Posts Tagged ‘AAA Gas Prices’

Michael Green Contact Tile(WASHINGTON, January 26, 2015) The national average continues to march toward $2.00 per gallon and has fallen for a record 123 consecutive days, for a total savings of $1.31 per gallon. Today’s national average price for regular unleaded gasoline is $2.03 per gallon. Motorists are paying three cents less than one week ago, 27 cents less than one month ago and saving $1.25 per gallon in comparison to this same date last year. While the streak of daily declines in the national averages continues, the rate of decline has slowed in recent days. After dropping for an average of more than a penny a day for the first 16 days of 2015, the average drop over the past ten days has been just half a penny. This slowing decline has been largely reflective of a number of Midwestern states where prices have moved higher over the past week due to a series of refinery issues in the region.

The Northeast is bracing for a major winter storm that could dump up to three feet of snow on parts of the region. While a snowfall such as this might pressure gasoline prices immediately higher on distribution concerns, the longer term impact is expected to be downward pressure on pump prices from lower demand, as drivers stay off the roads. However, increased demand for diesel fuel, which is also used to heat homes and power generators during electricity outages, would be expected to pressure diesel prices higher during the duration of the storm’s impact.

The falling prices at the pump are a product of global oil prices tumbling to multi-year lows. While gas prices are likely to increase this spring due to seasonal demand and maintenance, barring any major increase in the global price of crude, AAA expects the national average to remain below $3 per gallon during 2015.

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Hawaii ($3.24) remains the only state posting an average price for retail gasoline above $3 per gallon, and is joined by Alaska ($2.72) as the only two states with averages above $2.50 per gallon. California ($2.45), New York ($2.43) and Washington, D.C. ($2.41) round out the nation’s top five most expensive markets. Twenty-eight states are posting averages below $2 per gallon, with the lowest prices in Missouri ($1.78), Oklahoma ($1.81), Kansas ($1.83), Texas ($1.84) and New Mexico ($1.85).

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As outlined above, the trend of falling weekly averages is beginning to ease. While 40 states and Washington, D.C. are registering savings over the past seven days, drivers in ten states are paying a bit more at the pump over the same period. Twenty-two states and Washington, D.C. are posting savings of a nickel or more, and two states Ohio (-10 cents) and  Alaska (-10 cents) are reflecting double-digit savings. The largest increases over this span are the Midwestern states of Indiana (+10 cents) and Michigan (+5 cents).

Virtually all drivers in the U.S. are continuing to experience savings at the pump compared to one month ago. The only state bucking this trend is Indiana, where the price has inched upward by fractions of a penny versus one month ago due to regional production issues.  With the exception of Kentucky (-5 cents), averages are down in every other state and Washington, D.C. by more than one dime per gallon month-over-month. Wyoming (-51 cents), Utah (-51 cents), Rhode Island (-43 cents) and Connecticut (-43 cents) are posting the largest discounts over this period, and an additional 35 states and Washington, D.C. are posting discounts of a quarter or more per gallon.

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Yearly comparisons continue to reflect the most dramatic discounts, largely due to multi-month declines in the price of retail gasoline. Alaska (-92 cents) and Hawaii (-77 cents), the nation’s most expensive retail markets, are the only two states not posting yearly discounts of at least $1 per gallon.  A total of 24 states are registering savings of $1.25 or more per gallon year-over-year, with the sharpest declines in Ohio (-$1.39), Illinois (-$1.37) and Connecticut (-$1.37).

The death of Saudi Arabia’s King Abdullah caused the global oil markets to slightly rally this past week on rumors that OPEC’s largest producer could possibly reassess its production levels and potentially decrease the current glut in global oil supply. King Abdullah’s successor, Crown Prince Salman, calmed the market by deciding to keep the current oil minister in his position and signaling no plans to change the country’s current production plans. By sustaining its current production levels, the resiliency of high-cost production countries like the U.S. and Canada will continue to be tested as the market is left to self-regulate at price levels that have not been seen in more than half a decade.

At the close of Friday’s formal trading on the NYMEX, WTI was down 72 cents, settling at $45.59 per barrel – its lowest price in six years.

