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US Gas Prices Continue Weeks-Long Slide

Less than 1% of gas stations charging $3 a gallon.

by on Aug.03, 2016

Gas prices continue to fall as oil prices globally remain low.

With the global market awash in oil, American motorists continue to enjoy the benefits of relatively low fuel prices, which have dropped steadily since the start of the summer holidays, according to AAA.

Prices at pumps nationwide have fallen since early June by 25 cents per gallon with the national average price for regular unleaded gasoline has declined to $2.13 per gallon, the lowest level in the past 100 days and the lowest price in early August since 2004, AAA reported.

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AAA also said the price is three cents less than one week ago, 15 cents less than one month ago and 52 cents less than the same date last year as prices across most of the country continue to slide during the peak road-trip season due to abundant supplies. (more…)

Despite Holiday Driving Record, Gas Prices Dropping

Supply is still above demand and keeping prices low.

by on Jul.07, 2016

Despite motorists driving at near-record levels, the price of gasoline continues to to drop.

With the summer driving season well underway and demand for gasoline closing in on record levels, gasoline prices are falling as the price of crude oil appears to have peaked, at least for now.

AAA reported this week that pump prices have fallen 24 straight days and registered their lowest price for the Independence Day holiday since 2005. The national average price for regular unleaded gasoline is $2.27 per gallon, which represents a savings of three cents per gallon on the week and nine cents per for the month, according to AAA as drivers benefit from discounts prices are down

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AAA estimated that the price of gasoline is 50 cents per gallon now compared with this same date last year. (more…)

Breakdown of Oil Talks May Stem Tide of Rising Gas Prices

Crude oil expected to fall by as much as $7 a barrel.

by on Apr.18, 2016

The breakdown of talks aimed at stabilizing oil production may cut crude oil prices and stem the tide of rising gas prices in the U.S.

Oil exporting nations, including non-OPEC Russia, gathered in Doha to ratify a deal to stabilize output at January levels until October. However, despite the fact that the outline of the deal had been approved by negotiators in advance, it still fell apart.

The collapse of the talks, which were aimed at slowing down oil production around the globe, renewed the downward pressure on the price of crude oil, which eased the upward pressure on the price of gasoline across the U.S. despite rising demand.

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The deal crumbled when OPEC heavyweight Saudi Arabia demanded that Iran join in despite its repeated assertions it would not do so until it had reached pre-sanctions levels of output, according to Reuters. (more…)

Steady Rise in Gas Prices May be Nearing an End

Drivers continue to pay more, but crude prices leveling.

by on May.12, 2015

Gas prices may level off in the near future due to an expected halt to rising crude oil prices.

The price of gasoline increased again this week, rising to $2.66 per gallon, which is the highest average price of the year, according to AAA. But the increases might be coming to an end as the rally that has lifted the price of crude oil runs out of steam.

Drivers are paying about four cents more per gallon than one week ago and 27 cents more per gallon than one month ago. However, relatively low crude costs continue to translate to significant savings at the pump for consumers. The national average is about a dollar less than a year ago and is at the cheapest level for this date since 2009, AAA said.

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Month-over-month, the price has moved higher in every state and Washington, D.C. by a dime or more per gallon. Pump prices are up by a quarter or more in 22 states, with the largest monthly increases taking place in the western United States. Consumers in California at 61 cents per gallon, Nevada at 44 cents per gallon, Utah at 39 cents per gallon and Arizona at 39 cents have seen the largest increases over this period, due largely to the refinery issues in the region. (more…)

Gas Prices Jump as Crude Oil Rises

Drivers paying more at the pump in last week.

by on Apr.21, 2015

Gas prices are beginning to rise after dropping during the Easter holiday a few weeks ago.

The national average price of gas has increased about seven cents per gallon over the past week due to sharply rising crude oil costs as AAA’s weekly survey of gasoline prices reflected a reversal of the downward trend in the face of concerns about oil supplies and stockpiles.

Domestic crude oil prices last week reached the highest levels of 2015 as supplies built more slowly than anticipated. Despite the increase, consumers continue to benefit from substantially lower gas prices compared to recent years, with the national average of $2.46 per gallon this week representing the least expensive average for this date since 2009.

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The market also weighed potential geopolitical concerns in the Middle East. Domestic oil prices are more than $10 per barrel higher than a month ago, which has contributed to higher gas prices, AAA said. (more…)

Gas Prices Falling Despite International Conflicts

by on Aug.12, 2014

Gas prices are predicted to drop through the fall.

Ongoing strife in Iraq and Ukraine should be a recipe for a gas price hike in the U.S.; however, the national average retail price for a gallon of regular unleaded continues to fall: a trend that is expected to continue.

The U.S. Energy Information Administration, also known as the EIA, predicts further drops at the pump throughout the third quarter of this year as lower refinery margins offset higher crude oil prices. The agency expects regular gasoline retail prices to average $3.54 per gallon in 2014 and $3.45 per gallon gal in 2015, compared with $3.51 per gallon in 2013.

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AAA and GasBuddy.com reported this week a national average price of $3.47 for a gallon of regular unleaded, down 2 cents from this time last week and 15 cents from one month ago. The national average price for this date last year was $3.55 per gallon, according GasBuddy. (more…)

Prepare for Pain at the Pump

Fuel prices soaring as Libya teeters towards civil war.

by on Feb.22, 2011

The Libyan revolt is having a direct - and immediate - impact on oil prices.

It’s a long way from Libya to Los Angeles, but the violence that is tearing apart the Northern African nation is already being felt halfway around the world.  There are the humanitarian implications, of course, considering the mounting death toll and the threat of civil war as Libyan President Muammar el Qadaffi desperately clings to power – but there’s a practical side that is rapidly impacting those who have ignored the latest headlines.

And that will likely be apparent on your next visit to the gas pump.  Oil prices are soaring.  The benchmark Brent Crude surged to $105.45 a barrel during Monday trading.  West Texas Intermediate was “only” at $91.42, but that was still a one-day, $5.22 jump.

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“We are watching this very closely,” BP Chief Executive Bob Dudley said from London, as petroleum futures surged to the highest levels seen since prices started retreating after hitting record levels in mid-2008.

How far up things might go is unclear, but “The oil market could easily jump another $10 in the short term if the violence continues,” David Cohen, director of Asian Economic Forecasting at Asian Economics, warned.

(more…)