Saving at the gas pump? In March? Believe it or not, Americans are paying less at the pump today than we did a year ago. Nationwide we're saving nearly 25-cents per gallon, on average, versus a year ago. In Nebraska for instance, motorists are seeing local prices averaging $3.60/g, a reduction of 28.7 cents per gallon versus 2012 prices.
And in many markets we're saving even more. Take Chicago for instance. The windy city leads the nation with savings of over 50 cents per gallon (on average) versus what they paid last year. In fact, all major U.S. cities are seeing lower prices than a year ago.
Apparently Middle-America is enjoying the greatest gains with Milwaukee, St. Louis, and smaller cities like Gary, IN recording substantial savings today versus 2012.
"It's a stark contrast from last year when we saw the national average at $3.87 on this date edging closer to the peak that occurred April 5th at $3.93," said Patrick DeHaan, senior petroleum analyst with GasBuddy, who added, "The numbers don't lie. Retail gas prices this year have declined at a time when we're more accustomed to steady increases. Especially when we compare with last year it reflects stronger refinery performance; relatively smooth and uneventful transition to 'summer blend' gasoline; and, the absence of catalysts that could push prices in the other direction," he noted.
"Have prices peaked for 2013?" asked Gregg Laskoski, another GasBuddy senior petroleum analyst. "That'll have to be a rhetorical question for now… the variables that could give us the answer are too numerous to list."