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Posts Tagged ‘gas price news’

Average Price for Gasoline Continues Sliding

Inventories building so prices likely to keep falling.

by on Oct.17, 2017

Gas prices are falling as inventories continue to build after the hurricanes. (Photo credit: Brendan Strong)

The price of gasoline continued to drop in states east of the Mississippi River, with the exception of a handful around the Great Lakes, paying as much as eight cents less at the start of this week, according to AAA.

While gas prices are more expensive than a year ago, the past five weeks of sustained weekly declines indicate that demand may be leveling out as travel declines after a busy summer alongside refineries and pipelines returning to pre-hurricane operations, AAA reported.

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“Gas stations are steadily dropping pump prices for the majority of motorists, especially regional markets in the Northeast, Mid-Atlantic, South and Southeast,” said Jeanette Casselano, AAA spokesperson. “Drivers will see stabilized or decreasing prices at the pump throughout this month due to high refinery production rates and seasonal demand.” (more…)

Gas Prices Leveling Off after Hurricane Harvey

Refineries beginning to come back online.

by on Sep.12, 2017

Gas prices are leveling off after hitting a two-year high in the wake of Hurricane Harvey. (Photo credit: Brendan Strong)

Gasoline prices appear to be leveling across the U.S. off despite the disruptions created by two major hurricanes that have battered the United States causing some local shortages, AAA reported in its weekly analysis of fuel prices around the country.

AAA said for the first time in more than two weeks, the national gas price average despite Hurricane Irma’s landfall in Florida with gasoline prices holding steady at $2.67. The national gas price average is just three cents more expensive on the week, which saw a massive evacuation from parts of Florida as the storm approached.

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With a seven-cent increase, Florida, Indiana and Georgia were among the top 10 states who saw the largest gas price increases on the week, while gas prices dropped by one to six cents per gallon in Ohio, Kansas, Kentucky, Missouri, Delaware and Oklahoma, AAA reported.  (more…)

White House Orders Release of Strategic Reserves as Gas Prices Skyrocket

Impact unlikely to mean much for holiday travelers.

by on Sep.01, 2017

President Donald Trump is releasing some of the country's strategic petroleum reserves as gas prices soar.

U.S. gas prices are skyrocketing and, with as much as a quarter of the nation’s refinery capacity off-line in the wake of Hurricane Harvey, spot shortages are starting to develop in time for the Labor Day holiday.

That has prompted Pres. Donald Trump to release 1 million barrels of crude oil from the Strategic Petroleum Reserve. But that move is not expected to have any significant impact, especially not immediately, especially as refineries around the rest of the country are struggling to boost their output of gasoline and other distillates, rather than coping with shortages of crude.

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The crisis touched off last weekend as Harvey made its first landfall was worsened as the storm went back out to sea, regained strength and then struck near the Louisiana-Texas border bringing more flooding and taking down the nation’s single largest refinery, in Port Arthur, Texas. (more…)

Average Gas Prices on the Rise After Holiday

AAA suggests getting your driving trips in now.

by on Jul.13, 2017

Gas prices moved upward – on average – for the first time in five weeks this week, according to AAA.

With the summer driving season in full swing AAA reports that gasoline prices across the U.S have begun to creep upward.

For the first time in five weeks, the national average gas price is rising. At $2.26, today’s price has been moving higher since July 6, and is three cents more than last week. The price increase follows a week of solid demand growth and a third straight week of gasoline inventory drawdowns across the country.

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“Gas prices are still at some of the cheapest prices we’ve seen this year, but consumers should take advantage of them while they can,” said Jeanette Casselano, AAA spokesperson. (more…)

U.S. Gas Prices Continue to Slide

Even with uptick in summer driving miles, prices remain low.

by on Jun.16, 2017

Gas prices continue to slide even as the summer driving season is nearly in full swing. However, prices aren't expected to drop much more.

Despite record demand for motor fuel over the Memorial Day holiday, which traditionally marks the start of the summer driving season, the price of gasoline has dropped this week and is now less expensive than it was a year ago, according to AAA.

