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Posts Tagged ‘U.S. gas prices’

Gas Prices on the Decline as Summer Driving Season Approaches

West Coast may see uptick due to refinery problem.

by on May.18, 2017

Gas prices are falling just as the summer driving season is kicking off.

With the summer driving season about to get underway, the price of gasoline is trending downward, following a small price spike in the late winter and early spring.

The national average is $2.34 per gallon, which is a penny cheaper than one week ago, seven cents less than a month ago, but 12 cents more than a year ago, according to the latest report from AAA.

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The latest report by the Energy Information Administration, a unit of the U.S. Department of Energy, shows that gasoline demand increased by 252,000 barrels in the past week. (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…)

OPEC Deal Likely to Push Gas Prices Higher

Saudis appear to be on board with new plan.

by on Dec.02, 2016

Gas prices are expected to rise in the weeks ahead if OPEC moves forward with plans to cut oil production.

While the price of gasoline remains low across the United States, according to AAA, prices could be headed upwards if an agreement by members of the Organization of Petroleum Exporting Countries as well as Russia holds together.

Experts surveyed after OPEC announced the agreement to curtail production voluntarily said the price of oil could top $60 per barrel, which will raise prices at the pump.

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However, analysts will await confirmation that the cartel can stick to an agreement to reduce production and the terms of each country’s participation before making any predictions about pricing. (more…)

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 Fall as Markets Stumble

Prices fall in Midwest despite refinery issues.

by on Aug.25, 2015

The average price for gas has dropped recently in the U.S., despite refinery issues in the Midwest.

With the stock markets across the world in turmoil, oil prices are continuing to spiral downward and gasoline prices are also tumbling as the end of the summer driving season.

The average U.S. gas prices are at the lowest levels for this time of year since 2004 — the year before Hurricane Katrina shut down refineries along the Gulf Coast — due to the continuing decline in the cost of crude oil, according to the AAA’s weekly survey.

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Gas prices have dropped despite ongoing refinery problems, particularly in the Midwest, and prices are expected to fall this autumn due to declining demand and the switchover to winter-blend gasoline. (more…)

Special Blends Keeping Gas Prices High on West Coast

Oil drops toward $50 a barrel, but costs at pump don’t fall.

by on Jul.22, 2015

The national average for gas prices has remained steady due to West Coast refinery issues.

A growing controversy over specially blended gasoline used during the summer has helped put a floor under gasoline prices nationwide despite the continuing drop in the price of crude oil, which is now trading at prices approaching $50 per barrel.

The average price nationwide of $2.76 per gallon, according to AAA, is the lowest average for this date since 2010 and is down nearly a nickel per gallon compared to the 2015 peak price reached on June 15 if $2.80 per gallon. National pump prices have slowly pulled back from this peak with averages down by 1 cent per gallon versus one week ago and 4 cents per gallon versus one month ago.

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The relatively stable national average continues to disguise volatility in select markets, particularly in California where drivers are paying the highest averages since August 2014 after a jump of 16 cents per gallon, largely due to imbalances between gasoline supply and demand. (more…)

Gas Prices Remain Unchanged Nationally Despite Oil Drops

Supply issue raises prices in California while Great Lakes sees fall.

by on Jul.17, 2015

Gas prices in the U.S. have remained steady despite a drop in the cost of crude oil.

Despite new downward pressure on the price of crude oil on global markets, the price of gasoline remained unchanged across the U.S. and prices in California actually increased substantially, according to a survey by AAA.

The national average price for regular unleaded gasoline is $2.77 per gallon this week. The average is just fractions of a penny more than a week ago and is at the lowest mark for this date in nearly five years.

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The steady national average obscures price variations in several states including California, where prices increased by 28 cents per gallon, and the decline in prices around the Great Lakes as prices in Indiana and Michigan fell by more than 10 cents per gallon. (more…)

Gas Prices Remain Flat Despite Drop in Oil Costs

Global decline in crude doesn’t translate to drop at pumps.

by on Mar.24, 2015

Gas prices have remained flat recently despite another drop in crude prices.

Even as the demand for gasoline rises as the weather improves and the economy gets stronger, gasoline prices have remained flat for the past week even as the price of crude oil began to decline on markets all over the world.

The price of West Texas Intermediate crude oil reached a six-year low this past week, AAA noted, maintaining the downward pressure on the national price of gasoline, which has settled at $2.42.4 per gallon.

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This downward pressure has, at least temporarily, offset potential price gains from the robust demand, regional refinery maintenance and the seasonal transition to more expensive summer-blend gasoline. Consumers are paying fractions of a penny less than one week ago, 14 cents more than one month ago and continue to save more than $1.10 in comparison to this same date last year. The national average has now fallen for 13 of the past 16 days. (more…)

Fuel Prices Plunge in US

Americans enjoying prices not seen since 2010

by on Sep.22, 2014

Despite unrest in the Middle East, gas prices are dropping to their lowest levels in four years.

Retail U.S. gas prices have taken another big tumble this month, and could drop sharply before year-end, according to various fuel industry analysts.

American motorists could wind up saving as much as $2.5 billion if the trend holds, according to tracking service GasBuddy.com, money that it expects will help fuel the country’s ongoing economic recovery.

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A survey by analyst Trilby Lundberg found that a gallon of regular gasoline has dipped by 9 cents during the last two weeks, while the numbers are down 34 cents since the beginning of summer. GasBuddy, meanwhile, is predicting the downward trend will continue. (more…)