US retail gasoline prices likely to drop soon

05 March 2013 22:25  [Source: ICIS news]

HOUSTON (ICIS)--The national average price for a gallon of regular unleaded gasoline is at $3.75/gal, which is 3 cents/gal less than one week ago, automobile organisation AAA said on Tuesday.

The national average increased for 36 consecutive days from 17 January to 22 February, gaining 49 cents/gal. Since this peak, the national average has dropped by 4 cents/gal, AAA said in its Fuel Gauge Report.

“The recent decline in the national average is partially due to cheaper crude oil, but is more closely linked to tumbling wholesale gasoline prices,” said AAA’s Michael Green.

According to AAA, motorists in every state are paying more at the pump than one month ago; however, many drivers are starting to see lower prices.

“These recent declines and the fact that the national retail average has fallen back below the year-ago price supports AAA’s prediction that gas prices will peak this spring at a lower level than recent years,” said Green.

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By: Anna Matherne

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