There may be a glimmer of good news for motorists tired of seeing gasoline prices rise week after week.
Even as one survey showed gasoline prices across the nation reached a new record level, several agencies are reporting a slowdown in the upward trend.
The Oil Price Information Service in Lakewood, N.J., is predicting fuel prices could fall slightly before reaching new highs in the middle of the summer. AAA’s price surveys also have shown slight decreases nationally and statewide.
"The past week or so, the pricing has really leveled out," said Janet Ray, a spokeswoman in AAA’s Bellevue office. "And for the time being, we may see it stay about the same."
The Lundberg survey showed combined prices for all grades of gasoline reached a record high national average of $1.77 a gallon on Friday. That was one penny above the previous record set in May 2001.
According to AAA and the federal Energy Information Administration, the national average for a gallon of regular unleaded was $1.72 as of Monday, less than 2 cents below the record.
"If we look at last year at this time, we’re still below that," Ray pointed out.
In Washington, the average for a gallon of regular unleaded fuel was $1.82 as of Monday, 13 cents below the statewide record of $1.95 set in September, according to AAA. The Seattle-Bellevue average was $1.84, also well below that record.
Gasoline prices still averaged more than $2 a gallon in California, Nevada and Hawaii as this week began, AAA noted.
Despite the high prices, U.S. motorists continue to increase consumption this year, according to the U.S. Department of Energy.
The most recent statistics show that gasoline demand has been about 3.7 percent higher than last year over the past four weeks. At the same time, nationwide supplies of gasoline are 1.2 percent below a year ago.
"Gasoline demand has been pretty spectacular of late,” said Tom Kloza, director of the Oil Price Information Service.
Average daily gasoline consumption for the month ended March 5 was about 8.9 million barrels, up from 8.5 million barrels a year earlier. Analysts attributed the increase to improving economic conditions, rising population and motorists’ preference for gas-guzzling SUVs.
"Year after year, we have increasing demand, even throughout the recent economic difficulties,” said Geoff Sundstrom, a spokesman in AAA’s national office.
Kloza said he thinks U.S. gasoline demand could average 9.5 million barrels per day or more this summer.
The cost of other fuels also has been rising. April heating oil futures climbed 3.8 cents to 91.69 cents per gallon on a late winter cold snap in parts of the Northeast. Natural gas futures rose 12.2 cents Monday to settle at $5.72 per 1,000 cubic feet.
On the other hand, propane prices have fallen in recent weeks as the weather warms. The average price for residential propane was 1.51 a gallon last week, 14 cents below this time last year.
The Associated Press contributed to this story.
Reporter Eric Fetters: 425-339-3453 or fetters@heraldnet.com.
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