facebook
twitter
rss
account
search
search
 

U.S. gas prices should continue decline

Annual average price should be around $3.54 per gallon.
By Daniel J. Graeber   |   Aug. 7, 2014 at 10:17 AM   |   Comments

| License Photo
http://cdnph.upi.com/sv/em/i/UPI-3821407418660/2014/1/14074189304393/US-gas-prices-should-continue-decline.jpg
WASHINGTON, Aug. 7 (UPI) -- U.S. gasoline prices have declined steadily in line with the drop in crude oil prices attributed to ample supply, the U.S. Energy Department said.

The Energy Information Administration, the statistical arm of the Energy Department, said the national average price for a gallon of gasoline as of Aug. 4 was $3.52, more than 3 percent lower than the same time last year.

Motor club AAA reports a national average price Thursday for a gallon of regular unleaded gasoline at $3.47, 18 cents cheaper than one month ago.

EIA said crude oil prices, which account for the bulk of the price at the pump, are down globally because of ample supply compared with demand.

EIA forecasts show retail gasoline prices have been on a general decline since around June. Trend lines suggest the price at the pump should continue to decline slowly through at least September.

Long-term, EIA expects retail gasoline prices will average $3.54 for the year, but drop another 10 cents next year. That's compared with an average $3.51 in 2013.

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.
Most Popular
1
Russian bank boss feeling sanctions pain Russian bank boss feeling sanctions pain
2
Army deploying JLENS radar system to help protect Washington, D.C. Army deploying JLENS radar system to help protect Washington, D.C.
3
Navy's Triton surveillance drone flies cross-country Navy's Triton surveillance drone flies cross-country
4
New GenDyn mission computers for Navy F/A-18s New GenDyn mission computers for Navy F/A-18s
5
Ukraine's State Guard Service receives armored personnel carriers Ukraine's State Guard Service receives armored personnel carriers
Trending News
Video
x
Feedback