Current Gasoline Prices in the U.S. are Falling

The current gasoline prices are falling as refiners are increasing output and as the crude oil price per barrel is lower compared to last year, said AAA.

Nationwide, prices recently started quarter two of the year at an average of $3.634 per gallon, a rate that is 7.4 percent, or almost 30 cents, lower versus last year.

AAA predicts that, due to increasing inventory as refineries finish their seasonal maintenance downtime periods, the gasoline prices today at the retail market won’t increase to their highest level of $3.94 per gallon posted in April 2012. According to the Energy Information Administration’s data, refiners have increased their processing rates of crude oil by over 6 percent, or almost 900,000 barrels per day, consequently growing the output of gasoline in the past few weeks.

According to AAA, prices fell 15 cents per gallon, or 3.9 percent, in the month of March, which was the first drop during the month for a decade. Prices usually increase in March as refiners start production of more expensive gasoline needed in many regions to decrease smog, when temperatures heat up during the peak driving season of the spring and summer.

Prices increased 10 percent, or 34 cents per gallon, during quarter one of 2013; but, the rise was lower compared to the same period last year.

AAA said that the price of retail gas reached its highest for this year last February 27 at $3.79 per gallon. However, it has fallen in 29 out of the 33 days since that time, said AAA.

Only California and Hawaii have current gasoline prices that are higher than $4 per gallon. This compares with last month when New York and Alaska were also paying prices at that range.