US April retail gasoline prices fall to three-year low

30 April 2013 16:59  [Source: ICIS news]

HOUSTON (ICIS)--The average retail price for regular unleaded gasoline in the US in April was at $3.55/gal, which is the least expensive price for the month since 2010, automobile organisation AAA said on Tuesday.

Furthermore, retail gasoline prices fell by about 13 cents/gal, or 3.5% in April, making it the largest percentage decline in 10 years for the month.

Gas prices in much of the country have declined this spring because of lower oil costs, ample refinery production and continued weak demand,” said Avery Ash, AAA spokesman. “Gas prices have fallen faster and earlier than ever before for this time of year, and it is saving motorists millions of dollars per day in lower fuel costs.”

According to AAA, April retail gasoline prices in 2012 averaged $3.89/gal, while the average price in April 2011 was $3.79/gal.

Gasoline prices should drop to averages of $3.20-3.40/gal by mid-summer if current trends continue in regards to oil prices, motorist demand and refinery production, AAA said.

“Families taking trips this summer can expect to pay lower gas prices than recent years as long as there are not any refinery problems or significant international news events,” Ash said.

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By: Anna Matherne

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