12 November 2013 17:45 [Source: ICIS news]
HOUSTON (ICIS)--The US average price for regular unleaded gasoline at the pump is at $3.18/gal, the lowest since early 2011, AAA said in its Fuel Gauge Report made available on Tuesday.
The recent declines in prices will have many drivers paying less than $3/gal around the country, including those in Louisiana, Kansas, Texas, Arkansas, Oklahoma and Montana. Meanwhile only about 10% of stations are selling gas for more than $3.50/gal.
But despite prices below $3/gal in some areas, the national average is not expected to fall to that level.
According to the AAA, the last time the national average registered less than $3/gal was 22 December 2010.
“[E]levated crude oil prices have established an effective floor for how low pump prices could fall for consumers,” said AAA’s Michael Green. “However, after 15 straight weeks above $100/bbl, the price of West Texas Intermediate (WTI) crude oil has now settled below this mark for three straight weeks, including a five-month low of $93.37/bbl last Tuesday.”
Current average?xml:namespace> Week-ago average Month-ago average Year-ago average $3.18 $3.24 $3.34 $3.44
Prices are the US average per gallon of regular unleaded retail gasoline
Follow Anna on Twitter
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections