AAA’s Daily Fuel Gauge Report shows the follow update for Thursday, October 10, 2013 [Ref 1]:
National Averages Regular Premium
Current Average $3.351 $3.707
Yesterday’s Average $3.354 $3.708
Week Ago Average $3.376 $3.730
Month Ago Average $3.564 $3.896
One Year Ago Average $3.813 $4.137
My good news: I just filled up with premium at Costco for $3.37 per gallon – that’s almost the same price as the national average for regular gasoline. Can you see that big smile on my face?
When gasoline prices rise, most of us are eager to know why? However, when they fall, we are less eager to know why, but thankful that they are headed downward.
U.S. gasoline prices have continued a downward trend since Labor Day Weekend. Some of the reasons quoted by Tom Kloza, Chief Oil Analyst at GasBuddy.com are [Ref 2]:
v As we move into the fall and winter months, refiners begin switching to cheaper blends of gasoline as clean-air rules are relaxed.
v Gasoline demand declines in the fall after the summer driving season ends.
v This year, refineries have been relatively problem free. There have been no hurricanes to interrupt oil platform production, and few unexpected problems at refineries like fires or pipelines breaks and ruptures have occurred.
What’s even more amazing is that I didn’t notice a major spike in gasoline prices even though crude oil prices topped $112 in late August as the U.S. was dealing with the possible threat of military action against Syria.
According to Jones Lang LaSalle [Ref 3], the U.S. has moved from a net importer to a net exporter of refined petroleum products and is trending toward overtaking Saudi Arabia as the largest oil producer in the world. With that good news and lower gas prices, I can sleep easier this Columbus Day Weekend.
- AAA’s Daily Fuel Gauge Report, http://fuelgaugereport.aaa.com/?redirectto=http://fuelgaugereport.opisnet.com/index.asp (last viewed on 10.10.2013)