31 December 2013 16:07 [Source: ICIS news]
HOUSTON (ICIS)--The US average price for regular unleaded gasoline at the pump is at $3.32/gal, higher than the previous week, AAA said in its Fuel Gauge Report made available on Tuesday.
Furthermore, AAA said that drivers will be paying the highest price on record for New Year’s Day, which is the fifth consecutive time that Americans have paid more at the pump on 1 January than the year prior.
“Despite the recent run of record high starts, gas prices in 2013 averaged less than 2012, and prices in 2014 should be slightly lower than this year, barring any unforeseen market moving news,” said AAA’s Michael Green.
The organisation said that lower prices will come from increased US refining capacity and crude oil production.
“These domestic factors help provide some insulation from the price impact of supply issues like refinery outages or international production concerns; however, it’s possible that unexpected events or greater than forecast economic growth could result in higher prices for motorists in 2014,” said Green.
Currently, drivers in every state are paying more at the pump than one week ago, and those in four states have experienced more than 20 cent/gal jumps during the same span, according to AAA’s report.
Current average Week-ago average Month-ago average Year-ago average $3.32 $3.26 $3.27 $3.29
Prices are the US average per gallon of regular unleaded retail gasoline
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