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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…)

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…)

Summer Blend Makes Gas Prices Rise

Refineries shifting to special seasonal mix.

by on Apr.05, 2016

Gas prices are on the rise as producers move to the summer blend of fuel.

With the summer driving season fast approaching, the price of gasoline continues to climb, pushing the average price beyond $2 per gallon, according to a new report by AAA.

Despite increasing for 36 of the past 41 days, the national average is at its lowest price point for this same date since 2009, according to AAA.

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“The average price of $2.06 per gallon represents an increase of two cents on the week and 24 cents on the month. Pump prices continue to reflect year-over-year discounts, and drivers are saving 34 cents per gallon versus this same date last year,” the organization noted. (more…)

Gas Prices Jumping Up as Driving Season Kicks Off

Refinery maintenance, production cuts help push prices higher.

by on Mar.18, 2016

The start of the spring driving season, refinery maintenance and production cuts have combined to increase gas prices.

After a long decline that began before Thanksgiving, gasoline prices are moving sharply higher thanks to strong demand as the spring driving begins and signs U.S. oil production is beginning to fall.

Gas prices at the pump have jumped 12 cents per gallon over the past week, which is the largest weekly increase since early March 2015, according to AAA, which also noted prices have increased by 25 cents per gallon over the past month.

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The national average has moved higher almost every week for the past three weeks and the current average of $1.96 per gallon is the highest average in two months, AAA said. (more…)

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 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…)

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…)

Gas Prices Fall as Labor Day Approaches

Prices expected to remain low as Saudi Arabia keeps production high.

by on Sep.03, 2015

Gas prices are expected to continue falling for some time as Saudi Arabia is unlikely to cut production.

With the Labor Day holiday looming, the price of oil continues to bounce around on global markets.

However, the price of gasoline continued to drop across the country and most drivers should find themselves paying the lowest Labor Day weekend gas prices since 2004. The national average price for regular unleaded gasoline has fallen for 14 consecutive days for a total of 20 cents per gallon, according to AAA.

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Market fundamentals remain bearish, even as oil prices staged a rally late last week that pushed prices a bit higher compared to early-week trading sessions where both Brent and WTI exceeded multi-year lows. (more…)

Gas Prices Continue Weekly Slide

Falling crude prices cuts retail gas prices.

by on Aug.12, 2015

Gas prices continue to fall as oil prices slide. Currently the average price is $2.59 a gallon.

With the end of the summer driving season looming, the average price for regular unleaded gasoline has fallen for 26 consecutive days and now averages $2.59 per gallon across the U.S., according to AAA’s latest survey data.

The current slide is the longest streak of consecutive declines since January. AAA estimates drivers are saving six cents per gallon week-over-week and 17 cents per gallon month-over-month.

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West Texas Intermediate, the domestic benchmark for crude oil and also known as WTI, has reached its lowest price since March 2015, and market fundamentals point to prices moving lower in the near term as the oversupply of crude continues to characterize the oil market, and according to the latest report from the U.S. Energy Information Administration, refinery utilization rates are running at record highs. (more…)