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Gas Prices Starting to Fall in October

Some parts of country still over $2.50 a gallon.

by on Oct.20, 2016

Unexpected refinery maintenance has caused prices in some areas to rise slightly, but gas prices are down on average.

The national average price for regular unleaded gasoline has dropped for nearly two weeks after a brief spike during September, according to the information collected by AAA.

Unleaded gasoline was selling for $2.23.5 cents per gallon this week, AAA reported. The average price represents a decrease of two cents per gallon compared to one week ago, but remains five cents more than last month.

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Drivers across the country continue to see savings at the pump and are paying an average of three cents less per gallon year-over-year while the price of crude oil remains well below its historical highs, AAA said. (more…)

US Gas Prices Continue Weeks-Long Slide

Less than 1% of gas stations charging $3 a gallon.

by on Aug.03, 2016

Gas prices continue to fall as oil prices globally remain low.

With the global market awash in oil, American motorists continue to enjoy the benefits of relatively low fuel prices, which have dropped steadily since the start of the summer holidays, according to AAA.

Prices at pumps nationwide have fallen since early June by 25 cents per gallon with the national average price for regular unleaded gasoline has declined to $2.13 per gallon, the lowest level in the past 100 days and the lowest price in early August since 2004, AAA reported.

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AAA also said the price is three cents less than one week ago, 15 cents less than one month ago and 52 cents less than the same date last year as prices across most of the country continue to slide during the peak road-trip season due to abundant supplies. (more…)

Rising Summer Temperatures Means Rising Gas Prices

Despite the rise, prices significantly lower than last year.

by on Jun.02, 2016

With the summer driving season now in full swing, demand levels are rising as are prices.

With the Memorial Day in the rear-view mirror, the summer driving season has begun in earnest and demand for gasoline remains very strong, according to AAA.

AAA, however, also reported that motorists are paying the lowest gas prices for this time of year in more than a decade. Gas prices during the Memorial Day holiday were the cheapest since 2005 and down 42 cents per gallon versus last year’s holiday, according to AAA latest nationwide survey.

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The average price of $2.32 per gallon represents an increase of three cents per gallon on the week, and consumers are paying 11 cents more per gallon than they were a month ago, AAA said, while this year’s summer driving season is expected to be characterized by higher-than-normal gasoline demand. (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 Crawling Upward as Oil Prices Stabilize

Consumers paying six cents more at pump this week.

by on Mar.09, 2016

With oil prices stabilizing, consumers are finding they're paying more at the pump for gas.

With signs that the price of petroleum has begun to stabilize, the price of gasoline continues to climb across the U.S., according to AAA.

The national average price jumped six cents on the week, the largest one-week increase since the beginning of the year, and the average price of gasoline now stands at $1.81 per gallon.

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AAA reported the national average is likely to continue to move higher due to spring turnaround activity and reductions in supply in select regional markets. However, significant yearly discounts remain and pump prices are down 65 cents on the year, AAA said. (more…)

Motorists Catching an Independence Day Break

Fuel costs stabilize well below last year’s holiday price.

by on Jul.02, 2015

No big jump in gas prices this holiday.

Despite recent jumps in the cost of gas, drivers are poised to pay the lowest prices at the pump over the Fourth of July holiday weekend in at least five years.

AAA estimates the average price of $2.77 per gallon is down two cents compared to a week ago and down three cents from the peak price to date for 2015, set on June 15.

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Going forward, the price of gasoline is still under pressure from the falling price of crude oil. Oil futures, a key indicator of prices to come over the next few months, dropped $1.54 per barrel, to $59.60 yesterday. That reflects both the relative value of the dollar and a steady excess of crude oil on global markets, according to the Energy Information Administration.

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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…)

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…)

OPEC Claims No Price Target Set for Oil

U.S. production expected to increase next year, keeping prices low.

by on Dec.15, 2014

Abdalla Salem el-Badri, OPEC's top leader, said the organization has not set a target price for oil.

Despite speculation that OPEC is manipulating oil prices, the organization has no set price target for oil and will let the market determine what it should cost, said Abdalla Salem el-Badri, head of the Organization of Petroleum Exporting Countries, according to the Wall Street Journal.

The price of gasoline has plunged, again, on the heels of fresh turmoil in the global energy markets, which has continued to unnerve trade and equity markets around the world.

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The AAA Gas Gauge estimated Sunday that gasoline price across the United States have dropped another 12 cents in the past week and could drop another 17 cents by Christmas according to AAA. Gasoline prices fell, following another drop in the price of crude oil, which has dropped by 41% since the end of 2013. At the end of last week, crude oil was trading for $57.49 a barrel. (more…)