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Posts Tagged ‘fuel prices fall’

Oil Prices Falling Slightly for Thanksgiving Weekend

Increase in inventory offset by usual uptick for travel.

by on Nov.22, 2017

Gas prices are down slightly as what is expected to be a holiday record for travel kicks off.

With the Thanksgiving holiday underway, gasoline prices dropped slightly as motorists began filling up their tanks for what looks to be a record week for travel.

AAA reported after holding steady for nine days, the national gas price average was slowly declining at the start of the Thanksgiving week. At $2.54, the average price of gasoline was two cents less per gallon than one week ago and 40 cents more per gallon than a year ago.

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While lower prices are a welcome sight for travelers, higher pump prices have not typically stopped Americans from hitting the road for holiday travel, AAA noted. (more…)

Gas Prices Continue Tumbling in November

National average expected to be below $2 a gallon by Christmas.

by on Dec.02, 2015

Repairs on Midwest refineries are now complete, driving down gas prices in many Midwestern states.

Gasoline prices continue to tumble in the wake of the Thanksgiving Holiday as average price nationwide dropped to $2.04 per gallon, which is within fractions of a penny of the multi-year low reached back in January.

The national average is tracking to fall below the $2 per gallon benchmark by Christmas. Gas prices are down three cents per gallon for the week, 14 cents during the last month and 74 cents compared to a year ago, according to the latest survey by AAA.

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The decline in gasoline prices has helped fuel the boom in sales of trucks and utility vehicles, which tend to be less fuel efficient than midsized or compact passenger cars. (more…)

Gas Prices Fall as Labor Day Approaches

Prices expected to remain low as Saudi Arabia keeps production high.

by on Sep.03, 2015

Gas prices are expected to continue falling for some time as Saudi Arabia is unlikely to cut production.

With the Labor Day holiday looming, the price of oil continues to bounce around on global markets.

However, the price of gasoline continued to drop across the country and most drivers should find themselves paying the lowest Labor Day weekend gas prices since 2004. The national average price for regular unleaded gasoline has fallen for 14 consecutive days for a total of 20 cents per gallon, according to AAA.

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Market fundamentals remain bearish, even as oil prices staged a rally late last week that pushed prices a bit higher compared to early-week trading sessions where both Brent and WTI exceeded multi-year lows. (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…)

Motorists May Be in for Long-Time Relief on Fuel Prices

Credit burgeoning supplies of oil, experts suggest.

by on Dec.18, 2013

Motorists are using a lot less fuel these days - which is contributing to lower pump prices..

Might memories of skyrocketing fuel prices be a think of the past?  With pumps in a growing number of states now set at less than $3.00 a gallon, several new reports suggest that motorists might be in for a break in the months – perhaps even years – ahead.

That said, experts caution that a variety of factors could still hammer motorists – and the economy, whether short-term problems with refineries and pipelines or more serious issues, such as disruptions in the Mideast.

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“We expect we’re going to see crude oil prices (continue to) fall for a while,” said Charles Chesbrough, a senior economist with IHS Automotive, a position echoed by a growing number of other studies, including a new report from the U.S. Energy Information Agency, or EIA.