U.S. retail gasoline prices slide further

July 8, 2013 at 7:06 AM
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WASHINGTON, July 8 (UPI) -- The average price for a gallon of regular unleaded gasoline in the United States dipped to less than a predicted summer average, AAA reports.

The Energy Information Administration, the U.S. Energy Department's statistical arm, predicted regular gasoline would average $3.53 a gallon for the summer driving season, which lasts from April through September.

AAA reports the national average Monday of $3.47 per gallon. That is 4 cents less than the same time last week and 16 cents cheaper than a month ago.

The Monday price follows the Independence Day holiday in the United States. AAA said fewer people hit the roads for the holiday because Independence Day fell in the middle of the week.

AAA said last week, before the holiday, gasoline supplies in the United States are at their highest level in more than 20 years though demand remains relatively weak. This helps explain why gasoline prices have moved lower in recent weeks.

Spring refinery issues in the Chicago area caused an unexpected increase in retail gasoline prices. Drivers in the Midwest were paying more than $4 for a gallon of regular unleaded earlier this year amd more than $4.50 in the Chicago area.

Unrest in Egypt helped push oil prices to more than the $100 per barrel price for the first time this year. Oil prices account for the majority of the price at the pump.

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