September 29th, 2014 by admin
(WASHINGTON, September 29, 2014) Less than one week into the autumn driving season, the national average price for regular unleaded gasoline has dropped to $3.34 per gallon, the lowest price since February, after falling for 20 of the past 23 days. Today’s average is fractions of a penny less than one week ago, ten cents less than one month ago and seven cents less than one year ago.
Decreased demand, relatively lower crude prices and the cost savings associated with producing winter-blend fuel will likely keep downward pressure on the price for retail gasoline. Barring any major disruptions in supply, drivers are expected to see some of the lowest autumn prices since 2010.
Drivers on the West Coast continue to pay some of the nation’s highest prices at the pump, led by Hawaii ($4.21), Alaska ($3.92), Washington ($3.70), California ($3.70) and Oregon ($3.69). Although the average price has fallen in each of the top ten most expensive markets over the past month, Hawaii remains the only state where the average price is above four dollars per gallon.
The West Coast continues to be challenged by incidents at local refineries and terminals, which could lead to higher prices at the pump in the coming weeks. Last week, a fire at the Port of Los Angeles caused the closure of 11 terminals, including three terminals at the neighboring Port of Long Beach — all terminals were reported operable a few days after the incident. Additionally, after several attempts to resume operations, the ExxonMobil refinery remains unable to fully restart a crude distillation unit at its Torrance California refinery, which has put upward pressure on wholesale prices in the region. While gas prices east of the Rockies may continue to drift lower in the coming days, regional prices may move higher for those areas supplied by the Torrance refinery until the facility is back online and supply concerns are alleviated.
Motorists in 34 states and Washington, D.C. are currently experiencing week-over-week savings, led by the West Coast and Rocky Mountain region: Oregon (-7 cents), Washington (-7 cents), Idaho (-6 cents), Colorado (-6 cents) and Nevada (-5 cents). During this same period, of the 16 states where the average price has increased, only Ohio (+10 cents) has seen a jump of more than a nickel. The average price at the pump has dropped in every state and Washington, D.C. over a two week period, with drivers in seven states saving a dime or more per gallon.
Motorists in every state and Washington, D.C. continue to pay less for retail gasoline than one month ago. The average price at the pump is down by a dime or more in 22 states, with the largest monthly drops in Nevada (-22 cents), Indiana (-22 cents), Michigan (-21 cents) and Oregon (-19 cents). Year-over-year comparisons reflect overall savings for nearly all consumers, with motorists in 47 states and Washington, D.C. paying less to refuel their vehicles. Consumers in 17 states are saving a dime or more per gallon, with the largest discounts in California (-23 cents), South Dakota (-18 cents), Connecticut (-18 cents), Kansas (-18 cents) and Rhode Island (-17 cents). Over this same period, the price has ticked upward in Kentucky (+7 cents), Georgia (+4 cents) and Oregon (+3 cents).
Geopolitical events remain front of mind for market watchers, but in recent months have not translated into upward pressure on global oil markets. The price of West Texas Intermediate (WTI) crude oil did settle $1.03 higher at $94.57 per barrel at the close of today’s formal trading on the NYMEX, but prices remain near the 17-month low of $91.52 per barrel that was registered last Monday.
September 22nd, 2014 by Kerrie
(WASHINGTON, September 22, 2014) The national average price for regular unleaded gasoline has fallen for 16 consecutive days, reaching today’s average of $3.34 per gallon. Today’s average price is a nickel less than one week ago, a dime less than one month ago and 14 cents less than a year ago. Today’s national average is the lowest in more than seven months.
One week past the start of the seasonal fuel switch in many parts of the country, the national average continues to decline. This is due to decreased demand, cheaper crude oil and the cost savings associated with producing winter-blend fuel. Winter-blend gasoline is less expensive to produce, which can translate to lower prices at the pump. During the transition to this less stringent standard, and barring an unexpected disruption to production or distribution, the national average often posts steady seasonal declines.
