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AAA Fuel Gauge Report Overview By Avery Ash Director, Federal Relations Monday, September 29, 2014
Sep 29, 2014 | Fuel
Less than one week into the autumn driving season, the national average price for regular unleaded gasoline has dropped to $3.34 per gallon, the lowest price since February, after falling for 20 of the past 23 days. Today’s average is fractions of a penny less than one week ago, ten cents less than one month ago and seven cents less than one year ago.
Decreased demand, relatively lower crude prices and the cost savings associated with producing winter-blend fuel will likely keep downward pressure on the price for retail gasoline. Barring any major disruptions in supply, drivers are expected to see some of the lowest autumn prices since 2010.
Locally, South Jersey residents are paying an average of $3.13 for a gallon of unleaded gasoline. This is 4 cents less than a week ago, 6 cents less than one month ago, and 15 cents less than one year ago.
Drivers on the West Coast continue to pay some of the nation’s highest prices at the pump, led by Hawaii ($4.21), Alaska ($3.92), Washington ($3.70), California ($3.70) and Oregon ($3.69). Although the average price has fallen in each of the top ten most expensive markets over the past month, Hawaii remains the only state where the average price is above four dollars per gallon.
The West Coast continues to be challenged by incidents at local refineries and terminals, which could lead to higher prices at the pump in the coming weeks. Last week, a fire at the Port of Los Angeles caused the closure of 11 terminals, including three terminals at the neighboring Port of Long Beach — all terminals were reported operable a few days after the incident. Additionally, after several attempts to resume operations, the ExxonMobil refinery remains unable to fully restart a crude distillation unit at its Torrance, Calif. refinery, which has put upward pressure on wholesale prices in the region. While gas prices east of the Rockies may continue to drift lower in the coming days, regional prices may move higher for those areas supplied by the Torrance refinery until the facility is back online and supply concerns are alleviated.
Motorists in 34 states and Washington, D.C. are currently experiencing week-over-week savings, led by the West Coast and Rocky Mountain region: Oregon (-7 cents), Washington (-7 cents), Idaho (-6 cents), Colorado (-6 cents) and Nevada (-5 cents). During this same period, of the 16 states where the average price has increased, only Ohio (+10 cents) has seen a jump of more than a nickel. The average price at the pump has dropped in every state and Washington, D.C. over a two-week period, with drivers in seven states saving a dime or more per gallon.
Motorists in every state and Washington, D.C. continue to pay less for retail gasoline than one month ago. The average price at the pump is down by a dime or more in 22 states, with the largest monthly drops in Nevada (-22 cents), Indiana (-22 cents), Michigan (-21 cents) and Oregon (-19 cents). Year-over-year comparisons reflect overall savings for nearly all consumers, with motorists in 47 states and Washington, D.C. paying less to refuel their vehicles. Consumers in 17 states are saving a dime or more per gallon, with the largest discounts in California (-23 cents), South Dakota (-18 cents), Connecticut (-18 cents), Kansas (-18 cents) and Rhode Island (-17 cents). Over this same period, the price has ticked upward in Kentucky (+7 cents), Georgia (+4 cents) and Oregon (+3 cents).
Geopolitical events remain front of mind for market watchers, but in recent months have not translated into upward pressure on global oil markets. The price of West Texas Intermediate (WTI) crude oil did settle $1.03 higher at $94.57 per barrel at the close of today’s formal trading on the NYMEX, but prices remain near the 17-month low of $91.52 per barrel that was registered last Monday.