Though gasoline prices are far below the historic average, there may be an increase ahead as demand increases this coming summer, motor club AAA said.
"Despite falling for the majority of the previous month, retail averages maintain the potential to inch upward short-term as we approach the summer driving season," said in its weekly report on retail gasoline prices.
The national average price for a gallon of regular unleaded gasoline Tuesday was $2.38, relatively unchanged from last week, but 2.5 percent, or about 6 cents, lower than this time last month. The average national price is 32 percent, or $1.25 per gallon, less than it was on this date in 2014.
Prices fluctuated around early February as refineries started a seasonal maintenance period ahead of a switch from a winter blend of gasoline to a summer blend, which is more expensive to produce because of extra environmental safeguards.
Most of the price at the pump, however, is a reflection of crude oil prices, which are down about half from their June 2014 highs. Gasoline prices ended June 2014 at around $3.68, when oil prices were around $100 per barrel.
Crude oil prices as of Tuesday were around $52 per barrel.
"The global oil market remains bearish, despite the price of crude showing volatility reminiscent of the financial crisis in 2008 and 2009," the motor club said.
The U.S. Energy Information Administration predicts a full-year national average price of $2.33 per gallon, more than $1 less than last year.
AAA estimates the average U.S. household is saving more than $100 per month on gasoline because of lower prices at the pump.