Western states continue to post the highest average gas prices in the nation, led by: Hawaii ($4.23), Alaska ($3.94), Washington ($3.76), Oregon ($3.76) and California ($3.74). For the second week in a row, Hawaii is the only state where drivers are paying an average price above four dollars per gallon. Consumers in every state and Washington, D.C. are experiencing week-over-week savings at the pump, with the average price in 17 states reflecting savings of a nickel or more. Topping the list of falling prices over the past week, the average price at the pump has fallen by a dime or more in Indiana (-13 cents), Michigan (-13 cents), Ohio (-12 cents) and Delaware (-11 cents). One item to watch for West Coast drivers is a reported issue at ExxonMobil’s refinery in Torrance, California. Problems at the refinery were reported last week and a restart of the affected units at the facility was apparently unsuccessful over the weekend. While a spokesperson for ExxonMobil indicated that there has been no impact on production to date, retail prices in areas supplied by this refinery could see prices jump in the coming days if the unit remains offline and output is impacted.
Drivers in every state are paying less than one month ago and those in nearly half of states (24) are experiencing month-over-month relief at the pump of a dime or more. The largest monthly drops are seen in Ohio (-24 cents), Nevada (-18 cents) and New Mexico (-18 cents). The year-over-year comparisons show widely lower prices across the country, including four states where prices are more than a quarter less. Motorists in a handful of states are paying slightly more to fill their car: Oregon (+6 cents), Washington (+2 cents), Colorado (+1 cent) and Nevada (+.08 cents)
The latest round of U.S. sanctions on Russia and the recent eruption of violence in Libya leading to the shutdown of oil fields remain of interest to commodities market watchers. Despite these geopolitical tensions, global oil prices continue to test multi-year lows. At the close of today’s formal trading on the NYMEX, West Texas Intermediate (WTI) crude oil settled 89 cents lower at $91.52 per barrel. This marks not just a new 2014 low, but it is the cheapest settlement price dating back to May 1, 2013.
September 15th, 2014 by admin
(WASHINGTON, September 15, 2014) The national average price for regular unleaded gasoline is $3.39 per gallon, which is the lowest price for this date since 2010 when gas averaged $2.73. Today’s national average is a nickel lower than week ago, seven cents less than one month ago and 13 cents less than one year ago. The five-cent decline is the steepest one-week drop since July. The average price at the pump typically falls during this time of year due to decreased demand and the transition to winter-blend gasoline, which is cheaper to produce. AAA expects the national average to fall another 10-20 cents by the end of October.
Today marks the beginning of the yearly transition to winter-blended fuel. Starting on September 15, retailers can begin selling a blend of gasoline that is less expensive to produce because does not have to meet the same federal emissions reduction requirements that are required during warmer summer months. During the lead up to this change the price at the pump does sometimes move slightly higher as refineries reduce their inventories during the switchover, but on the whole, consumers typically experience savings at the pump during the fall driving season, as we are seeing this year.
Although the majority of drivers are paying less at the pump, the magnitude of the savings does vary by geographic location. Over the past seven days the average price in 49 states and Washington D.C. has declined, with motorists in three Midwestern states saving more than a dime: Indiana (-14 cents), Michigan (-13 cents) and Ohio (-12 cents). The only state where prices are up on the week is Montana and the increase is fractions of a penny. Consumers in Hawaii ($4.26), Alaska ($3.97), Oregon ($3.83) and Washington ($3.83) continue to pay some of the nation’s highest averages per gallon, however prices in each of these states has fallen over the last week.
Drivers in 49 states and Washington D.C. are experiencing month-over-month discounts at the pump. The retail price per gallon is down by a nickel or more in 36 states and Washington DC, with the largest savings seen in: New Mexico (-16 cents), Missouri (-16 cents), Nevada (-13 cents) and Alaska (-12 cents).
Compared to this same date last year, drivers in 46 states and Washington D.C. are paying less at the pump. The retail price of gasoline is down by dime or more in 34 states and Washington D.C., and consumers in Iowa (-32 cents), Kansas (-31 cents), Nebraska (-27 cents), Minnesota (-26 cents) and Oklahoma (-25 cents) are saving a quarter or more per gallon. The price at the pump reflects a premium in four states over this same period, due to regional supply issues in the Western states of Oregon (+13 cents), Washington (+9 cents), Nevada (+8 cents) and Colorado (+3 cents).
Late last week, the United States issued another round of sanctions targeting Russia’s energy, defense and financial sectors. This latest round of sanctions are in response to Russia’s continued activity in Ukraine, and are designed to impact that nation’s deepwater, Arctic and shale oil production plans. Similar action was taken by the European Union, and in combination could impact US oil companies that produce oil with Russia. Market watchers will continue to monitor this situation and its impact on global markets.
