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Posts Tagged ‘oil prices drop’

Gas Prices Expected to Keep Falling

Production levels around the globe remain high.

by on Jul.14, 2016

Despite Americans racking up the miles, gas prices continue to fall as production remains high.

The price of gasoline has now fallen for more than a month, according to a new report from AAA, as American motorists plunge ahead with the busiest summer for driving in nearly a decade.

At the beginning of the week, the average price of a gallon of gas has dropped for 30 consecutive days after a mini-surge in the spring, AAA said. It is the longest streak of falling prices since August/September of 2015. Moreover, gasoline prices are now at their lowest mark for mid-July since 2004.

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The national average price for regular unleaded gasoline is $2.23 per gallon, which is four cents per gallon less than a week ago, fifteen cents less than a month ago and 53 cents less than one year ago. (more…)

Gas Prices Drop Again After Brief Jump

Oil prices falling despite threats in Middle East.

by on Mar.16, 2015

After rising daily for more than a month, gas prices have dropped again.

After rising by 20 cents per gallon, gasoline prices have begun to drop again slightly, according to the AAA Gas Gauge.

A string of 40 consecutive daily price increases at stations across the country ended abruptly last month. It was the longest streak of rising prices in two years and due to the combination of rising crude oil costs, refinery maintenance and unplanned production problems in the Middle East where terrorism and warfare remain a threat.

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During this period, average gas prices increased by 43 cents per gallon, but have fallen by a half cent since Saturday. While today’s price of $2.45 per gallon is three cents more than one week ago and 28 cents more than one month ago, pump prices continue to reflect a substantial yearly discount. Compared to the same date last year motorists are saving an average of $1.04 per gallon. (more…)

Oil Plunges – Have Gas Prices Peaked?

Petro traders see barrel dip below $100.

by on May.06, 2011

Has the run-up in oil prices peaked?

Maybe $5 gas isn’t so inevitable, after all – at least not for now.

Oil prices have taken their sharpest skid, this week, since the price plunge of late 2008, leading some analysts to predict that pump prices are also heading down – perhaps to $3.50 or lower – in the weeks ahead.

The unanticipated slide, which saw a barrel of crude trading for less than $100 on Thursday, follows reports that the nation’s economic situation has worsened.  Economists were wary that if oil kept climbing the U.S. might find itself slipping back into recession.

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The decline comes as President Barack Obama has stepped into the picture, asking his administration to look into potential market manipulation. During a visit to an Indianapolis hybrid transmission plant, today, the president is expected to discuss ways to further bring down prices at the pump – which had just nudged the $4.00 a gallon mark, nationally, before the petro slide.