Posts Tagged ‘OPEC production’

Gas Prices Starting to Fall in October

Some parts of country still over $2.50 a gallon.

by on Oct.20, 2016

Unexpected refinery maintenance has caused prices in some areas to rise slightly, but gas prices are down on average.

The national average price for regular unleaded gasoline has dropped for nearly two weeks after a brief spike during September, according to the information collected by AAA.

Unleaded gasoline was selling for $2.23.5 cents per gallon this week, AAA reported. The average price represents a decrease of two cents per gallon compared to one week ago, but remains five cents more than last month.

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Drivers across the country continue to see savings at the pump and are paying an average of three cents less per gallon year-over-year while the price of crude oil remains well below its historical highs, AAA said. (more…)

OPEC Production Rates Keeping Gas Prices Down

Group has no plans to change oil output.

by on Jun.10, 2015

AAA says gas prices are expected to remain below $3 a gallon on average for some time.

After a steady rise during May, the average price for regular unleaded gasoline across the U.S. remains steady in June with the summer driving season now under way.

The average price for gasoline continues to hover near at what many expect to be the highest average of the year of $2.75 per gallon, which is fractions of a penny higher than a week ago and is nine cents per gallon higher than one month ago, according to AAA’s Gas Gauge Survey.

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While pump prices across the country have increased since April, consumers are saving 90 cents per gallon compared to this same date last year. Meanwhile, the Organization of Petroleum Exporting Countries, or OPEC, announced last week it does not plan to reduce production and expects to continue producing at current levels. (more…)

Gas Prices Continue to Slide in US

Saudis continuing strategy to keep prices low.

by on Oct.27, 2014

Gas prices are at their lowest levels in four years and the slide is expected to continue.

The ongoing drop of gas prices in the U.S. is confounding experts, delighting consumers and being ignored by U.S. fracking companies, which are helping to push U.S. oil production to record levels.

The average price at the pump dropped 18 cents in the past two weeks. Gas prices are now at their lowest level in nearly four years, thanks to a steep drop in oil prices, according to the latest Lundberg survey released on Sunday.

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Prices fell to an average of $3.08 per gallon for regular grade gasoline, according to the survey conducted on Oct. 24, the lowest price since Dec. 2010. In some markets, the price of gasoline has now fallen below $3 per barrel. In northern Virginia, for example, the price of gasoline had dropped to $2.72 per gallon. (more…)