U.S. gas prices lowest since February

WASHINGTON, Oct. 8 (UPI) -- U.S. refinery startups and a steady supply of oil from the Middle East are helping keep U.S. gasoline prices at historic lows, motor club AAA reports.

AAA reports a Wednesday national average price for a gallon of regular unleaded at $3.27 per gallon, 6 cents lower than one week ago and 8 cents lower than on this date in 2013.

The national average price is the lowest it's been since February. Several states are reporting an average price at just over $3 per gallon, though Missouri posted a state average Wednesday of $2.95.

In its weekly market report, AAA said Tuesday the slump in gasoline prices was because of lower prices for West Texas Intermediate crude oil, the U.S. benchmark, and for Brent, the global benchmark.

In the U.S. market, AAA said West Coast supply concerns were eased when Exxon Mobil restarted operations at its refinery in Torrance, Calif. Two refineries servicing the Gulf Coast also returned to service, which should push the price at the pump there lower.

"Global oil prices have continued to slide as supplies have outpaced demand and markets remain relatively unmoved by geopolitical tensions in the Middle East, Europe and Africa," the AAA report read.

U.S. gasoline prices tend to decline after September because refiners start producing a winter blend of fuel, which is cheaper to manufacture. Last week, the motor club said $3 per gallon could become commonplace by the end of the year.