Detroit Bureau on Twitter

Posts Tagged ‘gas price’

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.

News You Can Trust!

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.


Diesel Users Getting Little Relief on Prices

Diesel car market could be set to implode.

by on Jan.02, 2015

The Ram 1500 EcoDiesel captured the Green Car Journal's "Green Truck of the Year" award for 2015.

American motorists have a particularly good reason to celebrate the New Year, unleaded regular gasoline averaging barely $2.40 a gallon across the country, according to federal data, as low as the price has been in more than half a decade.

But not everyone is sharing in the good news. The relatively small number of motorists – along with the nation’s truckers — who depend on diesel are paying an average of $3.28 a gallon, according to the most recent survey by the Energy Information Administration. That figure did mark a decline of nearly 60 cents since the beginning of 2014, but was nowhere near the 87-cent plunge in gas prices.

Stay Informed!

And there are signs that the widening cost gap is starting to short circuit the nascent comeback of the diesel market. Demand for so-called clean diesels had been growing a significantly faster rate than the overall U.S. automotive recovery through mid-2014, but sales are beginning to slip as lower gas prices offset the higher mileage diesels offer.


Oil Prices Heading Up – And Could Hit $4 by Summer, Warns DoE

But threat of big shock seems minor, government adds.

by on Feb.02, 2011

Expect to pay more, but government analysts say the feared surge to $4 a gallon is unlikely in 2011.

Be prepared to see the price at your local pump push towards $4 a gallon by the Independence Day holiday, warns the Department of Energy, in a new fuel forecast.

But the odds favor a less radical run-up, the government predicts, with only a 7% chance we’ll be paying $4 for gas this year.  Nonetheless, the DoE’s Energy Information Administration, sees it a certainty that fuel costs will keep climbing from their current level, which is average a bit more than $3 a gallon nationwide.

The EIA says the average price for a barrel of crude oil ran $89 in December 2010, and should push to $93 this year.  Considering the figure is already nudging close to $92, it raises the question of whether the government forecast is too conservative.  By the end of 2012, the forecast is $99 a barrel, which would still be well short of the record $147 hit in July 2008.

Keep On Top!

A steady climb upward would be far more acceptable, according to most economists, than the extreme peaks and valleys seen in recent years – 2008’s high point was followed by a low of $38 a barrel in December of that year.

While a senior Shell official recently warned that prices at the pump could soon be in the $5 range, the Energy Department forecast calls for an average $3.17, across the country, this year, up from $2.78 in 2010.  That is expected to climb to $3.29 a gallon in 2012.