National Average Eyes $2 per Gallon

January 20th, 2015 by admin

Michael Green Contact Tile(WASHINGTON, January 20, 2015) U.S. motorists are paying the lowest average gas prices since April 2009, and the national average is likely to slide below $2 per gallon before the end of the month. The average price at the pump has dropped a record 117 consecutive days, for a total a savings of $1.29 per gallon during this stretch. The national average price for regular unleaded gasoline is $2.05 per gallon. Today’s price is six cents less than one week ago, 36 cents less than one month ago and $1.23 less than one year ago.

The average price at the pump is directly connected to the global price of crude oil, with crude costs accounting for more than half of the price of gasoline. Like pump prices, crude oil prices have also posted multi-year lows due to global supply outpacing demand, which has kept downward pressure on the price of crude and ultimately meant hefty discounts in retail gasoline for U.S. drivers.  AAA expects the national average to remain below $3 per gallon in 2015, barring any major fluctuations in the global price of crude.

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Drivers in 25 states are paying averages below $2 per gallon; up from 18 one week ago. For the second week in a row the midcontinent region features the nation’s least expensive states for retail gasoline, led by:  Missouri ($1.76), Oklahoma ($1.80) and Kansas ($1.81). Hawaii ($3.31) remains the only state with an average above $3 per gallon, and is joined by Alaska ($2.82) and New York ($2.50) as the nation’s only states posting averages above $2.50 per gallon.

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Retail averages across the country continued to march lower over the past seven days, with consumers in Wyoming (-13 cents), Connecticut (-12 cents) and Washington (-12 cents) experiencing the largest weekly savings. Averages are down in 48 states and Washington, D.C. week-over-week, with 38 states and Washington, D.C. registering savings of a nickel or more per gallon. The only states to buck this trend are the Midwestern states of Ohio (+2 cents) and Minnesota (+2 cents) where prices have risen slightly versus this time last week. Two-week comparisons follow the same trend, with only drivers in Ohio (+8 cents) paying more during this span. Motorists in Wyoming (-28 cents), Utah (-26 cents) and Connecticut (-24 cents) are seeing the largest discounts over this period, joined by 11 additional states where the price is reduced by 20 cents or more in comparison to two weeks ago. Drivers in 42 states and Washington, D.C. are saving at least a dime per gallon at the pump over this same span.

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Monthly and yearly comparisons continue to reflect that U.S. motorists are universally experiencing savings at the pump. The largest month-over-month discounts are seen in the Mountain States of Utah (-60 cents), Wyoming (-56 cents) and Idaho (-54 cents), and a total of 47 states and Washington, D.C. are posting discounts of one quarter or more. Multi-month declines in the price of retail gasoline continue to dramatically impact yearly price comparisons. Drivers in 48 states and Washington, D.C. are saving more than $1 per gallon, while only the nation’s most expensive markets Hawaii (-69 cents) and Alaska (-83 cents) are outside of this trend. The steepest declines are in Illinois (-$1.37), Michigan (-$1.36) and Maine (-$1.34), which are joined by 15 other states registering savings of at least $1.25 per gallon versus one year ago.

While increased seasonal demand and maintenance at refineries may result in a typical 30-50-cent increase in pump prices this spring, a major global price recovery is unlikely to be the horizon, absent any major market disruptions or geopolitical events. These sustained lower prices would be a result of projected shifts in the balance between global oil supply and demand. This shift has been keyed by increased crude oil production in the United States and Canada and was accelerated by OPEC’s decision this fall to sustain production levels despite declines in the price of crude by electing to allow the market to self-regulate. By not continuing its traditional role as a market stabilizer and adjusting production to sustain higher prices, OPEC has put pressure on high-cost, oil-production countries like the United States and Canada. Both countries are reportedly starting to respond by easing domestic production forecasts and trimming operations and administrative costs. Crude prices are less than half of what they were six months ago, and sustained low prices will also continue to test the resiliency of countries that rely on oil revenue to fund government services.

The spread between Brent Crude and WTI continues to narrow, and stood at $1.48 a barrel at the close of formal trading on Friday. Less than one year ago WTI was trading at discount of $10 per barrel and the last time Brent fell below WTI was in 2010. WTI closed up $2.44 a barrel at $48.69 at the close of Friday’s formal trading on the NYMEX.

