The tide may have turned for weary motorists as the current national average has fallen behind where it was a year ago. It's been quite some time since that situation has aligned. There's more good news ahead- with some recent losses in wholesale gasoline prices, motorists may see a small break at the pump in the week ahead, depending on region. Most likely to see declines are those living east of the Rockies.
Even hard hit areas are now seeing lower prices today than a year ago- Los Angeles average gas prices today are over 6c/gal lower than a year ago. Chicago is is down about 2c/gal over a year ago. NYC is down about a penny over a year ago. Detroit, MI is down 13c/gal from a year ago. Even hard hit areas like Grand Rapids, MI that had seen $3.99 just a week ago are now seeing prices 12c/gal under a year ago. Prices in Alaska are averaging 30c/gal under where they were a year ago!
Meanwhile in Canada, prices continue to linger at higher levels than a year ago by 2c/L, but there is some good news ahead for Canadians as well- expect limited relief in the week ahead. Prices in Edmonton have fallen under their year ago levels- but not by much- a mere 1.5c/L. Perhaps the biggest year on year change is in Victoria where gasoline prices currently stand a whopping 10c/L under their levels from last year, and an even more astonishing 12c/L drop in just a week.
Oil prices have led the way lower, and continue to bleed at their current $90/bbl for WTI. This is down considerably from just a couple weeks ago when WTI traded closer to $98/bbl, and is certainly a major factor in falling gasoline prices. We'll continue to look closely at oil prices, but perhaps more so at Wednesday's weekly EIA report, highlighting changes in supply and demand.