The national average has seen a downward trend return to many pumps across the nation in the last week, with average prices falling 2.3c/gal across the nation. Prices also fell 1c/L in Canada, on average.
The trend comes as the situation in Iraq has cooled and a midst healthy looking numbers for oil and gasoline supply. The EIA reported last week that refinery utilization jumped to 91.4% of capacity and overall inventories stand just 1% lower than last year. Refineries in much of the nation are at over 90% utilization, with those in the Midwest using 96.1% of their capacity.
Prices may accelerate their fall as we hear that Libya is seeking to boost exports over the coming days and weeks. The situation in Iraq has also cooled as there still has been no dire consequences to oil exports.
It was also reported last week that the U.S. over took Saudi Arabia as the world's largest oil producer, with domestic production rising to over 10 million barrels a day.
Crude prices have fallen from their yearly high of $107 a few weeks ago and at this writing are near $103/bbl. Gasoline spot prices have also dropped considerably since a few weeks ago.
This leads us to believe that this week at the pump will feature declining prices across a majority of the U.S.- although some areas in the Rockies who typically lag changes nationally may not see much change.