Gas Prices Keep Tumbling to Begin New Year

January 12th, 2015 by admin

Michael Green Contact Tile(WASHINGTON – January 12, 2015) U.S. motorists are paying an average price at the pump today ($2.13 per gallon) that is more than forty percent lower than the 2014 peak of $3.70 reached on April 28. The national average continues to test lows not seen since May 2009 and has now dropped a record 109 consecutive days for a total decline of $1.22 per gallon during this span. Today’s price is seven cents less than one week ago, 45 cents less than one month ago and $1.18 less than one year ago. Barring any major increases in the global price of crude oil, AAA expects the national average price for regular unleaded gasoline to remain below $3.00 per gallon in 2015.

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Motorists in 11 more states saw their average price at the pump drop below $2 per gallon over the past week, bringing the total number of states below this threshold to 18. This number could rise to 25 by the end of next week given current trends. The average price at the pump is more than $2.50 per gallon in just five states and Washington, D.C. The nation’s least expensive markets continue to be in the mid-continent, with consumers in Missouri ($1.77), Oklahoma ($1.82) and Kansas $(1.84) paying the country’s lowest averages at the pump. For the second week in a row, Hawaii ($3.42) is the only state with an average above $3.00 per gallon, followed by Alaska ($2.93), New York ($2.62), California ($2.60) and Washington, D.C. ($2.57) as the most expensive markets.

Week-over-week the average price is down in 47 states and Washington, D.C., with the largest savings in Montana (-16 cents), Utah (-16 cents), North Dakota (-15 cents) and Wyoming (-14 cents).  The price is down by a nickel or more in 45 states and Washington, D.C., and 17 states are posting discounts of a dime or more over this same period. While prices in three Midwestern states have increased over the past week, these same states still boast among the largest month-over-month declines in the nation: Indiana (+7 cents week-over-week, -48 cents month-over-month), Ohio (+7 cents week-over-week, -49 cents month-over-month) and Michigan (+4 cents week-over-week, -58 cents month-over-month).

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The average price at the pump is down month-over-month in every state and Washington, D.C. Motorists in Idaho (-71 cents), Utah (-64 cents), Montana (-63 cents) and Wyoming (-62 cents) are enjoying the largest savings during this period, and drivers in a total of 17 states are posting discounts of 50 cents or more. Even consumers in the nation’s most expensive markets are seeing marked savings over this period, with discounts of more than a quarter in Hawaii (-30 cents), California (-30 cents) and Washington, D.C. (-34 cents).

Yearly comparisons continue to show the largest discounts and highlight the magnitude of the unprecedented multi-month decline in the gas prices. The most extreme year-over-year price drops have been in the Midwestern states of Michigan (-$1.45), Ohio (-$1.43), Indiana (-$1.40) and Illinois (-$1.31).  With the exception of the nation’s most expensive market, Hawaii (-59 cent), the price at the pump is down by at least 70 cents per gallon in every state and Washington, D.C. from this date last year. Drivers are saving more than $1.00 per gallon in 43 states and Washington, D.C., and nine states are registering discounts of $1.25 or more over this same period.

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The dramatic slide in retail gas prices has been driven by a similar plummet in global crude oil prices since the end of the summer. This decline in the price of oil has been a product of weak demand combined with abundant supply. While lower gas prices are certainly a welcome relief for consumers, the broad impact of sustained low oil prices are front of mind for many industry stakeholders. In countries like the United States where the cost of oil extraction is more expensive, producers may be forced to reassess their plans to factor in profit margins that are sharply lower or even reversed as markets continue to register multi-year lows. Additionally, countries that rely heavily on oil revenues to fund government services may find themselves in situations where reductions to social programs are necessary, which could lead to civil unrest. Either of these dynamics has the potential to put upward pressure on prices.

The global price of crude has lost more than half its value since mid-2014. OPEC has reiterated that it will not intervene in the market to force prices higher and plans to sustain its current production levels, with the earliest possibility for supply reductions reportedly pushed to their next meeting scheduled for June. Sustained low prices for crude can also potentially influence the way global markets are assessed. Last week, the spread between WTI and Brent narrowed to approximately $1.75 per barrel and market watchers are even speculating whether the price of Brent will fall below WTI. Brent has not been priced below WTI since 2010, and less than a year ago it was trading at a more than $10 premium per barrel.

