Detroit Bureau on Twitter

Posts Tagged ‘gas supply’

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.

News You Can Trust!

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…)

Gas Prices Rising with the Mercury

Blame shortages of ethanol additive.

by on Mar.24, 2014

It's been a tough winter for ethanol.

It’s been a frigid winter in much of the country, but with the weather finally warming, motorists may now have something else to complain about – fuel prices rising along with the mercury.

With winter showing signs of easing its grip on parts of the nation, the average price for regular unleaded gasoline at U.S. pumps rose 4.74 cents over the past two weeks to $3.557 a gallon, the highest figure since Sept. 20, according to Lundberg Survey Inc.

Fuel for Thought!

The good news is that the average price of gasoline is still 15.02 cents below what it was a year ago at this time a year ago, according to the Lunderg survey, which has long tracked petroleum trends, and based its report on information obtained at more than 2,500 filling stations across the country.

(more…)

Gas Prices off to Bad Start – 2014 Opens at Record Level

But forecast is for stable or even lower prices this year.

by on Jan.02, 2014

It'll cost you more to use one of these this week.

Though gas prices ended the year well below their 2013 peak, the New Year is off to a poor start, 2014 is off to a bad start, motorists in much of the country paying the highest price on record for the start of the year.

There have been a number of recent reports suggesting that with oil production rising – especially in the U.S. – the cost of fuel could hold steady or even decline over the next several years. But as the holiday season comes to an end, motorists aren’t catching a break.  According to AAA, the week began with prices across the U.S. averaging $3.31 a gallon for regular no-lead gas.

Fill 'er Up!

It was the fifth consecutive January 1 that Americans paid more at the pump than the year prior and the fourth straight year with a new record to start the year, according to AAA. The national average prices to begin 2011, 2012 and 2013 were $3.07, $3.28 and $3.29 respectively.

(more…)

Motorists May Be in for Long-Time Relief on Fuel Prices

Credit burgeoning supplies of oil, experts suggest.

by on Dec.18, 2013

Motorists are using a lot less fuel these days - which is contributing to lower pump prices..

Might memories of skyrocketing fuel prices be a think of the past?  With pumps in a growing number of states now set at less than $3.00 a gallon, several new reports suggest that motorists might be in for a break in the months – perhaps even years – ahead.

That said, experts caution that a variety of factors could still hammer motorists – and the economy, whether short-term problems with refineries and pipelines or more serious issues, such as disruptions in the Mideast.

Fuel Up!

“We expect we’re going to see crude oil prices (continue to) fall for a while,” said Charles Chesbrough, a senior economist with IHS Automotive, a position echoed by a growing number of other studies, including a new report from the U.S. Energy Information Agency, or EIA.

(more…)