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Posts Tagged ‘gas prices rising’

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…)

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…)

Pipeline Rupture Causing Gas Shortages

Areas of Georgia, Tennessee impacted immediately.

by on Sep.19, 2016

A ruptured section of pipeline in Alabama is causing gas shortages in some parts of Georgia.

A major pipeline that carries gasoline to the Eastern United States ruptured in Alabama, forcing part of it to shut down. The closure is threatening to drive up prices and create spot shortages of fuel along the Atlantic Coast and in the Southeastern United States.

A section of the Colonial Pipeline, which runs from Houston to New York, has been closed since Sept. 9, after a spill of roughly 250,000 gallons was discovered in rural Shelby County, Alabama.

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The pipeline, one pipe of which has been severed, provides gasoline for an estimated 50 million people on the East Coast each day, according to company estimates. The cause of the leak has yet to be determined, according to the company’s most recent statement. (more…)

Gas Prices Ascending into Labor Day Weekend

Rising crude prices and Louisiana floods causing price jump.

by on Aug.31, 2016

With the Labor Day weekend looming, gas prices continue to rise.

Gasoline prices continue to move upwards heading into the Labor Day weekend.

After dropping for two months, including a streak of 53 out of 54 days, pump prices are increasing and the national average price for regular unleaded gasoline has risen for 14 consecutive days, according AAA.

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The average price of $2.22 per gallon nationwide marks an increase of six cents per gallon compared to one week ago and eight cents per gallon compared to one month ago, AAA reported. Despite the increase, drivers are paying 27 cents less than they did at this same time last year and are on track to pay the lowest Labor Day gas prices since 2004. (more…)

Gas Prices Ticking Upward as Summer Ends

If demand drops after Labor Day, prices are expected to follow suit.

by on Aug.25, 2016

Gas prices rose for the first time in months in August; however, if demand drops after Labor Day, prices are likely to follow.

A rise in the price of crude oil has pushed up the price of gasoline at pumps across the United States for the first time in two months.

The increase follows a summer-long streak during which the national retail average price of gasoline dropped on 54 of 55 days. But prices at the pump have now increased steadily during the past three weeks, according to AAA.

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The national average price for regular unleaded is $2.16 per gallon, which is four cents more than one week ago, but is two cents less than a month ago and 46 cents less than the same date last year, and the lowest price for this date since 2004, AAA said. (more…)

Gas Prices Jumping Up as Driving Season Kicks Off

Refinery maintenance, production cuts help push prices higher.

by on Mar.18, 2016

The start of the spring driving season, refinery maintenance and production cuts have combined to increase gas prices.

After a long decline that began before Thanksgiving, gasoline prices are moving sharply higher thanks to strong demand as the spring driving begins and signs U.S. oil production is beginning to fall.

Gas prices at the pump have jumped 12 cents per gallon over the past week, which is the largest weekly increase since early March 2015, according to AAA, which also noted prices have increased by 25 cents per gallon over the past month.

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The national average has moved higher almost every week for the past three weeks and the current average of $1.96 per gallon is the highest average in two months, AAA said. (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…)

Consumers Expect Gas Prices to Rise Sharply Again

Increase of 50% over next two years likely, finds new study.

by on Feb.19, 2015

Gas prices are expected to rise in the near term after falling for several months.

Consumers may relish the sharp slump in fuel prices during the last few months, but they anticipate prices will eventually rebound – and want automakers to continue putting a premium on fuel economy, according to a new survey.

In the early weeks of the New Year, motorists in more than 40 states were paying less than $2.00 a gallon, according to industry reports. But the new study by the Consumer Federation of America (CFA) predicts prices will surge back to around $3.20 a gallon within two years. Looking five years out, meanwhile, they expect to be paying around $3.90 a gallon at the pump.

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“There’s a good reason why today’s car buyers still believe fuel efficiency is important—they understand that gas prices always go back up,” said Jack Gillis, CFA director of Public Affairs and author of The Car Book.  (more…)

Gas Prices Creeping Upward after Super Bowl

Another drop may come due to declines in regional demand.

by on Feb.02, 2015

Gas prices are on the rise after a lengthy free fall that has seen them drop to the lowest levels in more than five years.

The free fall in gasoline prices could be coming to an end after a seven-month drop in prices has consumers enjoying the lowest prices in more than six years.

Gas Buddy, a website the tracks daily changes in gasoline prices, reported that gasoline was selling for $2.051 per gallon in the wake of the Super Bowl, which was slightly higher than the $2.026 per gallon recorded only a week ago.

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AAA, however, reported last week there were indications that gasoline prices could drop again as demand as dropped in the wake of the winter storms in the Northeast. The winter weather continued over the weekend with a massive blizzard that dumped a foot of snow in a broad band stretching from Iowa into New England. (more…)