At the close of formal trading on the NYMEX, WTI closed up by more than $1.00 at $48.36 per barrel.

Michael Green Contact Tile(WASHINGTON, January 5, 2015) The national average price of gas has fallen for a record 102 days to $2.20 per gallon, which is the lowest average since May 9, 2009. Drivers closed out 2014 on a high note with households saving an average of approximately $115 on gasoline in comparison to 2013 due to relatively low prices at the pump. The average price for retail gasoline hit multi-year lows during the last few months of 2014 and is expected to continue to fall as we begin 2015. Consumers are saving nine cents compared to one week ago, 49 cents compared to one month ago and $1.12 per gallon compared to this same date last year.

The national average price has fallen every day since September 25 for a total of $1.15 per gallon. Today’s price is $1.50 (approximately 40 percent) less than the 2014 peak of $3.69 per gallon on April 28. Barring any significant fluctuations in the price of crude oil, the average price at the pump is likely to remain below $3.00 per gallon in 2015, although prices may see seasonal increases this spring as refineries undergo maintenance, or this summer as demand increases during the busy summer driving season.

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Drivers in 43 states are paying an average price that is below $2.50 per gallon and seven states boast averages below $2.00 per gallon. Drivers in 40 states can find at least one station selling gas for less than $2.00 per gallon today. The center of the country continues to pay the lowest prices, led by averages in Missouri ($1.86), Oklahoma ($1.89), Ohio ($1.90), Michigan ($1.90), Indiana ($1.92) Kansas ($1.92) and Texas ($1.98). The average price for retail gasoline in Alaska slipped below $3.00 per gallon today for the first time since June 2009, leaving Hawaii ($3.48) as the only state with an average price above the $3.00 threshold. Motorists in New York ($2.72), Vermont ($2.66) and California ($2.65) are still paying the highest averages in the continental U.S. and round out the top five most expensive markets for retail gasoline.

The average price at the pump is down in every state and Washington, D.C. week-over-week. Minnesota (-15 cents), Idaho (-15 cents) and Michigan (-14 cents) are posting the largest savings over this period, and are joined by 17 other states where motorists are saving a dime or more at the pump. Consumers in 47 seven states and Washington, D.C. are experiencing weekly savings of at least a nickel per gallon to refuel their vehicles. With the exception of California (-8 cents), the average price for retail gasoline has fallen by a dime or more in every state and Washington, D.C. over the last two-weeks. The largest savings over this stretch are in Michigan (-31 cents), Idaho (-30 cents), Ohio (-30 cents) and Utah (-29 cents).

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Since this time last month, the price at the pump has fallen in every state and Washington, D.C. by more than 30 cents per gallon. Motorists in 21 states are saving 50 cents or more per gallon to refuel their vehicles, with the same bi-weekly savings leaders — Michigan (-81 cents), Idaho (- 79 cents) and Ohio (-74 cents) — not surprisingly posting the largest savings over this same span.

The most extreme discounts in the price at the pump are reflected in yearly comparisons. Averages are down by $1.00 or more in 39 states, with the largest declines in Michigan (-$1.41), Indiana (-$1.41), Ohio (-$1.41) and Illinois (-$1.28). Consumers in almost every state and Washington, D.C. are saving at least 75 cents per gallon; Hawaii (-48 cents) and Alaska (-65 cents), the nation’s most expensive gasoline markets, are the two exceptions.

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The price of crude is continuing its downward slide due to excess supply and weak demand, and is on the precipice of falling below $50 per barrel today for the first time since April 2009. Global oil prices are expected to remain relatively low for the first half of 2015, which could put additional pressure on high-cost production countries like the United States. Rebel forces continue to disrupt supply from OPEC member country Libya, yet the level of global oversupply appears capable of easing concerns that might otherwise send prices higher due to production concerns.

Sustained low prices for crude have the potential to impact domestic production, with both upstream and downstream companies reportedly beginning to reassess their plans moving forward. Although it is too early to tell what, if any, impact low crude prices will have on domestic production, it is worth noting that companies will increasingly face the choice of either continuing expansion plans or cutting capital expenditures in a market that offers significantly lower profit margins.

