From the community

GasBuddy: Average retail gas price falls 5.2 cents per gallon

Posted Aug. 11, 2014, at 8:23 a.m.

STATEWIDE, Maine – Average retail gasoline prices in Maine have fallen 5.2 cents per gallon in the past week, averaging $3.56 per gallon yesterday, according to GasBuddy’s daily survey of 1,228 gas outlets in Maine. This compares with the national average that has fallen 1.7 cents per gallon in the last week to $3.47/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Maine during the past week, prices yesterday were 15.1 cents per gallon lower than the same day one year ago and are 16.9 cents per gallon lower than a month ago. The national average has decreased 15.4 cents per gallon during the last month and stands 8.2 cents per gallon lower than this day one year ago.

“Motorists taking those late summer vacations continue to see their risk paying rewards: gasoline prices continue to hold near the lowest levels of the summer,” said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan, in a press release.

“It’s relatively rare to see prices holding lower in the mid-to-late summer, as hurricanes tend to weigh on prices and demand for gasoline is highest during the second half of the summer. However, oil prices rallied in mid-June, altering the behavior of gasoline prices, and after the situation in Iraq cooled, it let to a widespread selloff in commodities that led to cheaper oil prices and refineries passed the savings onto motorists. Prices today versus last year are lower in many communities across the country. Meanwhile, the Great Lakes has seen its low prices thrust higher after several refinery issues and planned maintenance culminated at the same time, leading to a drop in available supply, leading to higher prices. The best news is that as the driving season concludes, prices are likely to drop- most significantly in late September through the holidays,” DeHaan said.

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