facebook
twitter
rss
account
search
search
 

U.S. gasoline prices sliding

Gasoline markets adjusting to Iraqi conflict, AAA says.
By Daniel J. Graeber   |   July 8, 2014 at 8:43 AM   |   Comments

| License Photo
WASHINGTON, July 8 (UPI) -- Gasoline prices continue to be inflated because of conflict in Iraq but the market seems adjusted and pain at the pump is easing, motor club AAA said.

The start of a Sunni-led insurgency in Iraq last month pushed the national average price to $3.70, though prices spiked closer to $4.00 in some retail markets.

"Market watchers are keeping a close eye on the situation, but the risk premium that had pushed oil prices to 2014 highs has subsided in recent trading sessions," AAA said in a Monday briefing. "These elevated oil prices have meant stubbornly high pump prices for motorists, but as oil prices have eased retail gas prices have finally started to follow suit."

By Monday, the average retail price for a gallon of regular unleaded gasoline had fallen for 10 straight days. Gas prices Sunday marked the first time since June 11 the national average price per gallon was lower month-on-month.

Gas prices, however, typically slide during this time of year. AAA reports the national average price of $3.65 for Tuesday is the highest since 2008 for the season by a penny.

Follow @dan_graeber and @UPI on Twitter.
Contact the Author
© 2014 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Most Popular
1
E-3 Sentry aircraft tipped for digital cockpit, avionic systems makeover E-3 Sentry aircraft tipped for digital cockpit, avionic systems makeover
2
Norways Kongsberg to demo missile for U.S. Navy Norways Kongsberg to demo missile for U.S. Navy
3
Pizza Hut hoping the "Skinny Slice" will mean big bucks
4
Saab producing vehicle protection system for unidentified customer Saab producing vehicle protection system for unidentified customer
5
Anheuser-Busch not satisfied with the way NFL has handled recent incidents Anheuser-Busch not satisfied with the way NFL has handled recent incidents
Trending News
Video
x
Feedback