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U.S. Gasoline Prices Ease
The average price of gasoline in the US. has slipped 5 cents per gallon since last week to $3.70 per gallon for gasoline nationwide, according to the AAA Daily Fuel Gauge Report.
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The average price of gasoline in the US. has slipped 5 cents per gallon since last week to $3.70 per gallon for gasoline nationwide, according to the AAA Daily Fuel Gauge Report.
Analysts attribute the dip to lower crude oil prices and increases in refinery output. Gasoline prices jumped about 45 cents year over year in the past five weeks as refiners made the switch to summer-grade fuel.
The U.S. Energy Information Administration says the country's weekly average gasoline price has declined for the first time since mid-December. The agency says pump prices surged 53 cents during that period to as high as $3.78 per gallon.
The EIA predicts U.S. gasoline prices will remain near their February average of $3.67 per gallon. The agency expects pump prices to average $3.55 this year compared with $3.63 in 2012.
Crude oil futures rose 48 cents on the New York Mercantile Exchange on Tuesday to close at $92.54 per barrel, down from nearly $98 at the beginning of February.
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