Gas price slide stalls near seven-year low

The national average for regular unleaded gasoline continues to hover at levels not seen since the Great Recession, largely due to abundant supplies and low crude oil costs. Today’s average price of $1.71 per gallon is the lowest price for this date since 2004, and pump prices have fallen for 42 of the past 48 days for a total savings of 29 cents per gallon. Consumers are paying one cent more per gallon to refuel their vehicles on the week, though average prices are down by 13 cents per gallon on the month and 58 cents per gallon on the year.

 

Here is a look at local gas prices:

 

• Vermont’s current price is $1.87 per gallon, which is 4 cents lower than one week ago, and 50 cents lower than one year ago.

 

• New Hampshire’s current price is $1.70 per gallon, which is 2 cents lower than one week ago and 54 cents lower than one year ago.

 

• Maine’s current price is $1.79 per gallon, which is 2 cents lower than one week ago and 54 cents lower than one year ago.

 

• Massachusetts current price is $1.77 per gallon, which is 3 cents lower than one week ago and 51 cents lower than one year ago.

 

Gas prices are likely move higher as we head into the spring refinery maintenance season; however prices should remain lower than recent years. Refineries conducting maintenance will produce less fuel, though ample gasoline supply and lower-than-expected prices for crude oil should limit any seasonal price spikes. Some regional markets are beginning to reflect the effects of refinery production cuts, and prices have climbed in the Midwest on the week as a result.

 

Consumers in the vast majority of states (45) are paying retail averages below $2 per gallon. Missouri ($1.46) and Oklahoma ($1.46) are the nation’s least expensive markets, and pump prices are below $1.75 per gallon in a total of 36 states. On the other end of the spectrum, motorists in the West are paying some of the nation’s highest averages led by Hawaii ($2.57) and California ($2.32). Regional neighbors Alaska ($2.22), Washington ($2.02) and Nevada ($2) round out the top five most expensive markets for gasoline.

 

The global price for crude oil continues to move based on speculation regarding the market’s future balance between supply and demand. A possible freeze in production, spearheaded by OPEC member Saudi Arabia, grabbed the attention of market watchers for much of last week, but failed to produce any real gains in price, as the likelihood of a deal remains questionable. It also is unlikely that a production freeze near current levels would have any effect on reducing abundant global supplies. 

 

At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate crude oil was down $1.13 to settle at $29.64 per barrel.

 

Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.

 

North America’s largest motoring and leisure travel organization, AAA provides more than 54 million members with travel, insurance, financial, and automotive-related services. Operating 18 offices throughout Maine, New Hampshire and Vermont, AAA Northern New England is a not-for-profit, fully tax-paying corporation and serves as an advocate for the safety and security of all travelers. AAA Northern New England can be visited on the Internet at www.AAA.com.