Despite the geopolitical tensions and continued unrest in northern Iraq, global oil prices continue to point lower. Brent crude (the traditional European benchmark) today traded at its lowest mark ($96.65 per barrel) since 2012, and while West Texas Intermediate (WTI) crude oil eked out gains on the day, it remains near its cheapest price of the year. At the close of formal trading on the NYMEX WTI settled up 65 cents at $92.92 per barrel. This price is less than a dollar above last Wednesday’s settlement ($91.67) which was a penny higher than the January 9 low for 2014. The last time WTI settled below $90 per barrel was April 2013.
September 8th, 2014 by admin
(WASHINGTON, September 8, 2014) With just one week remaining before many parts of the country will begin the switch to cheaper winter-blend fuel, the national average price for regular unleaded gasoline is $3.44 per gallon. Today’s national average is fractions of a penny more than one week ago, but it is four cents less than one month ago and 13 cents less than the same date last year.
The national average price for retail gasoline historically declines in the weeks after Labor Day, due to the end of the summer driving season and ample supply. September also marks the start of refineries beginning their yearly transition to producing a winter-blend of gasoline. This blend is cheaper to make because it does not need to meet emissions requirements that are in place in many areas to prevent pollution when temperatures are warmer. Motorists usually enjoy cost savings during this period; however geopolitical instability, hurricanes or events that disrupt production could still cause temporary spikes in regional prices in the coming months.
Hawaii ($4.27), Alaska ($4.02) and Washington ($3.86) continue to lead the market with the nation’s highest prices per gallon, followed by Oregon ($3.86) and California ($3.82). The western region of the United States represents the majority of nation’s most expensive markets, due to lingering effects from issues at local refineries. On the other end of the spectrum, motorists in the southern states of South Carolina ($3.16), Mississippi ($3.17), Virginia ($3.18) and Arkansas ($3.20) are paying the least per gallon at the pump – reflecting a savings of more than one dollar, in contrast to the nation’s most expensive state (Hawaii).
Although the national average has ticked upward over the past seven days, drivers in 32 states and Washington, D.C. are paying a bit less at the pump versus one week ago. The largest drop in retail prices have been in Ohio (-7 cents), Nevada (-3 cents) and New Mexico (-3 cents), compared to four states where prices have jumped by a nickel or more: Illinois (+8 cents), West Virginia (+5 cents), Kentucky (+5 cents) and Indiana (+5 cents).
Most consumers are experiencing month-over-month savings for retail gasoline. The price at the pump is lower in 44 states and Washington, D.C. during this span with drivers in 26 states saving a nickel or more per gallon. The largest declines have been in New Mexico (-11 cents), Washington, D.C. (-10 cents), Connecticut (-10 cents), Arizona (-10 cents), New York (-10 cents) and Pennsylvania (-10 cents).
Year-over-year comparisons reveal a similar picture. Motorists in 44 states and Washington, D.C. are saving money at the pump. The price per gallon is discounted by a dime or more in 35 states and Washington, D.C., and consumers in seven states are saving a quarter or more per gallon. Drivers in the Midcontinent states of Iowa (-33 cents), Kansas (-32 cents), Nebraska (-29 cents) and Minnesota (-28 cents) are experiencing the largest savings in the retail price for gasoline, largely reflecting a run up in prices at the end of last year’s summer driving season.
Global markets have kept a wary eye on geopolitical unrest, particularly in Ukraine and Iraq. However, these developments have had little impact on supply and subsequently the retail price of gasoline. News on Friday of a possible ceasefire between Russia and Ukraine put further downward pressure on oil prices. Despite some reports of violence over the weekend and the announcement today of additional European sanctions on Russia, global oil prices continue to slide. At the close of formal trading on the NYMEX, West Texas Intermediate (WTI) crude oil settled 63 cents lower at $92.66 per barrel. This marks the lowest settlement for WTI since January 14.
September 3rd, 2014 by admin
Reduced Driving and Switch to Winter-Blend Gasoline Should Bring Lower Prices
- Gasoline demand and prices generally fall in September through the end of the year as people drive less and because refineries can produce less expensive winter-blend gasoline. AAA expects gas prices nationally could decline another 10-20 cents per gallon by the end of October.
- “The big crunch in summer travel is done and most of us can look forward to lower gas prices during the next few months,” said Avery Ash, AAA spokesman. “If we can get through September without any major refinery or overseas problems, we should see more gas stations drop below $3.00 per gallon this fall.”
