US retail gasoline prices rebound from last week’s lows

19 November 2013 15:11  [Source: ICIS news]

HOUSTON (ICIS)--The US average price for regular unleaded gasoline at the pump is at $3.21/gal, rebounding from the previous week’s multi-year low of $3.18/gal, AAA said in its Fuel Gauge Report made available on Tuesday.

After last week’s low, the national average price of gasoline has inched higher on six consecutive days, but it remains 14 cents/gal cheaper than one month ago and 21 cents/gal less year on year.

By state, the average gasoline prices vary, with drivers in 20 states paying less than last week and the remaining 30 states paying more, according to AAA.

Higher prices in the Midwest region were supported by heavy storms, raising concerns of refinery production issues.

“Up until one month ago, the price of West Texas Intermediate (WTI) crude oil had remained above $100/bbl for 15 straight weeks,” said AAA’s Michael Green. “While gas prices at the pump had been declining since mid-July, these elevated crude oil prices provided an ultimate floor for how low retail gas prices could fall.”

Current average

Week-ago average

Month-ago average

Year-ago average

$3.21

$3.18

$3.35

$3.42

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

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By: Anna Matherne
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