Midwest causes US retail gasoline prices to rise year on year

04 June 2013 16:44  [Source: ICIS news]

HOUSTON (ICIS)--The average price for regular unleaded gasoline at the pump is at $3.62/gal, which is 10 cents/gal more expensive year on year, automobile organisation AAA said in its Fuel Gauge Report on Tuesday.

Several states have had lower retail gasoline prices in the past month, but increasing prices in the Rocky Mountain region, the northwest and, mainly, in the Midwest, have pushed the national average higher.

According to AAA, motorists in North Dakota, South Dakota, Iowa, Oklahoma, Nebraska, Kansas and Michigan are paying at least 30 cents/gal more in the past month.

These higher regional prices have been due to continued refinery maintenance and outages that led to tight supplies.

AAA predicts that prices will decline, both nationally and in the Midwest, as June continues.

“Prices should drop below a national average of $3.50/gal by the end of the month if refineries can transition smoothly from ongoing maintenance to full production,” said AAA’s Michael Green.

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By: Anna Matherne

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