US retail gasoline prices fall to lowest level since early 2011

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

Week-ago average

Month-ago average

Year-ago average





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

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By: Anna Matherne

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