 18:14  [Source: ICIS news]

HOUSTON (ICIS)--The US national average price for a gallon of regular unleaded gasoline at the pump is lower than the average price one year ago, automobile organisation AAA said on Tuesday.

The national average price is at $3.30/gal, and while it is three cents/gal more expensive than one month earlier, the price has been nearly 10 centrs/gal cheaper year on year for the past 10 consecutive days.

“The first two weeks of last year saw gas prices rise 12 cents because of increased geopolitical tensions with Iran and West Texas Intermediate [WTI] crude oil prices holding near $100/bbl,” said AAA’s Michael Green. “Through the same period to start 2013, pump prices have risen only a penny as WTI has remained within a $90-95 range.”

Retail prices in Utah, Idaho, Wyoming and Colorado have each fallen by more than 30 cents/gal, while prices in Florida, Virginia, South Carolina and Washington DC have had the largest increases by at least 13 cents/gal, AAA said in its Fuel Gauge Report.

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By: Anna Matherne

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