29 May 2013 21:15 [Source: ICIS news]
HOUSTON (ICIS)--The national retail average price of regular unleaded gasoline in the US is at $3.63/gal, which is the second consecutive year motorists paid less at the pump for the Memorial Day holiday travel, automobile organisation AAA said in its Fuel Gauge Report on Tuesday.
The national average on the previous two Memorial Days was $3.64/gal in 2012 $3.79/gal in 2011.
AAA forecast that 31.2m American drivers took to the road this holiday weekend to travel 50 miles (80 km) or more from home, up slightly from 31.1m last year.
The current national average price of gasoline at the pump year-on-year has fallen for 87 consecutive days, according to AAA.
“The recent decline in the national average has been keyed by dramatic price drops in the Midwest where many motorists have seen pump prices retreat from historic highs,” said AAA’s Michael Green.
Refinery maintenance, particularly in the Midwest, had caused prices to rise recently, but the region’s drivers are beginning to see some relief at the pump.
Minnesota’s state average has already declined by 25 cents/gal in the last week alone, according to GasBuddy.com. Other states that should see some price declines soon include Oklahoma, Iowa, North Dakota, South Dakota, Nebraska and Kansas.
“However, as indicated, as refineries come out of maintenance and resume production, gasoline supply should build, easing pressure, and allowing pump prices to fall,” said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. “The wild card remains refineries: We’re directly connected to their outages, should they develop.”
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