Today’s National Unleaded Retail Gas Price Averages

Today’s Indiana Unleaded Retail Gas Price Averages

Highest Recorded Price:

AAA’s Daily Fuel Gauge Report
Current nationwide (www.fuelgaugereport.com), individual state (State-by-State Averages) and Indiana metropolitan (Indiana Metro Averages) gas price averages can always be found online at AAA’s Daily Fuel Gauge Report. The report is based on data from Oil Price Information Service, the nation’s most comprehensive source of petroleum pricing information. AAA purchases the data and makes it available free on the Internet as a public service. Average daily prices for the nation, all 50 states and more than 250 localities are available for all grades of gasoline, making the site the most current and complete public source of fuel price information.

The Spanish language version of the AAA Fuel Gauge Report, Galga De Gasolina can be accessed at www.galgadegasolina.com.

Market Overview
Although the nationwide average price of self-serve regular gasoline resumed its decline over the weekend – falling to $1.619 per gallon, a third day of air strikes by Israeli forces against Palestinian targets in the Gaza strip rattled oil traders enough to push the price of oil back up to $40 per barrel by the end of Monday’s NYMEX session. Wholesale gasoline futures also moved a bit higher with reformulated fuel trading near 92 cents per gallon.

The upward price moves for oil and wholesale gasoline came on a day of light trading volume, however and regardless of their one-day increase they still leave room for the average price of retail gasoline to move lower in coming days and weeks.

It also has to be recognized that although the markets will be watching and reacting to events in the Middle East, there are no globally-significant energy assets at risk in this fighting and demand for oil and gasoline remain extraordinarily weak worldwide.

The other two ongoing events worth noting this week are: 1) continuing claims from OPEC members that more oil production cuts are on the way, and; 2) a resumption of dollar weakness against the Euro, the Japanese Yen and the Swiss Franc following the U.S. Federal Reserve Bank’s decision to lower the discount rate.

Typically, a weak dollar pushes up the prices of commodities to U.S. consumers, so this could take on more significance to energy prices if the trend worsens. Threats of lower oil output are probably less of an immediate problem because demand is still low and inventories are plentiful.

Overall, many industry experts continue to be reasonably confident the future trend for retail gasoline prices will be lower and not higher in coming weeks.

AAA’s Fuel Cost Calculator
In order to help Americans establish travel budgets while making vacation plans, AAA and Oil Price Information Service have combined to offer an online tool that will help travelers estimate the cost of gasoline they will use during long-distance driving vacations. The site can be found at www.fuelcostcalculator.com.