Detroit Bureau on Twitter

Posts Tagged ‘gas price news’

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.

Subscribe & Stay on Top!

“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.

Stay in the Know!

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.

Subscribe Now!

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.

Global Auto News!

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.

Global Auto News!

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.

The Journal of Record!

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

Beyond the Headlines!

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

US Motorists on the Road Again in Record Numbers

Winter storms in January caused a drop in miles traveled.

by on Apr.26, 2016

Americans set a new record for driving in February with 232.2 billion miles traveled.

After a bit of a hiccup due to strong winter storms, U.S. drivers are climbing behind the wheel once again enjoying low gasoline prices and new vehicles that are more fuel efficient than ever, according to new studies.

January figures were down significantly causing many observers to wonder if it was the beginning of a trend or simply the impact of rough winter weather. Now they have their answer.

Get a Free Subscription!

Motorists set a new record for February looing 232.2 billion miles, which was up 5.6% compared with year-ago figures, according to the U.S. Dept. of Transportation. (more…)

Truck Sales Driving Down Fuel Efficiency Numbers

Low gas prices encourage consumers to buy trucks, SUVs.

by on Dec.11, 2015

Low fuel prices are encouraging consumers to buy more full-size pickups and utilities than cars, driving down fleet efficiency.

After years of progress, the drive to improve the efficiency numbers of the U.S. automobile fleet has stalled as consumers opt for light-duty trucks and utility vehicles rather than passenger cars in the current sales frenzy.

While domestic, Asian and European carmakers are enjoying some of their best sales ever in the U.S., the sales of passenger cars to American customers has actually fallen during the first 11 months of 2015.

News Now!

The numbers are stark. Sales of cars of all types have dropped 2.2%, while sales of trucks and utility vehicles have increased 12.7%. The shift means that trucks will outsell cars in the U.S. by roughly 1 million units this year, according to numbers collected by Auto Data. Last year the split was roughly even with a small tilt towards the truck side of the business. (more…)

Fuel Prices Could Be in For Even Sharper Decline

Petroleum at $20 a barrel forecast, Pump prices could dip toward $1 a gallon.

by on Dec.09, 2015

A variety of factors, including the current El Nino, could drive the price of gas to just above $1 a gallon in the months ahead.

Fuel prices have tumbled to their lowest levels since 2007 in recent days, with much of the country now paying less than $2 a gallon – but if some new forecasts are correct, motorists might soon see figures plunging to little more than $1 a gallon.

Gasoline futures fell to near seven-year lows in New York trading this week, and with traders racing to sell of their holdings in crude oil, some observers are worried that the price of a barrel could tumble to half of the $40 to $45 figure seen in recent days.

Your Inside Source!

A variety of factors are at work, among them a glut of oil production, the decision by OPEC not to enact new production caps, and even the effects of El Nino, a warming of the Pacific Ocean expected to result in warmer temperatures in the U.S. – and thus, lower need for heating oil. (more…)