Relief continued for those paying at the pump when gas prices fell to $3.49 this week. This is the seventh consecutive week of declining fuel prices.
Nationally
Today's national average price for a gallon of regular unleaded gasoline is $3.52. This price is 8 cents cheaper than one week ago, 17 cents less than one month ago and 39 cents less than one year ago. The national average has now fallen for 12 straight days and 41 of 47 days since the peak 2013 price to date of $3.79 on Feb. 27.
In 2011, the national average for regular unleaded gasoline peaked at $3.98 on May 5.
In 2012, the price peaked at $3.94 on April 5 and 6.
Retail gas prices have dropped steadily since the end of February, however the factors pressuring prices lower have changed during this decline. Prices fell to begin March as many refineries resumed normal operations following the completion of seasonal maintenance and production concerns eased. This decline came even as crude oil prices moved higher. West Texas Intermediate (WTI) crude oil settled at what was then a 2013-low of $90.68 per barrel to begin March. On the final trading day of the month, WTI settled $6.55 higher at $97.23, which was the highest price since mid-February.
U.S. gasoline prices in April have continued to fall, not just because of weak demand data and signs of economic weakness, but also because oil prices have also moved sharply lower.
At the close of Tuesday's formal trading on the NYMEX, WTI settled $2.58 lower at $88.71 per barrel. This is $8.52 below the recent peak price on March 28 and is the first time since Christmas Eve that WTI has settled below $90 per barrel.
