Improving inventories have resulted in gasoline and diesel fuel prices declining to the point where they both are only a few pennies above the level of a year ago, according to fuelgaugereport.com, a service to the AAA (Triple A).
Nationally, the average price for self-serve regular unleaded gasoline was $1.501 per gallon on Tuesday (Nov. 11), Triple A reports.
A year ago, it was $1.458 a gallon.
Meanwhile, the national average price for diesel fuel was $1.536 a gallon on Tuesday, compared with $1.496 a year earlier.
The current prices represent sharp declines from the all-time record highs for both fuels, not adjusted for inflation, which occurred earlier this year.
The all-time record high price for regular unleaded gasoline was $1.737 a gallon set on Aug. 30 and diesel $1.829 on March 14.
The prices compiled by fuelgaugereport.com are based on credit-card swipes from 60,000 self-serve gas stations nationwide.
In addition to improving inventories, lower seasonal demand since the Labor Day Weekend has helped reduce prices at the pump, according to the Triple A.
Also, several states require the use of a less polluting blend of gasoline during the summer months, and the summer blend is more expensive to produce than the gas that can be burned during the cooler weather months. The switch to less-expensive winter-blend gas contributed to the declining prices, the Triple A reports.