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Posts Tagged ‘low gas prices’

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…)

Despite Holiday Driving Record, Gas Prices Dropping

Supply is still above demand and keeping prices low.

by on Jul.07, 2016

Despite motorists driving at near-record levels, the price of gasoline continues to to drop.

With the summer driving season well underway and demand for gasoline closing in on record levels, gasoline prices are falling as the price of crude oil appears to have peaked, at least for now.

AAA reported this week that pump prices have fallen 24 straight days and registered their lowest price for the Independence Day holiday since 2005. The national average price for regular unleaded gasoline is $2.27 per gallon, which represents a savings of three cents per gallon on the week and nine cents per for the month, according to AAA as drivers benefit from discounts prices are down

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AAA estimated that the price of gasoline is 50 cents per gallon now compared with this same date last year. (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…)

Low Gas Prices Causing Average MPG to Fall

Less efficient truck, SUV sales on the rise.

by on Jan.15, 2016

As sales of full-size trucks, like the F-150, continue to tick upwards, fuel efficiency averages for new vehicles slides downward.

The price of gasoline is now sitting at its lowest point in the better part of a decade even as new crises ripple through the key oil producing regions of the Middle East

Gas prices continue to drop to multi-year lows, with average price of $1.93 per gallon representing the cheapest average price at the pump since March 23, 2009, according to surveys by AAA.

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They have fallen for 55 of the past 66 days for a total savings of 26 cents per gallon and should remain relatively low because there is more than enough oil and gasoline around the world to meet demand.  (more…)

Gas Prices Remain on Downward Track for 2016

Lack of demand and plenty of supply equates to low prices in foreseeable future.

by on Dec.29, 2015

Gas prices are expected to continue falling into the new year as demand remains low.

The big bust in gasoline prices that saved American motorists an average of $500 each during 2015, shows every sign of continuing into the New Year as gasoline prices sit at their lowest point since the great recession.

Drivers paid the lowest averages for the Christmas holiday since 2009, and pump prices continue to hover around the $2 benchmark. Retail averages have fallen for 45 of the past 52 days, according to AAA. Despite prices moving higher by fractions of a penny on the week, the average price of $1.999 is the lowest for this date since the Great Recession.

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Monthly and yearly discounts persist, and consumers are saving five cents per gallon versus one month ago, and 30 cents per gallon versus this same date last year. (more…)

Half of US Drivers Enjoying Sub-$2 a Gallon Gas

Indiana, Ohio seeing country's lowest prices.

by on Nov.24, 2015

Gas prices are below $2 a gallon in more than half the country due to low crude prices.

The price of crude oil remains under pressure, tamping down the price of gasoline on the eve of the Thanksgiving holiday to the lowest level since 2008 when the U.S. economy was still reeling from the financial crisis.

With some 42 million Americans are expected to take a road trip this Thanksgiving, the retail price of gasoline has fallen steadily through November for a total savings of 15 cents per gallon and the national average remains poised to fall below the $2 per gallon benchmark by the Christmas holiday, according to AAA.

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More than half of U.S. stations are selling gas for less than $2 per gallon. The national average price of $2.07 per gallon represents a savings of nine cents per gallon versus one week ago, and 14 cents per gallon on the month. Significant yearly savings persist and pump prices are down 75 cents per gallon compared to this same date last year. (more…)

Gas Prices Remain Low, Drive Big Vehicle Sales

Six states with prices below $2 a gallon.

by on Nov.12, 2015

Gas prices continue to remain low, which helping to drive sales of large trucks and SUVs.

Despite creeping up two cents per gallon as refinery maintenance reduced availability in some parts of the country, gasoline prices remain low by recent standards, which has helped feed a boom in sales of trucks and utility vehicles.

Even after the slight increase in average pump prices, drivers continue to benefit from substantial discounts as prices drop to the lowest price for this same date since 2006, according to AAA.

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Consumers are saving 10 cents per gallon month-over-month and 72 cents per gallon year-over-year. The national average has moved lower for 24 of the past 30 days and is down 59 cents per gallon versus the 2015 peak price of $2.80 per gallon back in June. (more…)

Gas Prices Continue Slide Toward $2 per Gallon

Low crude prices, demand push prices down.

by on Sep.23, 2015

Gas prices haven't dropped to what they were the last time this place pumped gas, but they're cruising toward $2 per gallon.

Autumn officially begins today and gasoline prices continue to drop as the average price of fuel across the United States has dropped for 35 consecutive days for a total savings of 38 cents per gallon, according to the latest survey by AAA.

The average price of $2.29 per gallon represents a weekly savings of four cents per gallon and a monthly savings of 33 cents per gallon. Motorists are saving $1.05 per gallon compared to one year ago, largely due to the relatively low price of crude oil and abundant petroleum supplies, AAA reported.

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This past summer was characterized by relatively high driving demand and refineries operated at higher capacities for longer periods of time. As a result, many are expecting the fall maintenance season to be heavier than usual. Barring any unexpected spikes in the price of crude, retail averages are not expected to climb this fall due to the market’s current oversupply, according to AAA. (more…)

Low Gas Prices Cutting Fuel Economy Gains

Crossover, pickup and SUV sales continue gaining momentum.

by on Sep.11, 2015

The growing popularity of crossovers, like the Chevy Traverse, is helping to drive down the average fuel economy of new vehicles in the U.S.

With gasoline prices sliding toward $2 per gallon and the oil glut showing no signs of abating, the average fuel economy of new vehicles purchased in the U.S. declined in August.

Sales of crossover vehicles and pickup trucks remain strong as a result of the pricing, and that appears to be the reason for the dip in the overall gas mileage rating of new vehicles sold in the U.S. slightly last month, according to researchers at the University of Michigan Transportation Research Institute.

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Continued expansion of the offerings within the crossover utility and pickup truck segments are helping to sustain the strong demand trend, added Christopher Hopson, IHS director of light vehicle forecasting. (more…)

Falling Gas Prices Save Drivers $1.4 Bil

Experts predict averages dropping below $2 per gallon by Christmas.

by on Sep.09, 2015

Gas prices continue sliding with some experts predicting the national average falling below $2 per gallon by Christmas.

Gasoline prices are heading downward with the official end of the summer driving season as prices fell by 6.8 cents per gallon, on average across the nation, according to data collected by GasBuddy.com, which is now predicting the average price of gasoline could drop below $2 per gallon by Christmas.

GasBuddy estimated that Americans saved $1.4 billion over the four-day weekend as gasoline prices dropped to their lowest point in decade. In the wake of the Labor Day holiday gas prices stood at $2.38.1 cents per gallon, which was 22.3 cents per gallon lower than a year ago, according to GasBuddy.

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The price is now more than $1.05 lower than it was just a year ago and in some towns in Texas, Louisiana, Mississippi, Alabama, Arkansas and Tennessee gasoline has dropped below $2 per gallon and more price cuts are expected nationwide. Pump prices slipped below $2 per gallon in South Carolina, the nation’s least expensive market for gasoline, over the weekend and drivers are currently paying an average price of $1.97 per gallon, according to AAA’s weekly survey. (more…)