US retail gasoline prices fall as demand concerns grow

09 April 2013 16:19  [Source: ICIS news]

HOUSTON (ICIS)--The national average price for a gallon of regular unleaded gasoline in the US continues to decline and is more than 30 cents/gal less expensive year on year, automobile organisation AAA said in its Fuel Gauge Report on Tuesday.

The national average price fell to $3.59/gal, which is 11 cents/gal less expensive than one month ago and 34 cents/gal less than the same time in 2012, which is the largest decrease since 20 October 2009, AAA said.

Furthermore, every state is seeing lower year-on-year prices at the pump, including declines of more than 40 cents/gal in nine states.

“Retail gas prices across the country surged to begin 2013, as the national average increased 49 cents through the end of February,” AAA’s Michael Green said. “Similarly, the recent decline following the dramatic rise has not been a product of lower crude oil prices, which have actually increased during this stretch.”

According to Green, the weakening retail gasoline prices have been the result of higher refinery production and an increase in concerns over demand for the product.

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By: Anna Matherne

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