The global price of crude has lost more than half of its value since mid-2014. At the close of formal trading on Friday, WTI fell by 58 cents per barrel and settled at $52.69. This marks the lowest settlement since April 30, 2009.

Michael Green Contact Tile(WASHINGTON, December 8, 2014) The national average price for regular unleaded gasoline could test $2.50 by Christmas, and likely will fall to the lowest level since 2009 in a matter of days. Today’s average of $2.67 per gallon is the least expensive since Feb. 23, 2010. As crude oil costs continue to slide, gas prices are poised to fall even further in the next several weeks. The price at the pump has already tumbled by more than one dollar ($1.03) since the 2014 peak of $3.70 per gallon in April. The national average has dropped a dime from one week ago, 27 cents from one month ago and 60 cents per gallon from the same date last year.

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The average price for retail gasoline historically declines from fall into winter due to a number of factors including decreased demand. Consumers can expect to see the price at the pump tick lower as we approach the New Year, however, crude oil would have to fall by another $25 to $30 per barrel to cause the national average to drop below the $2.00 per gallon threshold this winter, which remains unlikely. The price of oil accounts for approximately two-thirds of the price at the pump, and a $10 per barrel drop in the price of crude oil results in about a 25-cent drop in retail prices for motorists.
Plentiful global crude oil supplies continue to be a primary contributing factor to falling averages nationwide. Forty-six states and Washington, D.C. are reporting prices below the $3.00 per gallon threshold. More than half (six) of the nation’s 10 most expensive markets are registering averages less than this benchmark, including Vermont and California where motorists are paying less than $3.00 per gallon for the first time since 2010. The nation’s most expensive markets are Hawaii ($3.78) and Alaska ($3.44), followed by the Northeastern states of New York ($3.08) and Connecticut ($3.02). Consumers in Missouri are paying the least per gallon to refuel their vehicles at $2.37 per gallon. While it is still unlikely that any state’s average will fall below $2.00 per gallon, there are individual stations in these cheapest markets where motorists can currently fill up for less than $2.00.

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Week-over-week, the price of gasoline is down by a nickel or more in every state and Washington, D.C. The Midwestern states of Michigan (-19 cents), Indiana (-16 cents) and Ohio (-16 cents) are posting the most dramatic savings over this period, and lead the pack of 19 states where motorists are experiencing a weekly discount of a dime or more per gallon.

With the exception of Delaware (-9 cents), the average price at the pump has tumbled more than a dime in every state and Washington, D.C. over the past month. Motorists in twenty-seven states are enjoying month-over-month savings of a quarter or more with the largest savings in South Dakota (-45 cents), Oklahoma (-45 cents), Missouri (-41 cents) and Minnesota (-41 cents).

Yearly comparisons continue to reflect the most extreme drops in the price at the pump. Not only is the average price is down in every state and Washington, D.C. from this date in 2013, but consumers in 46 states and the District of Columbia are saving more than a quarter per gallon, and 35 states and D.C. are saving 50 cents or more per gallon.

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Global oil markets are still struggling to find a bottom since the Organization of Petroleum Exporting Countries’ (OPEC) decision to sustain production levels. Brent Crude and West Texas Intermediate reached their lowest levels in five years on Friday and this continues to mean cheaper gasoline at the pump for drivers. In an attempt to protect its share of the global market, Saudi Arabia, OPEC’s second largest member, is sustaining its recent price cuts and is offering barrels of oil at prices not seen in at least 14 years. This move could possibly put pressure on U.S. crude production, which is at its highest level in 30 years, and has been a leading factor for the global oil market’s increase in supply. The new oil production that has come online in the U.S. in recent years is generally understood to cost more to get out of the ground than oil produced in Saudi Arabia. If oil prices continue to fall, this more expensive U.S. production could stop being profitable, which could take some production offline until prices increase again. At the close of formal trading on Friday, West Texas Intermediate (WTI) settled below $66 per barrel for the first time since 2009, down 97 cents at $65.83 per barrel.

