At-the-pump gasoline prices slightly lower in US

Crude oil prices were mixed on Friday. On one hand, several refineries in the Unites States announced that they would be restarting, adding refining capacity that will increase gasoline supplies. Despite this good news, however, continuing tensions over Iran’s nuclear ambitions and strikes and other problems in Nigeria kept traders worried. Around a quarter of Nigeria’s output remains closed due to ongoing violence in the African nation and oil unions there are in the second day of a strike, although authorities claimed that shipments were not being affected by the strike.

Brent crude was 32 cents lower to $70.40 per barrel by late afternoon in London, while by mid-afternoon in New York July contracts for West Texas Intermediate crude had added $1.02 to $65.20 per barrel on the New York Mercantile Exchange. June Nymex gasoline gained 5 percent to $2.40 per gallon and July Nymex heating oil was up 1 cent to $1.95 per gallon. Natural gas futures, however, were 7 cents lower in New York, to $7.78 per million British thermal units.

Meanwhile, at-the-pump gasoline prices in the US dropped just slightly on Friday according the Automobile Association of America (AAA) survey, after 12 straight days of record high prices. The decline was only 0.2 cent, down to a nationwide average of $3.225 per gallon, guaranteeing that motorists on the road for the Memorial Day holiday won’t notice a difference when they fill their tanks. Those in the Midwest are paying the highest prices for gasoline now, with Illinois having the highest average at $3.532 per gallon. Michigan has the next highest prices, followed by Indiana and Wisconsin.

In the latest survey, prices were higher in 21 states, while prices dropped in 28 states and in the District of Columbia. California, which had notched the highest averages earlier, is now fifth on the list, with prices down by nearly 1 cent. Other western states, including Oregon, Washington, and New Mexico also saw prices decline by almost a penny on Friday. New Jersey has the least expensive gasoline in the US currently and is the only state with averages prices - at $2.957 per gallon - below the $3 level currently. Interestingly, New Jersey is one of only two states in the US, Oregon being the other, that prohibits self-serve gasoline stations.