Even as the demand for gasoline rises as the weather improves and the economy gets stronger, gasoline prices have remained flat for the past week even as the price of crude oil began to decline on markets all over the world.
The price of West Texas Intermediate crude oil reached a six-year low this past week, AAA noted, maintaining the downward pressure on the national price of gasoline, which has settled at $2.42.4 per gallon.
This downward pressure has, at least temporarily, offset potential price gains from the robust demand, regional refinery maintenance and the seasonal transition to more expensive summer-blend gasoline. Consumers are paying fractions of a penny less than one week ago, 14 cents more than one month ago and continue to save more than $1.10 in comparison to this same date last year. The national average has now fallen for 13 of the past 16 days. (more…)