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Posts Tagged ‘gasoline prices’

Gasoline Price Climb With Start of the New Year

OPEC cuts still impacting prices.

by on Jan.17, 2017

Gas prices continue to rise as OPEC's production cuts appear to be having their intended effect. (Photo credit: Brendan Strong)

The average price of gasoline across the U.S. continues to increase, reaching an average of $2.37 per gallon, the most expensive it has been since June 2016, just as the fuel economy of new vehicles purchased in the U.S. declined during 2015.

AAA’s weekly survey of fuel prices observed that gasoline prices have moved higher by three cents per gallon on the week and 17 cents per gallon on the month.

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Retail prices have increased for 40 of the past 42 days as a result of market reactions to the OPEC oil cut agreement. Traders and industry alike will keep a close eye on OPEC compliance as they await the release of the first output report which is expected in mid-February, AAA reported. (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…)

Rising Summer Temperatures Means Rising Gas Prices

Despite the rise, prices significantly lower than last year.

by on Jun.02, 2016

With the summer driving season now in full swing, demand levels are rising as are prices.

With the Memorial Day in the rear-view mirror, the summer driving season has begun in earnest and demand for gasoline remains very strong, according to AAA.

AAA, however, also reported that motorists are paying the lowest gas prices for this time of year in more than a decade. Gas prices during the Memorial Day holiday were the cheapest since 2005 and down 42 cents per gallon versus last year’s holiday, according to AAA latest nationwide survey.

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The average price of $2.32 per gallon represents an increase of three cents per gallon on the week, and consumers are paying 11 cents more per gallon than they were a month ago, AAA said, while this year’s summer driving season is expected to be characterized by higher-than-normal gasoline demand. (more…)

Gas Prices Leveling Off as Refineries Ramp Up

Production back to normal output.

by on May.10, 2016

After climbing upward to a six-month high in early May, gasoline prices seem to have stabilized.

After reaching its highest point in six months in early May, the price of gasoline is showing signs of leveling off, ending the steep climb that raised the average price of gasoline as the spring driving season picked.

The price of gasoline at the pump declined slightly during the past week, according to the AAA. The group also said it is possible that prices have begun to stabilize as refineries increase production to meet record-high demand.

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The average price of $2.21 per gallon represents an increase of 17 cents per gallon on the month, and prices have moved higher for 23 of the past 31 days. (more…)

US Gas Prices Take Big Dive Last Month

Drop comes despite unrest in Middle East.

by on Jul.29, 2014

Not that drivers of the Jetta Hybrid were getting gas often, but now they're paying even less as prices at the pump have dropped.

Despite the tension in the Middle East, gasoline prices have dropped more than 16 cents per gallon in the past month, according to records compiled by AAA.

Gasoline prices vary by region but overall the average price for regular gasoline dropped more than 9 cents per gallon in the two weeks ended July 25 to $3.5795 a gallon, according to Lundberg Survey Inc., which surveys about 1,200 gasoline stations around the country.

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A recent U.S. Energy Information Association report indicated the average price of crude oil dropped by $1.04 per barrel and estimated average price of regular gasoline fell by 6 cents per gallon across the United States in the past week and is now 10.7 cents per gallon cheaper from a year ago before the turmoil began.


Gasoline Prices Continue Climbing in US

Auto fuel efficiency continues to rise, survey shows.

by on Jul.08, 2014

The strong sales of the Ram 1500 Diesel has contributed to the national improvement in fuel economy for new vehicles.

With gasoline prices inching upward this summer, the fuel economy of the new vehicles sold in the U.S. is continuing to improve compared with historic figures, the University of Michigan reports.

Despite a slight dip in June, fuel economy of new vehicles sold in the U.S. has exceeded 25 miles per gallon for the fifth straight month, according to researchers at the University of Michigan Transportation Research Institute (UMTRI) responsible for the monthly survey of fuel economy trends.

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The average fuel economy – window-sticker values – of cars, light trucks, vans and SUVs purchased last month was 25.5 mpg, down from a record-high 25.6 mpg in May. Vehicle fuel economy is now up 5.4 mpg from October 2007, the first full month of monitoring, noted UMTRI researchers Michael Sivak and Brandon Schoettle. (more…)

And You Think You Pay Too Much for Gas?

It’s $9.63 a gallon in Istanbul – but only $0.06 in Caracas.

by on Apr.13, 2011

How much you pay depends on where you live.

And you thought you were paying too much?  Even at $4 a gallon, most Europeans envy us Americans.  Then again, in some of the OPEC markets, pump prices are so cheap you might get change back on a buck.

There’s no question that fuel costs are rising.  The Libyan crisis and the expectation that the global economic recovery will spur oil demand have pushed petroleum futures to more than $120 a barrel on European exchanges.  And few expect that trendline to reverse anytime soon.

