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Posts Tagged ‘fuel news’

Trump Facing Latest Tough Choice: Oil or Corn

New targets for use of ethanol and biodiesel have oil companies crying foul.

by on Nov.29, 2016

President-elect Donald Trump faces a difficult task in sorting out what to do about the EPA's new targets for renewable fuel standard, if anything.

President-elect Donald Trump is going to have start picking which “child” is his favorite among part of the “big business” set: Big Oil or Big Corn.

Trump is already hearing from both groups after the Obama Administration submitted its final plan for renewable fuel use, i.e. adding ethanol and biodiesel to gasoline and diesel to lower greenhouse gas emissions, which instituted loftier-than-ever targets for fuel producers.

Renewable Fuels News!

This new plan, put together by the Environmental Protection Agency, left the oil industry crying foul while farmers scramble to remind Trump of his pro-ethanol stance put forth during the campaign. (more…)

Gas Prices Leveling Off as Refineries Ramp Up

Production back to normal output.

by on May.10, 2016

After climbing upward to a six-month high in early May, gasoline prices seem to have stabilized.

After reaching its highest point in six months in early May, the price of gasoline is showing signs of leveling off, ending the steep climb that raised the average price of gasoline as the spring driving season picked.

The price of gasoline at the pump declined slightly during the past week, according to the AAA. The group also said it is possible that prices have begun to stabilize as refineries increase production to meet record-high demand.

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The average price of $2.21 per gallon represents an increase of 17 cents per gallon on the month, and prices have moved higher for 23 of the past 31 days. (more…)

Gas Prices Remain Low Despite Storms

West Coast only area over $2 per gallon pricing.

by on Jan.27, 2016

Gas prices are below $2 a gallon across the country due to low crude prices with only the West Coast still above $2.

Even as intense winter storms system swept through the Southeast and Mid-Atlantic states, the price of gasoline continued to drop across the United States, according to new survey from AAA.

Average gas prices have spent 25 consecutive days below $2 per gallon and could head lower still as reduced seasonal demand and falling crude oil costs combine to send pump prices to the lowest mark in six years.

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Today’s average price of $1.83 per gallon is the cheapest price since January 2009, and retail averages have fallen for 69 of the past 80 days for a total savings of 40 cents per gallon over this span, AAA reported. (more…)

US Average for Gas Drops Below $2 a Gallon

National prices at lowest levels since 2009.

by on Dec.22, 2015

The U.S. average price for a gallon of gas has dropped below $2 and is expected to continue sliding into next year.

The price of gasoline continues to slide as the Christmas holiday approaches and are poised to go even lower as the global price of crude oil continues to fall, setting the stage for further decline in pump prices.

U.S. average gas prices dropped below $2 per gallon for the first time since March 25, 2009, during the depths of the great recession, according to AAA’s survey of gasoline prices nationwide. The national average price of gas had dropped to $1.998 per gallon.

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AAA estimates that cheaper gas prices have saved Americans more than $115 billion on gasoline so far this year, which works out to more than $550 per licensed driver. Marshall Doney, AAA’s president and CEO, noted, “The lowest gas prices in nearly seven years are a holiday gift that few consumers could have imagined when gasoline was $4 a gallon.” (more…)

Gas Prices Continue to Decline in July

Supply outstrips demand in much of U.S.

by on Jul.31, 2015

The average price for gas has dropped recently in the U.S., despite a sharp spike on the West Coast.

The national average price for regular unleaded gasoline continues to drop as motorists are now paying, on average, the lowest price for gasoline during July since the recession year of 2009.

The national average price is $2.71 per gallon, which is a nickel per gallon less than one week ago and seven cents less than one month ago. Drivers are saving 82 cents per gallon at the pump compared to a year ago, according to AAA. GasBuddy.com also reports that prices continued to fall this week.

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Weekly price comparisons show the majority of drivers in 43 states and Washington, D.C. are saving at the pump. The price is down a dime or more in Ohio, where prices dropped by 17 cents, as well as Indiana, Kentucky and Michigan and despite some regional differences within each state, motorists in a total of nine states are saving a nickel or more per gallon week-over-week. Retail averages climbed higher in seven states during the same period, but in less dramatic fashion. (more…)

Gas Prices Rise in Time for Memorial Day Holiday

Price at pump up a nickel in last week, 26 cents for the month.

by on May.21, 2015

AAA reports that gas prices have risen a nickel in the last week, just in time for the Memorial Day holiday.