- Last year, U.S. driving declined nearly 10 percent in September compared to August, according to the Federal Highway Administration. The decline in driving during cooler months helps to reduce gasoline demand. In addition, refineries will begin to sell less expensive winter-blend gasoline in many parts of the country on September 15, which should further push prices down.
- Refineries in many regions are required to produce more expensive summer-blend gasoline during warm-weather months to prevent air pollution and smog. As the weather grows cooler, this gasoline blend is no longer required. In the days leading up to September 15, supplies of summer-blend gasoline occasionally can tighten before the deadline, which could lead to very short-term and localized price increases around the middle of the month.
- The price of gas in September has declined four out of the five previous years for an average of eight cents per gallon. Last year, national average gas prices fell by 19 cents per gallon in September.
- The Atlantic hurricane season reaches a peak around September 10. Major hurricanes can disrupt oil production, refinery facilities and pipelines, which can lead to significantly higher gas prices. In 2012 for example, Hurricane Isaac struck Louisiana and the brief closure of refineries helped increase the national average price of gas price by 11 cents per gallon over nine days.
Summer Driving Season Ends as Fourth Most Expensive on Record
- The national average price of gas over the summer driving season was $3.58 per gallon, which was the fourth most expensive on record and fractions of a cent less than a year ago. The summer driving season runs from Memorial Day through Labor Day, and is the busiest time of the year for driving. The summer driving season average for the previous few years was $3.58 (2013), $3.55 (2012), $3.65 (2011), $2.73 (2010), $2.59 (2009) and $3.95 (2008).
- “It was truly a summer of contrasts with consumers paying the highest seasonal prices in years to begin the summer, but ending with the lowest prices since 2010,” continued Ash. “Many drivers lucked out with it costing significantly less to fill up the car during the busiest part of the summer.”
- Gas prices nationally averaged $3.46 per gallon in August, which was the least expensive average for the month since 2010. This average compares to $3.57 (2013), $3.69 (2012) and $3.62 (2011) in recent years. The national average price of gas was $3.60 per gallon in July and $3.67 per gallon in June.
- Gas prices in most parts of the country have fallen significantly during the second half of the summer with the national average price of gas down about 25 cents per gallon since June 28. Gas prices unexpectedly increased in June as rebels intensified attacks in Iraq, but prices began to stabilize as the threat to Iraqi oil production diminished.
- Domestic refinery and crude oil production has more than kept pace with high demand this summer, which has helped gas prices decline. In addition, oil prices have fallen despite multiple crises overseas because global production has not been significantly affected and domestic production remains strong. The price of West Texas Intermediate crude oil dropped to $92.88 per barrel to close yesterday. This settlement price was the lowest since January 14 and marked a $10 per barrel decline since early July. Approximately two-thirds of the cost of gasoline can be attributed to the price of crude oil.
Gas Prices Reach Six-Month Low to Begin September
- Today’s national average price of gas is $3.43 per gallon. Consumers this week are paying the lowest average prices since late February. Today’s average is about 16 cents per gallon cheaper than a year ago and the lowest average for this day since 2010. The national average has remained under $3.50 per gallon for 31 consecutive days.
- Gas prices this year generally have averaged less than in recent years due to an increase in domestic petroleum production. The national average price of gas through the first eight months of the year is $3.52 per gallon, which is the lowest average through the same period since 2010. Last year the national average through August 31 was $3.57 per gallon.
- The five states with the highest average prices today include: Hawaii ($4.28), Alaska ($4.02), Washington ($3.88), Oregon ($3.87) and California ($3.84). The five states with the lowest gas prices today include: South Carolina ($3.17), Mississippi ($3.18), Virginia ($3.18), Alabama ($3.20) and Tennessee ($3.21).
- About one-fourth of U.S. stations are selling gas for less than $3.25 per gallon today, while nearly seven-in-ten stations are selling gas for less than $3.50 per gallon. The most common price in the United States is $3.299 per gallon.
September 2nd, 2014 by admin
(WASHINGTON, September 2, 2014) Today’s national average price for retail unleaded gasoline is $3.43 per gallon. Motorists are paying fractions of a penny more than one week ago, but they are paying an average of seven cents less than one month ago and 16 cents less than the same date last year. While the national average has remained flat over the last week, the year-over-year discount has widened to its largest margin since March 22.
Today’s national average is the lowest on record for this calendar date since 2010 when the national average was $2.68. Today’s price is 21 cents less than the same date in 2011 ($3.65) and 40 cents less than 2012 ($3.83).
