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Posts Tagged ‘gas prices rise’

Gas Prices Hit Two-Year High in Wake of Hurricane Harvey

Refineries beginning start up production.

by on Sep.06, 2017

Gas prices have risen to a two-year high due to the impact of Hurricane Harvey.

Even as a second hurricane bears down on the U.S., the deadly weather from Hurricane Harvey has driven up the average price of gasoline to $2.66 per gallon — 28 cents higher than just a week ago, according to AAA.

Every state in the country has seen gas prices increase except four – Alaska, Idaho, Hawaii and Utah – where prices remain stable. Overall, gas prices are pennies away from topping the highest price of $2.67 that Americans have paid for a gallon of gas in more than two years.

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Losses in U.S. supply capability have catapulted retail prices to their highest levels since August 2015, but remain well below the first weeks of September 2011 through 2014, AAA said. (more…)

Gasoline Price Climb With Start of the New Year

OPEC cuts still impacting prices.

by on Jan.17, 2017

Gas prices continue to rise as OPEC's production cuts appear to be having their intended effect. (Photo credit: Brendan Strong)

The average price of gasoline across the U.S. continues to increase, reaching an average of $2.37 per gallon, the most expensive it has been since June 2016, just as the fuel economy of new vehicles purchased in the U.S. declined during 2015.

AAA’s weekly survey of fuel prices observed that gasoline prices have moved higher by three cents per gallon on the week and 17 cents per gallon on the month.

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Retail prices have increased for 40 of the past 42 days as a result of market reactions to the OPEC oil cut agreement. Traders and industry alike will keep a close eye on OPEC compliance as they await the release of the first output report which is expected in mid-February, AAA reported. (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…)

Shortages Cause Latest Jump in Gas Prices

Canadian forest fires cutting crude oil exports to U.S.

by on May.25, 2016

Canadian forest fires have cut exports of crude oil to the U.S., causing gas prices to rise to their highest average this year.

Gas prices are at their highest point for the year with the biggest jump in prices coming in the upper Midwest where the forest fires in the Canadian Tar Sand Region have crippled exports of crude oil to Midwestern refineries.

AAA noted in its weekly report on fuel prices that with the approach the Memorial Day holiday, the national average has increased for 12 days in a row an average of $2.28 per gallon is up six cents per gallon on the week and 15 cents per gallon on the month.

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The nation’s top five most expensive markets are: California at $2.80 per gallon, Hawaii at $2.66 per gallon, Washington at $2.59 per gallon, Alaska at $2.58 and Nevada at $2.49. In addition, for the first time since August 2015, drivers in every state and Washington, D.C. are paying averages above $2 per gallon, according to AAA. (more…)

Summer Blend Makes Gas Prices Rise

Refineries shifting to special seasonal mix.

by on Apr.05, 2016

Gas prices are on the rise as producers move to the summer blend of fuel.

With the summer driving season fast approaching, the price of gasoline continues to climb, pushing the average price beyond $2 per gallon, according to a new report by AAA.

Despite increasing for 36 of the past 41 days, the national average is at its lowest price point for this same date since 2009, according to AAA.

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“The average price of $2.06 per gallon represents an increase of two cents on the week and 24 cents on the month. Pump prices continue to reflect year-over-year discounts, and drivers are saving 34 cents per gallon versus this same date last year,” the organization noted. (more…)

Gas Prices on the Rise in the US

Rising crude oil prices, refinery maintenance pushing the increase.

by on Mar.03, 2016

Gas prices are beginning to rise as crude oil prices continue to move upward and the spring refinery maintenance season starts up.

After declining throughout the winter, gasoline prices have started to rise in the last couple of weeks as the price of crude oil inches up and refineries begin getting ready for the spring driving season.

The national average price of gas has increased for six consecutive days for the first time since early November, though drivers continue to enjoy relatively low prices at the pump, AAA reported.

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Prices at the pump have climbed by four cents per gallon versus one week ago and are likely to continue to rise as the spring refinery maintenance season ramps up. Monthly and yearly savings persist and drivers are saving five cents on the month and 65 cents on the year, AAA said. (more…)

Gas Prices Jump as Crude Oil Rises

Drivers paying more at the pump in last week.

by on Apr.21, 2015

Gas prices are beginning to rise after dropping during the Easter holiday a few weeks ago.

The national average price of gas has increased about seven cents per gallon over the past week due to sharply rising crude oil costs as AAA’s weekly survey of gasoline prices reflected a reversal of the downward trend in the face of concerns about oil supplies and stockpiles.

Domestic crude oil prices last week reached the highest levels of 2015 as supplies built more slowly than anticipated. Despite the increase, consumers continue to benefit from substantially lower gas prices compared to recent years, with the national average of $2.46 per gallon this week representing the least expensive average for this date since 2009.

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The market also weighed potential geopolitical concerns in the Middle East. Domestic oil prices are more than $10 per barrel higher than a month ago, which has contributed to higher gas prices, AAA said. (more…)

Gasoline Prices Continue Climbing in US

Auto fuel efficiency continues to rise, survey shows.

by on Jul.08, 2014

The strong sales of the Ram 1500 Diesel has contributed to the national improvement in fuel economy for new vehicles.

With gasoline prices inching upward this summer, the fuel economy of the new vehicles sold in the U.S. is continuing to improve compared with historic figures, the University of Michigan reports.

Despite a slight dip in June, fuel economy of new vehicles sold in the U.S. has exceeded 25 miles per gallon for the fifth straight month, according to researchers at the University of Michigan Transportation Research Institute (UMTRI) responsible for the monthly survey of fuel economy trends.

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The average fuel economy – window-sticker values – of cars, light trucks, vans and SUVs purchased last month was 25.5 mpg, down from a record-high 25.6 mpg in May. Vehicle fuel economy is now up 5.4 mpg from October 2007, the first full month of monitoring, noted UMTRI researchers Michael Sivak and Brandon Schoettle. (more…)

Looming Crisis in Middle East Could Spike Gas Prices

Iraq falling into state of disarray and oil price expected to rise.

by on Jun.16, 2014

Gas prices are expected to rise in the near term due to the unrest in Iraq.

As a new crisis looms in the Middle East where a Jihadist army has seized territory from the government of Iraq, oil prices – and ultimately the price of gasoline – are expected to move upwards, putting pressure on the consumers and automakers.

Oil prices have risen to the highest level this year over fears of the violence disrupting exports from Iraq, which is a leading member of the Organization of Petroleum Export Countries (OPEC) member.

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While services such as GasBuddy.com haven’t reported any big movements in gasoline prices across the U.S., analysts are expecting gasoline prices to rise by as much as 10 cents per gallon. The fighting in Iraq also could spell the end of several months of stable gasoline prices, which have been a boon to automakers as sales of pickup trucks and utility vehicles have increased during the past 12 months. (more…)