US retail gasoline prices expected to climb in coming weeks

16 July 2013 22:02  [Source: ICIS news]

HOUSTON (ICIS)--The national average price for regular unleaded gasoline in the US is at $3.64/gal, which is 24 cents/gal higher year on year, but still remains below the 2013 high of $3.79/gal on 27 February, automobile organisation AAA said in its Fuel Gauge Report on Tuesday.

According to AAA, retail gasoline prices have hit its summer low of $3.47/gal on 7 July, near the seasonal low prices in the past few years.

The recent climb in retail prices is attributed to more expensive crude oil costs stemming from events and unrest in Egypt.

Adding to the bullish sentiment for crude are US inventories falling more than 20m bbl in the past two weeks, which is the largest two-week drawdown in more than three decades, according to the US Energy Information Administration (EIA).

“Motorists in the Midwest are seeing the most dramatic increase, led by a spike of 32 cents in Indiana and 30 cents in Michigan. These Midwestern increases are just the latest chapter in what has been a historically volatile several months for drivers in the region,” said AAA’s Michael Green.

The increases have not been as dramatic in the northeast, AAA said, but retail prices moved higher for drivers in that region on production issues at refineries that supply the east coast.

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Week-ago average

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Prices are the US average per gallon of regular unleaded retail gasoline

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By: Anna Matherne

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