While the national average has increased slightly over the past week, prices in the vast majority of states (39 states and Washington DC) have continued to fall during this span, led by Missouri (-5 cents), Alaska (-4 cents) and New Mexico (-4 cents). These declines have been more than offset by steeper increases in a handful of Midwestern states: Ohio (+10 cents), Michigan (+9 cents) and Indiana (+8 cents). This recent regional increase was in part driven by a reported issue last week at BP’s 428,000 barrel per day refinery in Whiting, Indiana. Price volatility is unfortunately nothing new for Midwestern drivers, as they have consistently faced pump prices among the most volatile in the country over the last several years.
Despite falling prices across much of the country, Hawaii ($4.28) and Alaska ($4.02) continue to lead the nation as the only two states where gas is more than $4.00 per gallon. While prices in the western United States have drifted lower over the past several weeks, drivers in these states still pay the highest prices in the continental U.S.: Washington ($3.87), Oregon ($3.87), California ($3.84) and Idaho ($3.75). These regional highs reflect the lingering impact of refinery issues that have led to year-over-year premiums at the pump even as prices in much of the country reflect sizable yearly discounts.
While geopolitical developments in Ukraine and Iraq remain front page news, oil markets have marched steadily lower reflecting the assessment that global supplies remain unaffected. This slide in oil prices continued today as West Texas Intermediate (WTI) crude dropped $3.08 to $92.88 per barrel at the close of formal trading on the NYMEX. Today’s price marks a decline of more than $10 per barrel since the start of July and is the lowest settlement since January 14.
August 25th, 2014 by admin
(WASHINGTON, August 25, 2014) One week before the Labor Day holiday, the national average price for regular unleaded gasoline continues to march lower reaching today’s price of $3.43 per gallon, which is the lowest average since February 26. Motorists are paying two cents less per gallon than one week ago, 10 cents less than one month ago, and 11 cents less than on this same date last year.
Today’s price represents the second lowest on record for this calendar day since 2010 when the national average was $2.70.
Drivers in the Pacific States are paying some of the nation’s highest retail prices at the pump. Consumers in Hawaii ($4.30), Alaska ($4.07) and Oregon ($3.89) continue to pay the most per gallon, followed by motorists in Washington ($3.88) and California ($3.87); however prices in each of these states has declined over the past week and month. On the other end of the spectrum motorists in South Carolina ($3.14) continue to pay the nation’s lowest price per gallon, reflecting a difference of more than one dollar ($1.16) in comparison to the highest state average.
The retail price for gasoline is down in 44 states and Washington D.C., with the largest savings seen in: Illinois (-6 cents), Pennsylvania (-5 cents), Washington D.C. (-4 cents) and New Jersey (-4 cents). Among the six states where the price has increased over this same period, the increases have been minimal: Kentucky, Ohio and Indiana (+3 cents); Michigan and Kansas (+1 cent); and Hawaii (less than a cent).
Month-over month and year-over-year price assessments also reflect lower prices for motorists in the vast majority of states. Consumers in 45 states and Washington D.C. are seeing month-over-month savings, and the average price per gallon has dropped by a dime or more in 26 states and Washington D.C. The most dramatic monthly savings are on the East Coast, led by Pennsylvania and New Jersey (-20 cents); and Maryland and Connecticut (-17 cents).
Compared to this time last year, drivers in 43 states and Washington D.C. are paying less at the pump. Consumers in 34 states and Washington D.C. are saving a dime or more per gallon, led by Delaware and New Jersey (-20 cents). Motorists in the western United States are among the handful of states paying more per gallon than on the same date last year. The regional increase is attributed to operational issues at refineries on the West Coast, which has impacted supply and ultimately led to consumers in Nevada (+16 cents), Oregon (+16 cents), Colorado (+13 cents) and Washington (+11 cents) paying premiums of a dime or more per gallon.
Geopolitics continues to dominate headlines, including in Iraq where the jihadist group known as ISIL (Islamic State of Iraq and the Levant) took responsibility for the death of an American journalist. The Obama Administration is exploring expanding its military action in the region, and the potential for disruptions in supply remains front of mind for market watchers. In recent years motorists have seen geopolitical headlines trigger higher global crude oil prices and ultimately higher prices at the pump; however this has not been the case this summer. In recent weeks, oil markets have largely shrugged off reports of violence and tensions overseas and have instead moved steadily lower as analysts have assessed the potential for a disruption in oil supplies to be limited. The easing of global crude prices has been a driving factor behind the falling retail gasoline prices across much of the country.
