28 October 2013 21:39 [Source: ICIS news]
HOUSTON (ICIS)--The average price for US regular unleaded gasoline at the pump is at $3.29/gal, 6 cents/gal lower week on week and the lowest daily average for October, AAA said in its Fuel Gauge Report made available on Monday.
Bearish fundamentals have pushed retail gasoline prices lower. US gasoline inventories have risen to their highest level since the beginning of the summer, while demand has waned.
"Gas prices will likely move lower this week and may continue the downward trend into November," said Jessica Brady, AAA spokeswoman. "Supply and demand numbers are bearish, and the easing of sanctions against Iran will also push prices lower in the coming weeks. Overall, pump prices should be pretty affordable come the Thanksgiving holiday weekend."
Current average Week-ago average Month-ago average Year-ago average $3.29 $3.35 $3.41 $3.65
Prices are the US average per gallon of regular unleaded retail gasoline
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