By Mark Huffman
ConsumerAffairs.com
December 31, 2009
Despite weak
demand and a plentiful supply, U.S. gasoline prices have increased nearly
a nickel a gallon in the last week. On the last day of 2009, the national
average price of self-serve regular is $2.639 a gallon, less than six
cents from its high for the year.
The national average price of diesel fuel is $2.805 a gallon, according to AAA.
The cheapest gas in the nation today is found in Wyoming, with an average statewide price of $2.442 a gallon.
Alaska once again has the most expensive gas, with a statewide average of $3.384 a gallon.
In California, the statewide average price is $2.96 a gallon, down from its high for the year of $3.14 in September. San Francisco continues to sell the most expensive gas in the state, with a metro average of $3.02 a gallon. The cheapest gas in the state can be found today in Yuba City, with an average price of $2.873 a gallon.
One year ago gas prices hit bottom, with a national average price of $1.617 a gallon. Prices plunged at the end of last year in the wake of an economic meltdown as the economy plunged deeper into a recession. But prices began climbing again at the start of 2009, peaking at just under $2.70 a gallon in October.
"The trend in retail gasoline prices more or less mimics the path that market oil prices followed in 2009," said Andrew Delmege, AAA's manager of regulatory affairs. "Climbing from a low point just above $31 per barrel and ending the year in their current range north of $70 per barrel. Along the way, both retail fuel prices and market oil prices were shaped by countless factors including the strength of the US dollar, record oil supply levels and very weak demand."
Where do prices go from here? Delmege says the major factor in determining the direction of oil prices and retail gasoline prices has been and will continue to be global economy.
"The speed and vigor of the economic recovery will have a major influence on retail gasoline prices and market oil prices in 2010," he said.
