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OIL AND GAS
AAA: Gas prices may have peaked
by Daniel J. Graeber
Washington (UPI) Jun 9, 2015


disclaimer: image is for illustration purposes only

The national average retail price for a gallon of regular unleaded gasoline in the United States is likely near its yearly peak, motor club AAA said.

AAA reports a national average price for a gallon of gasoline at around $2.74, a slight decrease from Monday but nearly 3 percent, or roughly 10 cents, more than one month ago. The current national average has held steady for the better part of the week.

"The national average price for regular unleaded gasoline has remained steady over the past week and continues to hover near at what many expect to be the highest average of the year," the motor club said in its weekly status report.

Drivers in Midwest states have suffered the most because of limitations are regional refineries that produce gasoline. The U.S. Energy Department said in a weekly petroleum report last week that Midwest gasoline production was the lowest it's been since March.

For California, AAA said "a surge in imports" has helped offset refinery issues on the West Coast, making the Golden State the only one in the country to see prices at the pump fall dramatically.

The motor club said crude oil prices, and thereby gasoline prices, are likely to fall in response to last week's decisions from members of the Organization of Petroleum Exporting Countries.

"Gas prices likely are poised for a seasonal decline given that refineries generally complete maintenance by this time of year and gear up production for the busy summer driving season," AAA said. "In addition, the cost of crude oil is unlikely to rise significantly in the near term given that OPEC decided not to cut production at its most recent meeting."

This summer, AAA said, may be the cheapest for gas prices since 2009.


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