Michael Green Contact Tile

 

(WASHINGTON, December 3, 2014)

Holiday Drivers Saving About $200 Million per Day on Gasoline

  • Today’s national average price of gas is $2.75 per gallon, which is the lowest average since Oct. 5, 2010. Gas prices nationally are about 52 cents per gallon less expensive than a year ago, which is the greatest year-over-year savings since 2009. AAA estimates that Americans are saving about $200 million per day on gasoline compared to a year ago.
  • “Gas prices have fallen at a remarkable pace that would have been unthinkable just a few months ago,” said Avery Ash, AAA spokesman. “Lower gas prices represent real doorbuster savings as everyone begins their holiday shopping.”
  • U.S. average gas prices have dropped 69 days in a row for a total of 60 cents per gallon. This is the longest streak of consecutive price declines since autumn 2008.
  • Average gas prices have dropped about 95 cents per gallon since reaching a high of $3.70 on April 28, 2014. AAA estimates that Americans are saving about $350 million per day on gasoline compared to highs during the spring and summer.
  • The average price of gas in November was $2.89 per gallon, which was the lowest monthly average since November 2010. By comparison, gas prices averaged $3.23 per gallon in November 2013.
  • Gas prices have dropped to the lowest levels in four years due to significantly lower crude oil costs. Domestic crude oil prices (WTI) have dropped more than $40 per barrel since June with prices last week reaching levels not seen since September 2009.
  • Domestic oil production has increased by more than 70 percent since 2008 and the United States may soon become the world’s largest oil producer. This increase in production has helped to outstrip global demand, especially as economic concerns mount in both Asia and Europe.
  • OPEC chose to maintain an oil production target of 30 million barrels per day at its recent meeting on November 27, despite the recent decline in the cost of crude oil. OPEC reportedly made this decision to maintain market share and compete with U.S. tight oil producers. The price of West Texas Intermediate oil plummeted more than ten percent ($7.54) in next-day trading to settle at $66.15 per barrel following OPEC’s decision. WTI settled at $66.88 per barrel at yesterday’s close of formal trading on the New York Mercantile Exchange (NYMEX).

Gas Prices May Drop another 15-20 Cents per Gallon by New Year’s Day

  • AAA expects gasoline to drop another 15-20 cents per gallon in the near term as retail prices catch up with steep declines in the cost of both crude oil and wholesale gasoline. Gas prices likely will remain relatively low this winter due to abundant supplies and OPEC’s decision to maintain crude oil production.
  • “The holiday joy should continue as gas prices drop even further in the weeks ahead,” continued Ash. “We could see prices drop to the lowest levels since the Great Recession if the cost of crude oil continues to set multi-year lows.”
  • The decline in retail gasoline prices can lag a week or two behind changes in both futures and wholesale gasoline prices. For example, the futures price of RBOB gasoline on the NYMEX has dropped more than $1.30 per gallon since June, yet retail prices have only fallen about 93 cents per gallon.
  • Gas prices typically remain low in winter because people drive less and do not use as much gasoline during the colder months. There is little reason to expect gas prices to increase significantly until spring unless there is an unexpected spike in the cost of crude oil or an unanticipated disruption to domestic refining or distribution, which could send prices higher in an impacted region.
  • Most Americans traveling this holiday season likely will pay the lowest December gas prices since 2009. Lower gas prices should give holiday travelers more money to spend on dining, shopping and lodging during their trips.
  • While it is possible that a small handful of gas stations in the Southeast and Midcontinent may soon offer gas prices for less than $2.00 per gallon this month, it would probably take crude oil prices dropping another $25-$30 a barrel for the national average price of gasoline to reach that point.

Drivers Increasingly Paying Less than $2.50 per Gallon for Gas

  • As an indication of how low prices have fallen, U.S. consumers are more likely to find a gas station selling gas for less than $2.50 per gallon today (15 percent of stations) than above $3.00 per gallon (12 percent of stations).
  • The five states with the lowest gas prices today include: Missouri ($2.44), Mississippi ($2.51), South Carolina ($2.51), Texas ($2.52) and Oklahoma ($2.53). The five states with the highest average prices today include: Hawaii ($3.85), Alaska ($3.50), New York ($3.15), Connecticut ($3.09) and California ($3.04).
  • Forty-two states have an average gas price below $3.00 per gallon today, and it is possible that every state except Connecticut, New York, Alaska and Hawaii will have averages below that price by next week.

