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Posts Tagged ‘gas prices rising’

Gas Prices Keep Rising; Might Truck and Ute Sales Fall?

Analyst thinks prices are getting high enough to hurt SUV sales.

by on May.22, 2018

With gas prices averaging nearly $3 a gallon in the U.S., at least one analyst is concerned truck and utility vehicle sales could be impacted.

Going into the Memorial Day weekend, the traditional opening of the summer driving season, the average price of gasoline across the U.S. continues to climb and analysts expect even higher prices lie ahead, prompting at least one respected analyst suggest buyers of new vehicles may start to rethink their purchase decisions.

Gas prices jumped 12 cents during the past 14 days, and six-cents since last week, landing the national average at $2.93 – the highest price point going into the Memorial Day weekend since 2014, according to AAA.

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“AAA forecasts nearly 37 million travelers will hit the road for the holiday weekend. Compared to an average of the last three Memorial Day weekends, pump prices are nearly 50 cents more expensive and climbing,” said Jeanette Casselano, AAA spokesperson.  (more…)

US Seeing Gas Prices Rise Across the Country

Jump in gas prices costing average American $450 annually.

by on May.14, 2018

Folks are going to be spending more on gasoline in the weeks ahead as Iran sanctions and summer blends are pushing prices higher.

The price of gasoline continues to climb with a gallon of gasoline costing 50 cents more than it did at this time last year.

At $2.87, the national gas price average jumped 6 cents on the week in part due to the White House’s decision to re-impose sanctions on Iran, according to AAA’s weekly survey.

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“The Administration’s move combined with the switchover to summer blend, growing global demand and shrinking supply continues to fuel pump prices as we approach the summer driving season,” said Jeanette Casselano, AAA spokesperson. (more…)

Gas Prices Rising Due to Increase in Demand

Trump blames rise on OPEC.

by on Apr.24, 2018

Gas prices continue to rise as demand increase in the U.S.

Rising demand is helping push up the price of gasoline by an average of 5 cents per gallon across the U.S.

The federal Energy Information Administration’s latest data indicates consumer gasoline demand is at 9.857 million barrels per day, which is at the highest level ever on record for the month of April and exceeds typical summer demand measurements, driving up prices at the pump all across the U.S, according to analysts at AAA.

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As demand jumped, gas prices increased across the country on the week with five states seeing double-digit increases and the national average ticked up a nickel to $2.76, AAA reported. Overall prices are at the highest level in three years. (more…)

Gas Prices on the Rise as Temps Do the Same

Summer driving season a month away, but prices on the move.

by on Apr.18, 2018

Gas prices continue to rise as the summer driving season creeps ever closer.

Gasoline continues to get more expensive across the U.S. even though the beginning of the summer driving season is still more than a month away, according to the survey of prices at the pump by AAA.

With the price of gasoline averaging $2.71 per gallon, prices are at their highest point in nearly three years. On the week, the national average increased a nickel.

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“Expensive crude oil prices, unrest in the Middle East, strong domestic demand, record production rates and global oil supply surplus have created the perfect storm to drive spring gas prices toward new heights,” said Jeanette Casselano, AAA spokesperson.  (more…)

Gas Prices on the Rise as Summer Driving Season Nears

Current average price nears last year's high mark.

by on Apr.11, 2018

Drivers can expect to start paying more at the pump as summer approaches.

Gasoline is getting more expensive and with the summer driving season just ahead prices are already closing in on last year’s high, according to AAA.

“Gas prices are only a penny away from topping the $2.67 high of 2017,” said Jeanette Casselano, AAA spokeswoman. A year ago, the average price of gasoline across the nation was $2.39 per gallon.

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“The price is likely to increase as spring brings warmer weather and the switchover to summer blend gasoline, but hopefully we will only see mild jumps in coming weeks,” Casselano said. (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…)

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…)