By Dow Jones Business News, October 21, 2013, 05:36:00 PM EDT
By David Bird
NEW YORK--The national average retail price of regular gasoline rose 0.6 cent to $3.36 a gallon in the week ended
Monday, the Energy Information Administration said.
The rise follows a drop of 7%, or 25.4 cents, over the previous six weeks that put prices at the lowest level since
Gasoline prices are 32.7 cents below their level a year earlier.
Current gasoline prices are 18.3% below the record national average of $4.114 a gallon hit July 7, 2008, the EIA data
Prices are averaging $3.36 a gallon so far this month.
In its October short-term energy outlook, the EIA projected gasoline prices will average $3.42 a gallon this month,
down from $3.75 a gallon a year earlier.
The forecast is based on Nymex crude-oil futures averaging $103 a barrel, up from $89.49 a year earlier. Nymex crude
is averaging $102.20 a barrel so far this month.
Internationally traded Brent crude oil--which holds more sway over U.S. gasoline because prices for the fuel are
linked to global market--is expected to average $108.50 a barrel this month, down from $111.71 a barrel last year. Brent
is averaging $109.87 a barrel so far this month.
The EIA said crude-oil costs accounted for 71% of the price of gasoline in August.
Prices rose on the East Coast, in the Midwest, and the Gulf Coast, but dropped in all other regions, led by a 3.3-cent
decline in the Rocky Mountains region.
AAA said Monday its daily average price was $3.349 a gallon, also up 0.6 cent from a week earlier. The price was 13.7
cents lower than a month earlier, and 32.7 cents below the year-earlier level.
Region Change Vs Price
Week Ago Per Gallon
East Coast -0.5c $3.353
Midwest +1.9c $3.314
Gulf Coast +2.2c $3.129
Rocky Mountains -3.3c $3.426
West Coast -2.9c $3.655
California -2.5c $3.766
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