AAA Says Gasoline Prices to Peak at Lower Level This Year

Gasoline pump prices in the U.S. will peak at $3.60 to $3.80 a gallon this year, AAA Chief Executive Officer Robert Darbelnet projected today.

Prices in 2012 reached $3.936 on April 4. The 2012 average price was a record $3.60 a gallon, according to data from the largest U.S. motoring organization.

Costs will be lower this year as “a result of increased domestic oil production and lower demand,” Darbelnet said in an e-mailed statement today. “Absent significant storms, major wars or production and distribution outages, the single largest factor that will influence gasoline prices in 2013 will be the strength of the U.S. economy.”

The average price for a gallon of regular gasoline is $3.30, 7 cents below a year ago and 5 cents less than a month ago, AAA said in the statement.

To contact the reporter on this story: Barbara Powell in Dallas at bpowell4@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net

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