facebook
twitter
search
search

U.S. retail gasoline prices in decline

April 8, 2013 at 8:19 AM
| License Photo

WASHINGTON, April 8 (UPI) -- Gasoline prices in the United States are expected to continue their decline as prices follow economic trends, a survey finds.

Crude oil prices are expected to continue their short-term decline on signs the U.S. economy is starting to level off, the Bloomberg News agency reports. Prices for West Texas Intermediate crude, a U.S. blend, have declined 5.4 percent from their seasonal high of $97.94 per barrel reported in January.

Those prices are reflected in the price per gallon of unleaded regular gasoline. Motor group AAA reports that U.S. commuters paid, on average, $3.59 per gallon Monday. That's down 4 cents from last week and 34 cents less than the same period last year.

Lundberg Survey Inc. reviewed data from 2,500 retail gasoline stations and found average gasoline prices in the United States declined more than six cents in the past two weeks.

"Refiners are passing through the lower oil prices that they have been paying in the form of lower gasoline prices," Trilby Lundberg, president of Lundberg Survey, told Bloomberg. "Even if crude oil prices don't decline much from here, we could see some further down drift in gasoline as retailers give up some of their margin."

U.S. consumers this year paid more than $4 per gallon following refinery issues brought on by the aftermath of Hurricane Sandy and because of higher oil prices on the global market.

Like Us on Facebook for more stories from UPI.com  
Related UPI Stories
Latest Headlines
Top Stories
Ford recalls 432,000 North American vehicles over software bug
Compact cannon for British armored vehicles
Volvo unveils new child seat concept
New Zealand military receives medium heavy military trucks
BBC to lay off 1,000 people to make up for $234M in lost revenue