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Gas Prices Remain Flat Despite Drop in Oil Costs

Global decline in crude doesn’t translate to drop at pumps.

by on Mar.24, 2015

Gas prices have remained flat recently despite another drop in crude prices.

Even as the demand for gasoline rises as the weather improves and the economy gets stronger, gasoline prices have remained flat for the past week even as the price of crude oil began to decline on markets all over the world.

The price of West Texas Intermediate crude oil reached a six-year low this past week, AAA noted, maintaining the downward pressure on the national price of gasoline, which has settled at $2.42.4 per gallon.

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This downward pressure has, at least temporarily, offset potential price gains from the robust demand, regional refinery maintenance and the seasonal transition to more expensive summer-blend gasoline. Consumers are paying fractions of a penny less than one week ago, 14 cents more than one month ago and continue to save more than $1.10 in comparison to this same date last year. The national average has now fallen for 13 of the past 16 days. (more…)

Gas Prices Continue to Slide in US

Saudis continuing strategy to keep prices low.

by on Oct.27, 2014

Gas prices are at their lowest levels in four years and the slide is expected to continue.

The ongoing drop of gas prices in the U.S. is confounding experts, delighting consumers and being ignored by U.S. fracking companies, which are helping to push U.S. oil production to record levels.

The average price at the pump dropped 18 cents in the past two weeks. Gas prices are now at their lowest level in nearly four years, thanks to a steep drop in oil prices, according to the latest Lundberg survey released on Sunday.

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Prices fell to an average of $3.08 per gallon for regular grade gasoline, according to the survey conducted on Oct. 24, the lowest price since Dec. 2010. In some markets, the price of gasoline has now fallen below $3 per barrel. In northern Virginia, for example, the price of gasoline had dropped to $2.72 per gallon. (more…)

Looming Crisis in Middle East Could Spike Gas Prices

Iraq falling into state of disarray and oil price expected to rise.

by on Jun.16, 2014

Gas prices are expected to rise in the near term due to the unrest in Iraq.

As a new crisis looms in the Middle East where a Jihadist army has seized territory from the government of Iraq, oil prices – and ultimately the price of gasoline – are expected to move upwards, putting pressure on the consumers and automakers.

Oil prices have risen to the highest level this year over fears of the violence disrupting exports from Iraq, which is a leading member of the Organization of Petroleum Export Countries (OPEC) member.

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While services such as GasBuddy.com haven’t reported any big movements in gasoline prices across the U.S., analysts are expecting gasoline prices to rise by as much as 10 cents per gallon. The fighting in Iraq also could spell the end of several months of stable gasoline prices, which have been a boon to automakers as sales of pickup trucks and utility vehicles have increased during the past 12 months. (more…)

Relief at the Pump: Oil Prices Slip Below $100

Will fuel prices fall before summer break?

by on May.07, 2012

Declining oil prices are showing up at the pump.

While it’s not officially the summer travel season, American motorists are getting a bit of a break as oil prices continue to dip, benchmark crude falling below $100 in recent days and taking another tumble in the wake of the political shake-up in Europe.

Crude prices have fallen nearly 15% since peaking in late winter and with U.S. motorists driving less even as inventories rise the equation suggests prices could keep falling.  Adding to the downward momentum: sluggish job growth and other weak economic news.

According to the AAA’s Daily Fuel Gauge Report, prices have been falling steadily in recent weeks and are now down almost 16 cents since early May for a gallon of self-serve regular unleaded.  Diesel prices, on average across the country, have dipped about eight cents.

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Nonetheless, there are plenty of reasons to remain concern, the International Monetary Fund recently warned.  Pointing to the ongoing debate over Iran’s nuclear program it issued an advisory cautioning that, “in case of supply disruptions, oil prices could increase by $20 to $30 a barrel. A cut in Iranian exports could be exacerbated by below average oil stocks in many countries.”

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Oil Prices Plunge – and Could Bring Relief at the Pump

Threat of new global recession and lowered demand.

by on Aug.05, 2011

Crude oil prices have plunged but it remains to be seen how fast consumers will reap the benefit.

You may be out of work but at least you may be able to save money when you fill up the tank to drive to your next job interview.

Crude prices continued to slip on Friday, with some markets slipping to barely $86 a barrel from the year’s $115 peak set in May.  That reflects increasing jitters about the economy both here and abroad – such fears driving Wall Street traders into a frenzy, on Thursday, with a 512-point fall on the Dow Jones Index, the ninth-worst ever.

For the oil industry, the possibility of a double-dip recession raises concerns about demand for petroleum, both for manufacturing and for transportation purposes.  With the U.S. economy stuck in the doldrums there has been a steady decline, in recent months in the number of miles American motorists have been clocking.

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Declining oil prices don’t always – or immediately — result in lower payments at the pump, though industry analysts say that wholesale prices – what gasoline retailers are charged – have dipped by as much as a dime in recent weeks.

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