This slide in oil prices continued today as West Texas Intermediate (WTI) crude oil settled down 30 cents at $93.35 per barrel at the close of formal trading on the NYMEX. Today’s price marks a decline of more than $10 per barrel since the start of July and is the lowest settlement since January14.
August 19th, 2014 by admin
(WASHINGTON, August 18, 2014) With approximately one month remaining before the start of the shift from more expensive summer blend gasoline (September 15) to the relatively less expensive winter blend, the national average price for regular unleaded gasoline continues to drift lower and currently sits at $3.45 per gallon. Today’s national average price is two cents less than one week ago, 13 cents less than one month ago, and nine cents less than one year ago. Today’s average of $3.45 is the lowest daily price since February and the lowest August price since 2010.
Consumers in Hawaii continue to pay the nation’s highest price per gallon at the pump, registering a statewide average of $4.30 per gallon. Alaska ($4.08) and Oregon ($3.90) round out the top three most expensive markets. Drivers in South Carolina ($3.15) are paying the least per gallon, a savings of more than one dollar ($1.15) compared to motorists in Hawaii.
Over the past seven days the price at the pump has declined in the majority of states (43 states and Washington D.C.), with drivers in Ohio (-11 cents), Michigan (-10 cents) and Indiana (-9 cents) saving the most per gallon. This is in stark contrast to last Monday when these same three states registered the largest two-week increases in the nation. This recent decrease follows a run up in prices due to refinery issues at several facilities that serve the Great Lakes region. Price volatility is unfortunately nothing new for Midwestern drivers, as their state averages have consistently been among the most volatile in the country over the last several years.
Month-over-month discounts are reflected in the average price per gallon in 47 states and Washington D.C. Of this total, the price in 34 states and Washington D.C. is discounted by a dime or more with the largest declines in eastern states: New Jersey (-20 cents), West Virginia (-19 cents), Pennsylvania (-19 cents) and Maryland (-18 cents). Drivers in 43 states and Washington D.C are paying less per gallon, based on a year-over-year price comparison. The largest year-over-year savings are found in Kansas (-21 cents), Rhode Island (-18 cents), Delaware (-18 cents), and New Jersey (-18 cents). On the other side of this trend, motorists in seven states are paying premiums at the pump versus this time last year. The largest year-over-year increases in the price per gallon are recorded the western states of Nevada (+14 cents), Colorado (+13 cents) and Oregon (+12 cents), where consumers are paying a dime or more per gallon.
Geopolitical tensions remain front page news as the situations in Russia, Ukraine and Iraq continue to make headlines. Unlike years past when global events would lead to sharp increases in oil prices, due to concerns of supply disruptions, these events have been largely dismissed as global oil prices continue to slide. This is largely due to the relative stability of global supply projections, attributed to the U.S. approaching its highest annual level of oil production since 1972 and Libya’s returning to previous production levels. The price of West Texas Intermediate (WTI) settled 94 cents lower at $96.41 per barrel at the close of formal trading today, which is slightly higher than the more than six-month low of $95.58 per barrel registered last Thursday.
August 11th, 2014 by admin
(WASHINGTON, August 11, 2014) The national average price for regular unleaded gasoline has continued its downward trend despite high-profile conflicts in overseas oil producing countries and declining domestic refinery production. Today’s price is $3.48 per gallon, which is two cents less than one week ago,14 cents less than one month ago and seven cents less than the same date last year.
The falling national average is largely mirrored at the state level, where drivers in all but a handful of states are paying less at the pump over the last few weeks. Consumers in Hawaii ($4.32), Alaska ($4.10) and California ($3.91) continue to pay the highest prices per gallon, yet week-over-week declines were recorded in each of the nation’s top 10 most expensive markets. Over the past 14 days, average retail prices have dropped in 42 states and Washington D.C. Conversely, the price has increased in eight Midwestern and Central states, led by Ohio (+13 cents), Indiana (+11 cents) and Michigan (+11 cents). These increases can be traced back to refinery problems and maintenance at several facilities supplying the region: two in Kansas (Holly Frontier in El Dorado and the Coffeyville plant); BP’s refinery in Whiting, Ind.; and ExxonMobil’s refinery in Joliet, Ill.; which is running at reduced rates while conducting work.
