As I projected last week, the average price of gasoline nationwide climbed above $2 again. This morning, AAA reported prices increased 2.3 cents to $2.009 per gallon. The range in prices remained wide as the state with the lowest price averaged $1.798 and the highest averaged (more…)
Posts Tagged ‘gas price’
Say Hello to $2 Gas Again
Thursday, March 26th, 2009After 86 days: Gas prices stop falling
Sunday, December 14th, 2008
As I guesstimated might happen a few days back, the record string of consecutive days with falling gasoline prices at the pump has come to an end. AAA reports that prices increased from $1.656 on Friday to $1.66 Saturday and then $1.663 today. I thought the $1.60-$1.65 range was a likely bottom based on wholesale gasoline prices, and that has proved to be correct for now. But OPEC decisions and the weather will determine whether this temporary bottom ends up (more…)
Gas prices search for a bottom
Wednesday, December 10th, 2008
After falling another penny and a half today to $1.683 per gallon (the record 84th straight day of falling prices), some analysts believe gasoline may be approaching a bottom. They cite the latest weekly survey by Mastercard that suggests gas demand over the past week reached the same level as this week last year for the first time in several months. If they are right, ~$1.60-$1.65 may be as low as gas prices are headed.
But today’s EIA oil inventory report tells a different story. (more…)
Low oil demand keeps US inventories strong
Wednesday, December 3rd, 2008Today’s weekly EIA oil report shows that lower demand keeps our inventories at levels we can live with. While key products inventories gasoline, distillates and propane are all below their five-year average range, their demand is estimated to be down 3.6%, 8.5%, and 14.5% below last year’s levels, respectively. Gasoline and diesel pump prices fell at a slower rate this past week to $1.80 and $2.74 today, but they appear to have at least a few more pennies to go before (more…)
US Fuel Inventories Healthy for Thanksgiving Holiday
Wednesday, November 26th, 2008In our trip down to North Carolina from New York, we loaded up with $1.65 per gallon gasoline in northwestern Virginia. Amazing. The national average price is now below $1.90 and is probably near the bottom if the higher wholesale prices of the last couple of days hold any sway. But there is some downside potential on today’s EIA petroleum report‘s finding that our consumption of gasoline and distillates remains significantly below last year’s levels. Even with prices more than a dollar per gallon below last year (more…)
Recession Brings Lower Gas Prices
Saturday, November 15th, 2008
As the EU announces they are officially in a recession and US indicators continue to fall (such as the record retail sales decline last month), gas prices continue their slide. The average pump price for gasoline nationwide has now fallen to $2.125 per gallon. We may see nationwide prices fall to ~$2 before it finally stabilizes from its two-month collapse. (more…)