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
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