By Mark Huffman
ConsumerAffairs.com
August 14, 2009
Next week could be critical for the direction of gasoline prices,
determining whether the recent rise has peaked or will rise even
higher. The national average price of a gallon of self-serve regular
is $2.647 today, exactly what it was yesterday, according to AAA.
The national average price of diesel fuel is $2.68 a gallon, up slightly from yesterday's $2.676.
Prices at the pump began to decline after peaking at $2.70 a gallon the first week of June, only to start going up again in July. At the same time, U.S. supplies of gasoline and crude oil have remained near record highs.
What can consumers expect? Will prices fluctuate in that range or move decisively up or down?
"Barring unforeseen events, retail gasoline prices should mimic the stability of oil prices in the short term, with the national average staying around or slightly above $2.50 per gallon," said Andrew Delmege, AAA's manager of regulatory affairs.
Prices are highest in the West, with Hawaii and Alaska setting the bar at $3.24 and $3.21 respectively. In California, the average has also crept over $3 a gallon for the first time in several weeks, with a statewide average of $3.063 a gallon.
In California, the most expensive gas is in the San Francisco metro, with an average price of $3.139 a gallon. The cheapest fuel, and the only market where gas is below $3 a gallon, is in Yuba City, with an average price of $2.985 a gallon.
The cheapest gas in the nation tends to be in the southeast states. South Carolina has claimed honors for the nation's cheapest gas most of the summer. Today, the average price there is $2.429 a gallon.
As the U.S. approaches Labor Day Weekend, supplies of both crude oil and refined gasoline remain plentiful. The U.S. Energy Information Administration reported this week that U.S. supplies of crude oil rose by 2.5 million barrels. Gasoline stocks fell by a million barrels, but remain near record levels.
