Gasoline prices matching oil march lower

There still may be some factors that could lead to elevated gas prices, but the upcoming season should bring further relief to U.S. motorists, AAA said.

AAA reported a national average price for a gallon of regular unleaded gasoline of $3.43, a price that's held relatively stable for the last few weeks. The average price is about 4 percent, or 14 cents, less than it was on this date in 2013.

AAA has attributed a general decline in retail gasoline prices to ample supply and a market that's shrugged off geopolitical concerns.

Seasonally, gasoline prices fall in the United States after the Labor Day holiday as demand wanes. By mid-September, refineries also switch to a winter blend of gasoline, which is cheaper to make because it doesn't have to be blended to meet emissions requirements in place during warmer months.

"Motorists usually enjoy cost savings during this period; however geopolitical instability, hurricanes or events that disrupt production could still cause temporary spikes in regional prices in the coming months," the motor club said Tuesday in a weekly report.

The U.S. Energy Information Administration said in its latest short-term market report gasoline prices should continue to fall along with global crude oil prices.

EIA expects the U.S. national average price for a gallon of regular unleaded gasoline to reach $3.18 by December.