CAMARILLO, Calif. (UPI) — Retail gasoline prices in the United States are on pace to decline in the short term, Lundberg Survey President Trilby Lundberg said.
Motor group AAA reports that U.S. consumers paid Monday, on average, $3.66 for a gallon of regular unleaded gasoline. That’s 12 cents cheaper than one month ago and 23 cents less than the same time last year.
Lundberg told Bloomberg News that prices were showing a steady decline following an early season spike.
“It seems fairly likely we will see a bit more price-cutting at the pump, another drop from here in the next few days of a similar amount (as in past days),” she said.
U.S. consumers this year paid higher-than-average prices for retail gasoline earlier in the year because of refinery issues, complications from late-season hurricanes and market factors. Gasoline prices in some markets held steady at more than $4 during mid-winter.
The American Petroleum Institute last week said it saw lower demand for petroleum products in February. Gasoline production was up 0.8 percent though deliveries were down year-on-year by 3.1 percent.