 AAA updates fuel price averages daily at www.FuelGaugeReport.AAA.com. Every day up to 120,000 stations are surveyed based on credit card swipes and direct feeds in cooperation with the Oil Price Information Service (OPIS) and Wright Express for unmatched statistical reliability. All average retail prices in this report are for a gallon of regular, unleaded gasoline. For more information, contact Michael Green at 202-942-2082, mgreen@national.aaa.com

Michael Green(WASHINGTON, December 1, 2014) Drivers enjoyed the lowest retail average for Thanksgiving since 2009, with the national average at $2.80 per gallon this past Thursday, and pump prices are poised to continue to drop this holiday season. The national average has fallen on 67 consecutive days, for a total drop of 58 cents during this streak. Today’s price of $2.77 is four cents less than one week ago, 23 cents less than one month ago and 50 cents less than one year ago. The national average is the lowest since October 7, 2010, and the year-over-year discount is the widest mark since October 17, 2009.

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The national average has been below the $3.00 per gallon benchmark for exactly one month, and 42 states are now registering averages below $3.00 per gallon. This number is set to increase in the coming days and it’s likely that New York and Connecticut will be the only states in the lower 48 above this threshold by the end of next week.

Motorists filling their tanks in the nation’s cheapest gasoline markets are enjoying prices more than 40 cents below the $3.00 benchmark. Tumbling crude prices continue to put downward pressure on the price at the pump with drivers in Missouri ($2.47), Mississippi ($2.53), South Carolina ($2.53) and Texas ($2.54) paying the nation’s lowest prices per gallon. For the fourth week in a row, the average price at the pump is below $4.00 per gallon in every state and Washington, D.C. Hawaii ($3.87), Alaska ($3.50), New York ($3.16) and Connecticut ($3.11) lead the retail gasoline market with the nation’s highest averages.

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Consumers in 48 states and Washington, D.C. are experiencing week-over-week savings. The average price at the pump is down by a nickel or more in 18 states, with the largest savings in Missouri (-10 cents), South Dakota (-9 cents), Utah (-9 cents) and Idaho (-9 cents). Consumers in the Midwestern states of Ohio (+2 cents) and Indiana (fractions of a penny) are paying a bit more to refuel their vehicles over this same period, but prices in the region are positioned to head lower over the next week as wholesale prices have fallen.

The average price at the pump is down in every state and Washington, D.C. month-over-month. Every state but Delaware is registering a double-digit discount and drivers in 17 states are saving more than a quarter per gallon. States in the Midcontinent region are recording the largest savings over this period: Oklahoma (-46 cents), Minnesota (-43 cents), South Dakota (-43 cents) and Missouri (-38 cents).

Year-over-year comparisons reflect the most extreme discounts in the price at the pump, led by states located in the Southern and Gulf Coast Regions: Florida (-68 cents), South Carolina (-63 cents), Virginia (-61 cents) and Mississippi (-61 cents). With the exception of Hawaii (-6 cents), drivers in every state and Washington, D.C. are experiencing savings of a dime or more and average prices are down by a quarter or more per gallon in 44 states and Washington, D.C.

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Sharply lower global oil prices have been the driving factor for lower retail gas prices. Prices dropped even lower last week when, despite the falling price of global oil, the Organization of Petroleum Exporting Countries (OPEC) elected to maintain its collective production ceiling when the group met last Thursday. There had been speculation that the group might take some action to cut collective production to raise prices. This leaves the balance between supply and demand to decide the global price of oil, and with supply outpacing demand the price for crude is expected to remain relatively low. Following the news, West Texas Intermediate (WTI) plummeted more than ten percent ($7.54) in Friday’s trading to settle at $66.15 per barrel. The ultimate market implications for OPEC’s inaction remain unclear, however many market watchers have indicated that they see it as a signal that the oil cartel is more focused on maintaining market share and hoping for prices to stabilize in the winter months as global demand increases.

Streak of Gas Price Declines Reaches 60 Days

November 24th, 2014 by admin

Michael Green Contact Tile(WASHINGTON, November 24, 2014) The national average price for regular unleaded gasoline has fallen for 60 consecutive days, reaching today’s price of $2.81 per gallon. This is seven cents less than one week ago, one quarter less than one month ago and 46 cents less than one year ago. Today’s price is the least expensive since November 4, 2010 and motorists are on target to pay the lowest averages at the Thanksgiving holiday since 2009, when the national average price was $2.63 per gallon.

