Gasoline prices reached record highs on Thursday (March 25), but there are indications gas prices will slip lower because it appears OPEC nations will ignore production quotas in order to maximize their revenues from high-priced crude oil.
However, so far, it appears the high gas and diesel fuel prices are having a negligible impact on the RV retail market, according to industry sources.
According to Fuelgaugereport.com, a service of AAA, the national average retail price for self-serve unleaded gasoline reached $1.746 per gallon on Thursday, surpassing the previous record set on Aug. 30 2003.
The national average for diesel fuel on Thursday was $1.703 a gallon, and the record is $1.829 a gallon, set on March 14, 2003, AAA reports.
The Fuelgaugereport.com figures are based on credit card swipes at 60,000 service stations around the U.S.
Adjusted for inflation, the current all-time gas price would be less than the cost during the “gas crisis” periods of the 1970s and 1980s.
Fuel prices might back off somewhat in the coming days because crude oil prices on the London market plunged earlier this week as some oil-producing nations have started to pump more to take advantage of tight supplies that OPEC helped create a few weeks ago, according to Reuters.
However, tight supplies resulting from refiners’ switching to lower-emissions summer gasoline blends and higher summer driving-season demand could offset the impact of increasing supplies from OPEC.