As predicted by Tom Kloza of the Oil Price Information Service, the average national retail price of gasoline has begun dropping; it’s now more than a dime cheaper than it was at this time in 2011. As Kloza noted in a Marketwatch interview, this is the first time since 2009 that motorists have paid less than they did the prior year.
We’re not out of the woods yet, oil is still bouncing around in the $102-$105/barrel range, but that’s lower than the nearly $110/barrel seen in late February and far less than the $116/barrel oil commanded in early May 2008.
| NATIONWIDE AVERAGE FUEL PRICE/GALLON – MAY 1, 2012 | |||||
|---|---|---|---|---|---|
| Regular | Mid | Premium | Diesel | E85 | |
| Current | $3.809 | $3.954 | $4.090 | $4.096 | $3.288 |
| Month Ago | $3.925 | $4.066 | $4.196 | $4.164 | $3.360 |
| Change | -$0.116 | -$0.112 | -$0.106 | -$0.068 | -$0.072 |
| Year Ago | $3.931 | $4.066 | $4.195 | $4.150 | $3.318 |
| Change | -$0.122 | -$0.112 | -$0.105 | -$0.054 | -$0.030 |
Source: AAA Fuel Gauge Report