With price of a gallon of gasoline averaging $2.32 per gallon as the price of fuel declined this week in 27 states in the southeast and Midwest, AAA reported. Motorists in several states also saw double-digit price drops.

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The national price drop is due to an unexpected build up of crude oil last week combined with ongoing high gasoline production runs, an increase in gasoline stocks and a drop in gasoline demand on the heels of the Memorial Day holiday. (more…)

Gas Prices on the Decline as Summer Driving Season Approaches

West Coast may see uptick due to refinery problem.

by on May.18, 2017

Gas prices are falling just as the summer driving season is kicking off.

With the summer driving season about to get underway, the price of gasoline is trending downward, following a small price spike in the late winter and early spring.

The national average is $2.34 per gallon, which is a penny cheaper than one week ago, seven cents less than a month ago, but 12 cents more than a year ago, according to the latest report from AAA.

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The latest report by the Energy Information Administration, a unit of the U.S. Department of Energy, shows that gasoline demand increased by 252,000 barrels in the past week. (more…)

Gas Prices Marching Upward as OPEC Production Cuts Loom

U.S. oil producers ramping up production levels.

by on Dec.22, 2016

Gas prices keep climbing as OPEC's self-imposed production cuts inch closer.

With the Christmas and New Year holidays approaching, gasoline prices continue their month-long climb, leaving motorists paying significantly more than they did just a year ago, according to the latest weekly survey from AAA.

The national average price for regular unleaded gasoline sits at $2.25 per gallon, which is the highest mark since October. The average across the U.S is four cents more per gallon than one week ago, nine cents more compared to one month ago and 24 cents more than the same period last year, AAA reported.

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Prices continue to rise due to market expectations of tighter availability following the announcement of an OPEC deal to cut oil production that is scheduled to start in January, according to AAA analysts. (more…)

Gas Prices Edging Upward on OPEC News

Oil producing countries slowing production levels.

by on Dec.13, 2016

With oil producing countries cutting production, gas prices have been rising for the last two weeks.

With the Christmas and New Year holiday approaching, the effort by the Organization of Petroleum Exporting Countries and non-OPEC producers such as Russia to curtail production is beginning to force up the price of the gasoline used by American consumers.

AAA reported the national average has increased for 14 days in a row following the OPEC oil production agreement Nov. 30. The average price of gasoline of $2.21 per gallon is up three cents per gallon on the week and two cents per gallon on the month. The national average is up 20 cents compared to the same date last year, according to AAA.

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Last month, OPEC agreed to trim output by 1.2 million barrels per day beginning January 2017 and markets have continued to react to the production cut agreement with crude oil prices hitting an 18-month high, AAA noted. (more…)

OPEC Deal Likely to Push Gas Prices Higher

Saudis appear to be on board with new plan.

by on Dec.02, 2016

Gas prices are expected to rise in the weeks ahead if OPEC moves forward with plans to cut oil production.

While the price of gasoline remains low across the United States, according to AAA, prices could be headed upwards if an agreement by members of the Organization of Petroleum Exporting Countries as well as Russia holds together.

Experts surveyed after OPEC announced the agreement to curtail production voluntarily said the price of oil could top $60 per barrel, which will raise prices at the pump.

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However, analysts will await confirmation that the cartel can stick to an agreement to reduce production and the terms of each country’s participation before making any predictions about pricing. (more…)

Despite Holiday Driving Record, Gas Prices Dropping

Supply is still above demand and keeping prices low.

by on Jul.07, 2016

Despite motorists driving at near-record levels, the price of gasoline continues to to drop.

With the summer driving season well underway and demand for gasoline closing in on record levels, gasoline prices are falling as the price of crude oil appears to have peaked, at least for now.

AAA reported this week that pump prices have fallen 24 straight days and registered their lowest price for the Independence Day holiday since 2005. The national average price for regular unleaded gasoline is $2.27 per gallon, which represents a savings of three cents per gallon on the week and nine cents per for the month, according to AAA as drivers benefit from discounts prices are down

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AAA estimated that the price of gasoline is 50 cents per gallon now compared with this same date last year. (more…)