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Posts Tagged ‘energy information administration’

Summer Travel Likely to Rise as Gas Prices Fall

Pump price expected to drop as oil stabilizes.

by on Jun.05, 2015

Gas prices are their high-water mark for 2015, but are expected to fall as crude oil prices stabilize.

The national average price of gasoline is $2.75 per gallon, which is the highest average of the year, according to the latest survey by AAA.

However, there is a good chance that average U.S. gas prices will drop soon due to stabilizing crude oil costs and as refineries complete seasonal maintenance, which would result in the cheapest summertime gas prices since 2009, the company suggested.

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At the same time, the average fuel economy of new vehicles sold in the U.S. continues to improve, according to a new survey from the University of Michigan. (more…)

Holiday Gas Prices at Four-Year Low, AAA Says

Average price is below $4 a gallon in every state.

by on Nov.25, 2014

The 41.3 million Americans who are preparing to travel “over the river and through the woods” to grandma’s house will be paying the lowest holiday prices for gas in five years, according to estimate prepared by the AAA Daily Gas Gauge.

AAA reported the national average price for regular unleaded gasoline has fallen for 60 consecutive days, reaching today’s price of $2.81 per gallon.

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“This is 7 cents less than one week ago, one quarter less than one month ago and 46 cents less than one year ago. Today’s price is the least expensive since November 4, 2010 and motorists are on target to pay the lowest averages at the Thanksgiving holiday since 2009, when the national average price was $2.63 per gallon,” 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 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…)

Fuel Prices Expect to Fall – Barely – For Summer

Energy Dept. forecasts meager one cent year-over-year decline.

by on Apr.08, 2014

Gas prices are expected to drop slightly this summer, according to the U.S. Dept. of Energy.

Expect to pay less for gasoline this summer than you did a year ago – but just barely, says the U.S. Department of Energy.

The Energy Information Administration predicts the typical American motorist will shell out $3.57 for a gallon of self-serve no-lead gasoline, a penny per gallon cheaper than during the April to September period last year.

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“That’s essentially the same number,” said EIA Administrator Adam Sieminski during a conference call with reporters. But the good news is that this will be the lowest fuel price motorists have paid since 2010 during the period when driving peaks in the U.S. (more…)

Fuel Prices Likely to Hold Steady this Year

But that doesn’t ease the pain as prices spike early and hard.

by on Feb.22, 2013

Fuel prices are up in an unusually early spike, but federal analysts predict things will level off at the pump for the rest of 2013.

Gas prices have taken some big jumps in recent weeks, rising an average of about 45 cents since this time last month.  There are pumps now pushing past the $5 mark in parts of Southern California, and some speculators are betting the traditional, seasonal spikes could come earlier and faster than normal, with fuel reaching record levels in 2013.

Don’t count the folks at the U.S. Energy Department among them. If anything, the DoE actually anticipates gasoline prices for 2013 will hold flat or even slip a bit, despite recent spikes blamed on speculation and refinery closings.

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There are already some signs traders fear they have over-stretched. And the slow and uncertain pace of the economic recovery – along with continuing economic issues in Europe and China – may ease demand that would otherwise drive up petro-speculation.


Oil Prices Heading Up – And Could Hit $4 by Summer, Warns DoE

But threat of big shock seems minor, government adds.

by on Feb.02, 2011

Expect to pay more, but government analysts say the feared surge to $4 a gallon is unlikely in 2011.

Be prepared to see the price at your local pump push towards $4 a gallon by the Independence Day holiday, warns the Department of Energy, in a new fuel forecast.

But the odds favor a less radical run-up, the government predicts, with only a 7% chance we’ll be paying $4 for gas this year.  Nonetheless, the DoE’s Energy Information Administration, sees it a certainty that fuel costs will keep climbing from their current level, which is average a bit more than $3 a gallon nationwide.

The EIA says the average price for a barrel of crude oil ran $89 in December 2010, and should push to $93 this year.  Considering the figure is already nudging close to $92, it raises the question of whether the government forecast is too conservative.  By the end of 2012, the forecast is $99 a barrel, which would still be well short of the record $147 hit in July 2008.

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A steady climb upward would be far more acceptable, according to most economists, than the extreme peaks and valleys seen in recent years – 2008’s high point was followed by a low of $38 a barrel in December of that year.

While a senior Shell official recently warned that prices at the pump could soon be in the $5 range, the Energy Department forecast calls for an average $3.17, across the country, this year, up from $2.78 in 2010.  That is expected to climb to $3.29 a gallon in 2012.