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A typical barrel produces about 42 gallon of gasoline, along with plenty of other distillates.  So even when you add in shipping and refining costs – and the industry’s near-record profits – you’d expect to see pump prices of around $3.00 or so a gallon.

So, why is gasoline 160 times more expensive in Istanbul than Caracas?  Blame taxes – or credit local incentives.


Fuel Prices Rise Despite Lower Demand

Gas prices up 125% since early 2009.

by on Oct.21, 2009

Pump prices are approaching record levels for 2009 despite the fact that demand for gasoline has declined.

Pump prices are approaching record levels for 2009 despite the fact that demand for gasoline is down.

Driving less but paying more at the pump?  You’re not alone, it seems.  There’s a growing disconnect between price and demand, according to the latest data.

Blame petroleum prices which have surged about 125% since they fell to the year’s low of $35 a barrel, early this year.  Just since the beginning of September, the price of a barrel has risen 20%; on Wednesday, various markets showed another gain of nearly $2.00, with crude generally closing around $80.

Though refining and transportation costs, among other things, come into the picture, the price of crude accounts for two-thirds of what you’ll typically pay at the pump, so that means the numbers are spinning a good bit faster since regular no-lead fell to an average $1.61 over the winter and as low as $1.20 in some parts of the country.

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The fuel price tracking site,, reports that motorists are now paying around $2.61 a gallon for no-lead, close to the $2.67 record for 2009, and the figure could keep climbing if the run-up in petroleum doesn’t abate soon.


Rising Unemployment and Fuel Prices Shift Market

The broad claim that Americans aren't interested in fuel economy has been dealt another blow in latest study.

by on Jul.06, 2009

Driven by rising fuel prices and a weak economy, the average new American vehicle's fuel economy has risen 5% since 2007, according to a new study.

Driven by rising fuel prices and a weak economy, the average new American vehicle's fuel economy has risen 5% since 2007, according to a new study.

A new University of Michigan study from its Transportation Research Institute says that since 2007 the average fuel economy of new vehicles purchased in the U.S. has increased by more than 5%. The combination of rising unemployment and rising fuel prices have contributed to the shift.

The average fuel economy of purchased new light-duty vehicles — cars, pickup trucks, minivans and SUVs — improved from 20.2 miles per gallon in October 2007 to 21.3 mpg in April 2008. Fuel economy peaked in May 2008 at 21.7 mpg, amid a surge in the sales of small cars. Since then the improvement has fallen back as gasoline prices have dropped.

The report by UMTRI’s Michael Sivak and Brandon Schoettle of the Transportation Research Institute found that unemployment and the price of gasoline together account for 53% of the variance in the average fuel economy of new cars purchased.

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“In early 2008, when the unemployment rate was relatively low, the increased price of gasoline led to an increase in the purchases of relatively expensive vehicles that were fuel efficient,” said Sivak, research professor and head of UMTRI’s Human Factors Division. “This ended when gasoline prices declined in late 2008.”


Fuel Prices Soar Again

Holiday bump or are speculators at it again?

by on May.21, 2009

Fuel prices have risen 30 cents a gallon, on average, this past month.  A holiday bump or a speculator-driven binge?

Fuel prices rose 30 cents a gallon, on average, this past month. A holiday bump or a speculator binge?

“Ouch,” said Kim Paterno, a suburban Detroit saleswoman, as she pulled up to the pump at Sunny’s Sunoco, in Pleasant Ridge, Michigan.  “It seemed like fuel prices had settled in under two bucks for such a long-time,” she said, almost wistfully,” but every time I stop here, or just drive by, the numbers are up another nickel or dime.

As recently as late April, most motorists in the Motor City could find regular fuel for less than $2.00.  As locals prepare for the Memorial Day holiday, $2.40, even $2.50 is the figure at most pumps.  And the situation isn’t limited to Michigan.

Oil prices soared to a six-month high, on Wednesday, though by late Thursday afternoon they’d slipped back by about a dollar, depending on grade and source, to around $60 a barrel.  That compares with prices in the $34 range, earlier this year, and the $147-a-barrel peak, set in July 2008.

Current gasoline prices, according to the AAA, are up about 30 cents, over the last month, to around $2.36.  That can vary widely, with some markets, like San Francisco, Los Angeles and Honolulu, starting to see numbers nudging $3.00.  Over the 2008 Memorial Day holiday, the national average had already jumped to $3.80, with regular unleaded soon to punching past the psychology devastating $4.00 mark that many analysts believe helped shove the U.S. firmly into recession.

Subscribe to TheDetroitBureau.comWhy prices are soaring now depends on who you ask.  It’s traditional for both refiners and retailers to try to maximize profits over a long holiday weekend.  And there it doesn’t help that Americans are back on the road again.  Motorists had taken the unprecedented step of trimming back their driving, over the last year, AAA is forecasting a 1.5% increase in the number of people traveling this holiday – to 32.4 million, or 10% of the population.    (more…)