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Fuel Gauge Report

April 18, 2012

All Cities' Averages Drop

As anticipated with last week’s drop in crude oil prices, local gas prices fell from last week’s average (Bristol held steady). The national average fell 1.6 cents from last week- an almost 3 cents drop over a two week period. This recent trend has caused some experts to suggest that we may be at or at least near the peak price for the season. One reason for the optimism is this weekend’s “constructive” talks between Iran and the “P5+1” (China, France, Russian Federation, United Kingdom and the U.S.). The meeting came after a 15-month stalemate when discussions broke down in January of 2011. The resulting geopolitical tension has seen crude prices rise on fear of a potential supply disruption in the region. Some market watchers have estimated that the “risk premium” accounts for some $20-$30 in higher global crude prices. 

For the best efficiency drivers should make sure their cars are in good shape, reduce excess weight in the car, use the most fuel efficient vehicle possible, and combine trips to reduce gasoline use. Other options are to take public transit where possible or ride a bike. Other suggestions are in AAA’s Gas Watcher’s Guide, free at AAA offices, and on the web at www.aaaet.com.