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Posts Tagged ‘gas prices’

Gas Prices Starting to Fall in October

Some parts of country still over $2.50 a gallon.

by on Oct.20, 2016

Unexpected refinery maintenance has caused prices in some areas to rise slightly, but gas prices are down on average.

The national average price for regular unleaded gasoline has dropped for nearly two weeks after a brief spike during September, according to the information collected by AAA.

Unleaded gasoline was selling for $2.23.5 cents per gallon this week, AAA reported. The average price represents a decrease of two cents per gallon compared to one week ago, but remains five cents more than last month.

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Drivers across the country continue to see savings at the pump and are paying an average of three cents less per gallon year-over-year while the price of crude oil remains well below its historical highs, AAA said. (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 to Remain Low Through Labor Day

Some OPEC members pushing to raise oil prices.

by on Aug.18, 2016

Despite Americans racking up the miles at record levels this summer, gas prices are expected to remain at record lows.

With the end of the summer travel season drawing near, the price of gasoline continues moving downwards, according to a new survey by AAA, even as the long slide in the price of crude oil shows signs of coming to an end.

AAA said the average price for regular unleaded gasoline nationally was $2.12 per gallon, which is the lowest price for this date since 2004 although it is a fraction of a penny more than one week ago. The price is nine cents less than one month ago and 54 cents less than the same date last year, AAA reported.

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Meanwhile, reports from the Middle East indicate that for the first time in more than two years some members of the Organization of Petroleum Exporting States, or OPEC, are now considering reducing the daily output of crude oil in a bid to drive up prices. (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…)

Breakdown of Oil Talks May Stem Tide of Rising Gas Prices

Crude oil expected to fall by as much as $7 a barrel.

by on Apr.18, 2016

The breakdown of talks aimed at stabilizing oil production may cut crude oil prices and stem the tide of rising gas prices in the U.S.

Oil exporting nations, including non-OPEC Russia, gathered in Doha to ratify a deal to stabilize output at January levels until October. However, despite the fact that the outline of the deal had been approved by negotiators in advance, it still fell apart.

The collapse of the talks, which were aimed at slowing down oil production around the globe, renewed the downward pressure on the price of crude oil, which eased the upward pressure on the price of gasoline across the U.S. despite rising demand.

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The deal crumbled when OPEC heavyweight Saudi Arabia demanded that Iran join in despite its repeated assertions it would not do so until it had reached pre-sanctions levels of output, according to Reuters. (more…)

Driving Costs Plunge to Six-Year Low

Low fuel costs offset rises in every other category.

by on Apr.07, 2016

Lower fuel prices are providing a bonanza for American motorists, according to the AAA study.

You may be paying more for food and housing, but that trip to work is likely costing you less these days. In fact, driving costs have fallen to their lowest level in six years, according to an annual study by AAA.

The travel and road service firm estimates the average driver will spend $8,858 to own and operate the typical vehicle this year, a figure that works out to around 57 cents per mile. Credit goes to one particular factor, said AAA managing director John Nielsen.

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“Thanks to lower gas prices, American drivers can expect to save hundreds of dollars in fuel costs in 2016,” said Nielsen. “Fortunately, this annual savings more than offsets the moderate increases in maintenance, insurance, finance charges and other costs associated with owning and operating a vehicle.”


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…)

Gas Prices Remain Low Despite Storms

West Coast only area over $2 per gallon pricing.

by on Jan.27, 2016

Gas prices are below $2 a gallon across the country due to low crude prices with only the West Coast still above $2.

Even as intense winter storms system swept through the Southeast and Mid-Atlantic states, the price of gasoline continued to drop across the United States, according to new survey from AAA.

Average gas prices have spent 25 consecutive days below $2 per gallon and could head lower still as reduced seasonal demand and falling crude oil costs combine to send pump prices to the lowest mark in six years.

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Today’s average price of $1.83 per gallon is the cheapest price since January 2009, and retail averages have fallen for 69 of the past 80 days for a total savings of 40 cents per gallon over this span, AAA reported. (more…)

US Average for Gas Drops Below $2 a Gallon

National prices at lowest levels since 2009.

by on Dec.22, 2015

The U.S. average price for a gallon of gas has dropped below $2 and is expected to continue sliding into next year.

The price of gasoline continues to slide as the Christmas holiday approaches and are poised to go even lower as the global price of crude oil continues to fall, setting the stage for further decline in pump prices.

U.S. average gas prices dropped below $2 per gallon for the first time since March 25, 2009, during the depths of the great recession, according to AAA’s survey of gasoline prices nationwide. The national average price of gas had dropped to $1.998 per gallon.

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AAA estimates that cheaper gas prices have saved Americans more than $115 billion on gasoline so far this year, which works out to more than $550 per licensed driver. Marshall Doney, AAA’s president and CEO, noted, “The lowest gas prices in nearly seven years are a holiday gift that few consumers could have imagined when gasoline was $4 a gallon.” (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.

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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…)