Posts Tagged ‘gas prices falling’

Gas Prices Dropping Just in Time for the Holidays

Winter demand is dropping while supplies remain strong.

by on Dec.21, 2017

Demand is dropping as winter sets in and fuel prices are beginning to fall in time for the holidays.

As motorists prepare for trips during the Christmas holidays, they will find the price of gasoline has declined this week but overall prices have increased by 20 cents per gallon compared with last year despite record oil production in the U.S. this year.

AAA reported the national average dropped three cents to $2.43 this week. Motorists in the Midwest are seeing the largest drops at the pump, by as much as 10 cents. However, two states are paying more on the week: Indiana where prices are up by 3 cents and Hawaii where prices have climbed by a cent.

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The national gas price average is 12 cents cheaper than one month ago, but that’s not the case compared to this time last year. (more…)

Average Price for Gasoline Continues Sliding

Inventories building so prices likely to keep falling.

by on Oct.17, 2017

Gas prices are falling as inventories continue to build after the hurricanes. (Photo credit: Brendan Strong)

The price of gasoline continued to drop in states east of the Mississippi River, with the exception of a handful around the Great Lakes, paying as much as eight cents less at the start of this week, according to AAA.

While gas prices are more expensive than a year ago, the past five weeks of sustained weekly declines indicate that demand may be leveling out as travel declines after a busy summer alongside refineries and pipelines returning to pre-hurricane operations, AAA reported.

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“Gas stations are steadily dropping pump prices for the majority of motorists, especially regional markets in the Northeast, Mid-Atlantic, South and Southeast,” said Jeanette Casselano, AAA spokesperson. “Drivers will see stabilized or decreasing prices at the pump throughout this month due to high refinery production rates and seasonal demand.” (more…)

Gas Prices Falling as Summer Driving Season Ends

Look for slide to continue as demand drops.

by on Sep.15, 2016

Gas prices are falling as the summer driving season has ended and demand is dropping.

The price of gasoline at retail pumps around the nation has tumbled since Labor Day as the price of crude oil remains low across the globe and refineries begin switching over to winter blends, which are less expensive to produce, according to AAA.

At the same time, the surge in driving in recent months has cut into inventories, but stock remain high and crude oil producers continue to produce despite low prices, the Energy Information Agency reports.

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AAA reported that gas prices have fallen for 11 of the past 12 days, reaching today’s average of $2.18 per gallon. Drivers are saving two cents per gallon compared with one week ago, but are paying five cents per gallon more on the month.  (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…)

Fuel Prices Could Be in For Even Sharper Decline

Petroleum at $20 a barrel forecast, Pump prices could dip toward $1 a gallon.

by on Dec.09, 2015

A variety of factors, including the current El Nino, could drive the price of gas to just above $1 a gallon in the months ahead.

Fuel prices have tumbled to their lowest levels since 2007 in recent days, with much of the country now paying less than $2 a gallon – but if some new forecasts are correct, motorists might soon see figures plunging to little more than $1 a gallon.

Gasoline futures fell to near seven-year lows in New York trading this week, and with traders racing to sell of their holdings in crude oil, some observers are worried that the price of a barrel could tumble to half of the $40 to $45 figure seen in recent days.

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A variety of factors are at work, among them a glut of oil production, the decision by OPEC not to enact new production caps, and even the effects of El Nino, a warming of the Pacific Ocean expected to result in warmer temperatures in the U.S. – and thus, lower need for heating oil. (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…)

Gas Prices Creeping Upward after Super Bowl

Another drop may come due to declines in regional demand.

by on Feb.02, 2015

Gas prices are on the rise after a lengthy free fall that has seen them drop to the lowest levels in more than five years.

The free fall in gasoline prices could be coming to an end after a seven-month drop in prices has consumers enjoying the lowest prices in more than six years.

Gas Buddy, a website the tracks daily changes in gasoline prices, reported that gasoline was selling for $2.051 per gallon in the wake of the Super Bowl, which was slightly higher than the $2.026 per gallon recorded only a week ago.

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AAA, however, reported last week there were indications that gasoline prices could drop again as demand as dropped in the wake of the winter storms in the Northeast. The winter weather continued over the weekend with a massive blizzard that dumped a foot of snow in a broad band stretching from Iowa into New England. (more…)

OPEC Claims No Price Target Set for Oil

U.S. production expected to increase next year, keeping prices low.

by on Dec.15, 2014

Abdalla Salem el-Badri, OPEC's top leader, said the organization has not set a target price for oil.

Despite speculation that OPEC is manipulating oil prices, the organization has no set price target for oil and will let the market determine what it should cost, said Abdalla Salem el-Badri, head of the Organization of Petroleum Exporting Countries, according to the Wall Street Journal.

The price of gasoline has plunged, again, on the heels of fresh turmoil in the global energy markets, which has continued to unnerve trade and equity markets around the world.

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The AAA Gas Gauge estimated Sunday that gasoline price across the United States have dropped another 12 cents in the past week and could drop another 17 cents by Christmas according to AAA. Gasoline prices fell, following another drop in the price of crude oil, which has dropped by 41% since the end of 2013. At the end of last week, crude oil was trading for $57.49 a barrel. (more…)

Lower Fuel Prices Likely to Last Awhile

Saudis taking short-term loss for long-term gain.

by on Oct.14, 2014

Gas prices in the U.S. are on the decline and the lower prices may be around for a while.

If you’ve got to fill up your tank for the daily commute, you might not dread watching the numbers spin on the pump these days, at least not as much as you did earlier in the year when prices nudged $4 a gallon in many parts of the country.

Motorists in Missouri, for example, are now paying an average of just $2.877 a gallon, according to a survey by, the lowest figure in the country. But the tracking site found that eight other states have dropped below the $3 mark, with some estimates predicting as many as 30 could dip below that figure in the weeks to come.

Fueling Up the News!

The current downturn might last for some time, according to the federal agency tasked with tracking energy trends. Meanwhile, a wire report out of the Mideast indicates that the government of Saudi Arabia is quietly sending out signals that it won’t take steps to boost fuel prices for as much as a year or more. (more…)

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