Posted: Saturday, November 9th 2013 at 11:51am
Pump prices at lowest since December 2011
By The Associated Press
NEW YORK (AP) -- The price of gasoline is the lowest in nearly two years, an early holiday gift for U.S. drivers.
The nationwide average for gas is now $3.21. It hasn't been that low since December 2011. Five states - Arkansas, Kansas, Missouri, Oklahoma and Texas - have averages below $3 a gallon.
Gas has fallen 38 cents since Labor Day, a period in which oil prices declined by about $14 a barrel. In addition, a relatively calm hurricane season has meant no major storm-related disruptions at the nation's big refineries.
AAA earlier this week forecast the national average could drop to $3.10 by the end of the year.
Meanwhile, the price of oil rose 40 cents Friday to close at $94.60 a barrel. Encouraging data on U.S. employment was offset by the possibility of a loosening of sanctions against Iran by the West.
Brent crude, the international benchmark for oil, rose $1.66 to $105.12 a barrel on the ICE Futures exchange in London.
In other energy futures trading on Nymex:
- Wholesale gasoline added 5 cents to $2.55 a gallon.
- Heating oil gained 3 cents to $2.87 a gallon.
- Natural gas advanced 4 cents to $3.56 per 1,000 cubic feet.
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