Akron - Average retail gasoline prices in Akron have risen 11.6 cents per gallon in the past week, averaging $3.42/g yesterday, according to GasBuddy's daily survey of 372 gas outlets in Akron. This compares with the national average that has fallen 4.5 cents per gallon in the last week to $3.49/g, according to gasoline price website GasBuddy.com.
Including the change in gas prices in Akron during the past week, prices yesterday were 20.6 cents per gallon lower than the same day one year ago and are 14.5 cents per gallon lower than a month ago. The national average has decreased 7.3 cents per gallon during the last month and stands 32.1 cents per gallon lower than this day one year ago.
"Gasoline prices continue to move lower nationally as we've now officially moved into fall," said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. "Looking forward, we're likely to see additional relief at pumps in the months ahead, and it's quite possible that by the time we're observing Thanksgiving that gasoline prices will be twenty or more cents per gallon lower. Californian motorists will see among the larger decreases in the week ahead as refinery issues have become barely visible in the rear view, which has led to a dramatic downward shift in wholesale gasoline prices."
Gas Prices Fall To Lowest Level since Early July; More to Come, Says GasBuddy
The price of a gallon of unleaded regular gasoline has dropped to its lowest level since the second week of July, with cheaper prices yet to come, according to predictions rendered by GasBuddy.com this morning.
The U.S. average price for gasoline stood at $3.488 gal Monday morning, about 33cts gal lower than what was recorded on this day last year. GasBuddy analysts stress active shoppers who download the free GasBuddy app can save about 20cts gal in most markets if they choose to aggressively shop for the cheapest gasoline in their zip codes.
Eight states now find at least a smattering of retail gas offers of less than $3 gal. That list, which could expand to a dozen or more states this week, currently includes South Carolina, Mississippi, Texas, Tennessee, Virginia, Louisiana, Georgia, and Oklahoma. Several other states, including Arkansas, Alabama, New Mexico, Indiana, and New Jersey find competitive offerings at $3.05 gal or less.
There is great diversity even in relatively high priced states. California prices average $3.96 gal (compared with $4.12 gal a year ago) but there are a number of locations where motorists can purchase fuel for $3.60-$3.65 gal.
Only one state - - Hawaii - - has an average price level of above $4 gal.
GasBuddy Chief Oil Analyst Tom Kloza predicts that autumn will see slow but steady attrition in retail gas numbers, thanks to record high U.S. refining rates and consumer demand that will at best match autumn 2012 levels. Supplies are adequate, and indeed gasoline now typically sells for just a few dollars more than raw crude costs.
There are two wild cards in the autumn gas forecast, Kloza notes. North American and global crude oil prices reflect a “fear premium” that has kept benchmark crude costs well above $100 bbl. If that fear eases, lower raw costs might ensue and bring gas values below the $3.21-$3.25 gal bottom that occurred in autumn 2012. The second wildcard involves ethanol. Prices for ethanol are currently just a few cents below gasoline costs, but ethanol can be purchased for up to $1 gal less than gasoline in forward markets. Since ethanol represents 10 percent of the motor fuel formula in most states, a slide in prices could tilt autumn and winter finished gasoline blends even lower.