Today’s month-over-month comparison shows that drivers in 46 states and Washington D.C. are enjoying a savings at the pump, with the largest price reductions occurring in Washington D.C. (-22 cents), Delaware (-21 cents), West Virginia (-20 cents) and California (-20 cents). In 39 states of these states and Washington D.C., the savings are a dime or more per gallon.
Year-over-year discounts are reflected in the price per gallon in 40 states and Washington D.C., with 27 states and Washington D.C. showing savings in the double-digits. The mid-continent states of Kansas (-21 cents), South Dakota (-21 cents) and North Dakota (-20 cents) posted the largest year-over-year savings, followed by Delaware (-19 cents) and Rhode Island (-18 cents). On the other side of this trend, motorists in 10 states are paying more per gallon versus this time last year, with drivers in Nevada paying the highest premium: 10 cents per gallon.
Last week President Obama announced that the U.S. would begin airstrikes in Iraq, in response to the continuing escalation of violence by the group known as ISIL (Islamic State of Iraq and Levant). Iraq is the world’s seventh-largest oil producer and a disruption in production could impact the global supply. Tensions between Russia and Ukraine, and the situation Libya also remain front of mind for many, although none of these occurrences have resulted in a disruption to supply. Ultimately, despite these geopolitical headlines, oil prices continue to trade near multi-month lows. The price of West Texas Intermediate (WTI) settled 43 cents higher at $98.08 per barrel at the close of formal trading today, which is slightly lower than the price to begin last week and equal to the lowest settlement to begin a week since the start of February.
August 4th, 2014 by admin
(WASHINGTON, August 4, 2014) For the first time since March 12, the national average price for unleaded gasoline has dropped below $3.50 per gallon ($3.4997). Today’s national average is at the lowest level for early August since 2010. The national average has fallen for 37 out of 38 days, and has dropped 18 cents per gallon over this span. Today’s price is two cents less than one week ago, 16 cents less than one month ago and 12 cents less than the same date last year.
Motorists in Hawaii ($4.34), Alaska ($4.11) and California ($3.96) continue to pay the highest prices per gallon for regular unleaded fuel. Last Tuesday (July 29) marked the first time since this spring (March 28) that Californians have paid an average less than $4.00 per gallon at the pump. This decrease is one of 12 states where week-over-week declines of four cents or more were recorded – consumers in Minnesota are experiencing the largest savings per gallon (six cents).
The retail price per gallon fell in 40 states and Washington, D.C over the last seven days, providing the majority of drivers with a bit more relief at the pump. Average prices increased in 10 states, led by Ohio (+10 cents) and Kentucky (+5 cents). Price swings are unfortunately nothing new for Midwesterners, as their states have consistently been among the most volatile in the country. Prices in the region often increase and decrease quickly. While prices have risen slightly over the last week in parts of the Midwest due to refinery problems, many of these same states also lead the nation in month-over-month price decreases: Michigan (-30 cents), Kentucky (-24 cents), Illinois (-24 cents) and Minnesota (-24 cents). Overall, drivers in 48 states and Washington, D.C. have seen prices drop over the last month, with only Wyoming (+2 cents) and Idaho (+4 cents) bucking the trend.
The year-over-year price at the pump is lower in all but four states: Nevada (+9 cents), Colorado (+6 cents), Oregon (+5 cents) and Alaska (+ 4 cents). Last summer, many Midwestern states were in the midst of rollercoaster gas prices due to regional refinery glitches. As a result, of the 46 states and Washington, D.C. where retail prices have dropped, the Midwestern states of Minnesota (-26 cents), Kansas (-26 cents) and Nebraska (-25 cents) lead the nation in year-over-year discounts.
Oil market watchers continue to monitor the Middle East and northern Africa, paying special attention to growing tensions in Eastern Europe. United States and European powers last week announced coordinated sanctions targeting Russia’s long-term ability to develop new oil resources, in response to the country’s involvement in the insurgency in eastern Ukraine. Some have suggested that the latest prohibitions eventually could impact the global supply of crude oil by denying exports of oil industry equipment and restricting Russian state-owned banks from accessing European capital markets. While West Texas Intermediate (WTI) oil prices settled 41 cents higher today at $98.29 per barrel, this marks just a slight increase from Friday’s nearly-six month low of $97.88 per barrel and the first time that WTI has settled below $100 per barrel on three straight days since the start of May.