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Posts Tagged ‘dropping gas prices’

Fuel Prices Could Be in For Even Sharper Decline

Petroleum at $20 a barrel forecast, Pump prices could dip toward $1 a gallon.

by on Dec.09, 2015

A variety of factors, including the current El Nino, could drive the price of gas to just above $1 a gallon in the months ahead.

Fuel prices have tumbled to their lowest levels since 2007 in recent days, with much of the country now paying less than $2 a gallon – but if some new forecasts are correct, motorists might soon see figures plunging to little more than $1 a gallon.

Gasoline futures fell to near seven-year lows in New York trading this week, and with traders racing to sell of their holdings in crude oil, some observers are worried that the price of a barrel could tumble to half of the $40 to $45 figure seen in recent days.

Your Inside Source!

A variety of factors are at work, among them a glut of oil production, the decision by OPEC not to enact new production caps, and even the effects of El Nino, a warming of the Pacific Ocean expected to result in warmer temperatures in the U.S. – and thus, lower need for heating oil. (more…)

Gas Prices Fall as Markets Stumble

Prices fall in Midwest despite refinery issues.

by on Aug.25, 2015

The average price for gas has dropped recently in the U.S., despite refinery issues in the Midwest.

With the stock markets across the world in turmoil, oil prices are continuing to spiral downward and gasoline prices are also tumbling as the end of the summer driving season.

The average U.S. gas prices are at the lowest levels for this time of year since 2004 — the year before Hurricane Katrina shut down refineries along the Gulf Coast — due to the continuing decline in the cost of crude oil, according to the AAA’s weekly survey.

Global Insight!

Gas prices have dropped despite ongoing refinery problems, particularly in the Midwest, and prices are expected to fall this autumn due to declining demand and the switchover to winter-blend gasoline. (more…)

Gas Prices Drop Again After Brief Jump

Oil prices falling despite threats in Middle East.

by on Mar.16, 2015

After rising daily for more than a month, gas prices have dropped again.

After rising by 20 cents per gallon, gasoline prices have begun to drop again slightly, according to the AAA Gas Gauge.

A string of 40 consecutive daily price increases at stations across the country ended abruptly last month. It was the longest streak of rising prices in two years and due to the combination of rising crude oil costs, refinery maintenance and unplanned production problems in the Middle East where terrorism and warfare remain a threat.

Automotive Insight!

During this period, average gas prices increased by 43 cents per gallon, but have fallen by a half cent since Saturday. While today’s price of $2.45 per gallon is three cents more than one week ago and 28 cents more than one month ago, pump prices continue to reflect a substantial yearly discount. Compared to the same date last year motorists are saving an average of $1.04 per gallon. (more…)