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Posts Tagged ‘gasoline news’

Demand Driving Up Gas Prices Across US

Unrest in Middle East adding to pricing volatility.

by on Nov.10, 2017

Demand is on the rise across the U.S., which is causing gasoline prices to rise.

Demand for gasoline in October reached its highest levels since 2006 while supply continues to drop, leading to a surge in gasoline prices, particularly in the Midwest.

At the same time a new wave of unrest in the Middle East triggered by signs of instability in Saudi Arabia also has begun to drive up the price of crude oil across the globe, which could lead to even higher prices at the pump in the future.

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The latest gasoline demand measurement is the highest for the end of October since 2006. At $2.53, today’s gas price is six cents more than a week ago, two cents more than a month ago and 31 cents more than a year ago, according to the Energy Information Administration.  (more…)

Hurricane Threatens to Increase Gas Prices

Prices had been falling with end of summer driving season.

by on Aug.25, 2017

Gas prices are expected to rise if Hurricane Harvey makes landfall in Texas and Louisiana, as expected. (Photo credit: Brendan Strong)

With Labor Day, which marks the traditional end of summer driving season, fast approaching, gasoline prices dropped slightly this week, AAA reported. However, a hurricane expected to hit Texas and Louisiana in the next 24 hours now threatens to raise prices at the pump prior to holiday.

The petroleum industry is bracing for the impact of Hurricane Harvey, which is threatening both oil production in the Gulf of Mexico and refineries in an arc along the Gulf coast stretching from Houston to New Orleans.

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The Gulf accounts to about 17% of the country’s total crude production and coastal Texas and Louisiana account for 45% of U.S. refining capacity. (more…)

Reason to Celebrate: July 4 Gas Prices Plunge

Prices at pump are lowest since February.

by on Jun.28, 2017

Holiday drivers have reason to celebrate this Independence Day: the lowest average gas prices since February.

Despite a surge in demand for gasoline as the summer driving season picks up momentum, the national average price for gasoline is nearing an all-time low for the year at $2.26 per gallon, according to AAA.

AAA reported that the last time the national average was this low was February. In addition, the website Gas Buddy estimated that this is the first time in 17 years that the price of gasoline on July 4th is likely to be less than the price on Jan. 1 of the same year.

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Right now, AAA forecasts 37.5 million American will drive to their holiday destination, which may boost gas prices slightly. (more…)

Jaguar Teaming With Shell for In-Car Payment System

System offers increased security of financial information.

by on Feb.15, 2017

Jaguar and Shell teamed up to allow Jag – and Land Rover – owners to use the InControl to pay for gas without need for cash or a credit card on hand.

Today’s infotainment systems will tell you everything from how long it will take you get home to where the cheapest gas prices are located. Now, if you drive a Jaguar, it’ll even pay for the gas once you get there.

A new partnership between Jaguar and Shell allows drivers with the luxury brand’s InControl infotainment system to pay for gas without ever busting out a credit card or cash.

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“In a world where cash is no longer king, customers are increasingly using electronic payments and contactless cards,” said Peter Virk, Jaguar Land Rover’s director of Connected Car and Future Technology. (more…)

After Steady December Climb, Gasoline Prices Retreat in January

U.S. production levels continuing to increase.

by on Jan.31, 2017

Gas prices fell for the first part of January as U.S. production levels increased.

After climbing during the last month of 2016, the price of gasoline has retreated for the past three weeks, dropping to $2.27 per gallon, which is down four cents per gallon from a week earlier, according to the survey by AAA.

AAA said the growth in the number of U.S. oil rigs and the increased drilling it implies are raising expectations for a climb in domestic oil production.

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Meanwhile, increased U.S. crude oil production and reduced demand has exerted pressure on the national average price at the pump, which has fallen for 21 consecutive days, AAA said. (more…)

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 Falling as Summer Driving Season Ends

Look for slide to continue as demand drops.

by on Sep.15, 2016

Gas prices are falling as the summer driving season has ended and demand is dropping.

The price of gasoline at retail pumps around the nation has tumbled since Labor Day as the price of crude oil remains low across the globe and refineries begin switching over to winter blends, which are less expensive to produce, according to AAA.

At the same time, the surge in driving in recent months has cut into inventories, but stock remain high and crude oil producers continue to produce despite low prices, the Energy Information Agency reports.

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AAA reported that gas prices have fallen for 11 of the past 12 days, reaching today’s average of $2.18 per gallon. Drivers are saving two cents per gallon compared with one week ago, but are paying five cents per gallon more on the month.  (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…)