Not surprisingly, with the Memorial Day Holiday – the official start of the summer driving season – fast approaching, gasoline prices continue to increase. They climbed by a nickel a gallon, according to AAA, in the last week.

The national average price for regular unleaded gasoline has increased on 32 of the past 34 days, reaching today’s price of $2.71 per gallon. Consumers are paying 26 cents more per gallon than one month ago.

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Pump prices have moved higher nationwide in recent months, largely due to the global rally in crude prices. The impact of more expensive crude oil on gas prices has been exacerbated by refinery problems. (more…)

US Gasoline Usage Lowest Since 1984

Better fuel economy, less driving helps cut gas prices.

by on Mar.26, 2015

More fuel efficient vehicles, like Ford's C-Max line-up, have helped reduce the amount of gasoline used by Americans in the last three decades.

A new study from the University of Michigan examines one of the important factors that have undermined the price of oil and gasoline: Americans are using less gas.

The price of gasoline and crude oil has plunged since last summer and the role of new discoveries in North American shale formations has been highlighted.

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Over the past two years, oil production in the U.S. has reached levels last seen in the late 1960s and early 1970s. Average fuel consumption by American drivers is at its lowest level in at least 30 years, according to a University of Michigan researcher. (more…)

US Gas Prices on the Rise after 123-Day Decline

AAA doesn’t expect prices over $3 gallon this year.

by on Feb.09, 2015

Gas prices are beginning to rise after hitting seven-year lows a few weeks ago.

The average price of gasoline in the U.S. increased during the past week, rising by more than 10 cents per gallon, according to a new survey by AAA.

Gas prices had declined for a record 123 consecutive days to $2.03 per gallon before increasing last week for the first time since Sept. 25.

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“Many drivers are noticing an uptick in gas prices for the first time in months,” said Avery Ash, AAA spokesman. “It is typical to see gas prices increase this time of year due to refinery issues, yet hopefully the consumer impact will be less problematic given how low prices are today.” (more…)

Falling Gas Prices Putting Money in Consumers Pockets

Five-year lows threatening Texas jobs.

by on Dec.22, 2014

Gas prices continue to tumble, dropping 25 cents in the last two weeks to an average of $2.47 a gallon.

The influential Lundberg Letter estimated that the average price of a gallon of gasoline in the United States has dropped 25 cents in the past two weeks, tumbling to its lowest level in more than five-and-a-half years, according to the Lundberg survey released Sunday, while AAA said the drop in prices is expected to continue.

Prices for regular-grade gasoline fell to $2.47 a gallon in the survey dated Dec. 19, down 25 cents since the previous survey on Dec. 5, according to Lundberg, and the recent drop has taken prices down more than $1.25 a gallon since a peak in May.

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“This is mostly driven by the big drop in crude oil prices and absent a sudden spike we very well may see a drop of a few pennies more,” said the survey’s publisher, Trilby Lundberg. “That said, demand is up at these low prices.” (more…)

Lower Fuel Prices Likely to Last Awhile

Saudis taking short-term loss for long-term gain.

by on Oct.14, 2014

Gas prices in the U.S. are on the decline and the lower prices may be around for a while.

If you’ve got to fill up your tank for the daily commute, you might not dread watching the numbers spin on the pump these days, at least not as much as you did earlier in the year when prices nudged $4 a gallon in many parts of the country.

Motorists in Missouri, for example, are now paying an average of just $2.877 a gallon, according to a survey by GasBuddy.com, the lowest figure in the country. But the tracking site found that eight other states have dropped below the $3 mark, with some estimates predicting as many as 30 could dip below that figure in the weeks to come.

Fueling Up the News!

The current downturn might last for some time, according to the federal agency tasked with tracking energy trends. Meanwhile, a wire report out of the Mideast indicates that the government of Saudi Arabia is quietly sending out signals that it won’t take steps to boost fuel prices for as much as a year or more. (more…)