 Avg-Gas-Prices-2011-2014

Across the country motorists are enjoying low prices due to production exceeding demand and relatively few issues at local refineries. Consumers in South Carolina and Missouri are paying the nation’s lowest average price at the pump, $2.57 per gallon, and 38 states are posting averages below the $3.00 per gallon threshold. On the other end of the spectrum, states located on the West Coast and northeast continue to lead the nation registering the nation’s highest averages, led by Hawaii ($3.91), Alaska ($3.54), New York ($3.20) and Connecticut ($3.14).  For the third week in a row, the average price for retail gasoline is below $4.00 per gallon in every state and Washington, D.C.

The price at the pump is down in every state and Washington, D.C. in comparison to one week ago. Thirty-six states and Washington, D.C. are posting week-over-week savings of a nickel or more and drivers in seven of these states have seen prices fall by a dime or more over this same period. Production continues to outpace demand in the Midcontinent, contributing to additional savings at the pump for states in that region. The largest discounts are seen in Indiana, Michigan and Ohio, where the average price is down by 13 cents per gallon.

 10 Least Expensive Avg Gas Prices-11-24

Consumers in every state and Washington, D.C. are also paying less to refuel their vehicles both month-over-month and year-over-year.  Monthly averages are discounted in 49 states and Washington, D.C. by at least 15 cents and 19 states are posting savings of one quarter or more per gallon. Motorists in Minnesota (-39 cents), Oklahoma (-35 cents), California (-32 cents) and Indiana (-32 cents) are experiencing the biggest savings over this period.

The most dramatic savings are seen on a year-over-year basis. Retail prices are lower by at least a quarter per gallon in the majority of states (41). The largest drops in the price at the pump versus last year are seen in the Atlantic Coast States of Florida (-59 cents), South Carolina (-57 cents), Virginia (-57 cents) and North Carolina (-56 cents), however 12 additional states are just behind with their average prices discounted by fifty cents or more per gallon.

 Top10 Yearly Savings-11-24

The abundance in global supply has contributed to a number of global benchmarks trading at multi-year lows, and market watchers are anxiously awaiting the outcomes of two major events scheduled for later this week to see how they will impact prices. The Organization of Petroleum Exporting Countries (OPEC) is scheduled to meet this Thursday, and will respond to the growth in world oil supply by either cutting or sustaining its current production levels.  Additionally, Iran is scheduled to meet with world leaders to discuss the possible relaxation of sanctions that have been in place since late-2011. Prior to the sanctions, Iran was one of OPEC’s leading producers and the lifting of these restrictions could inject additional supply into the global oil market.  At the close of formal trading on Friday West Texas Intermediate (WTI) crude oil closed 60 cents higher at $76.43 per barrel. While oil prices did increase slightly to close out last week, WTI has now settled below $80 for three straight weeks – the longest streak since September 2010.

Michael Green Contact Tile(WASHINGTON, November 17, 2014) The national average price of gasoline has remained below $3.00 per gallon for 17 days, with more than three-quarters of U.S. gas stations now reporting prices below this benchmark. Today’s national average price for regular unleaded gasoline is $2.89 per gallon, which is the lowest mark since December 2, 2010. Today’s price represents a savings of four cents per gallon compared to one week ago, a savings of 24 cents compared to a month ago and 32 cents compared to one year ago.

 National Average Gas Price Comparison 2011 to 2014 November 17 2014

The price at the pump is closely tied to the wholesale price of crude oil, and falling global oil prices have been the primary contributing factor to the price at the pump declining for 53 consecutive days. This is the longest streak of declines since 2008. West Texas Intermediate (WTI) crude oil, the traditional U.S. benchmark, dropped to its lowest level in more than three years this past Thursday ($74.21 per barrel). Lower crude oil costs are the main reason why drivers are paying  an average of 81 cents per gallon less than the 2014 peak of $3.70 per gallon (April 28). The downward pressure on prices is expected to continue through the Thanksgiving holiday, meaning drivers are likely to be giving thanks for the cheapest seasonal prices since 2009 when the national average registered $2.63 on the holiday.

 AAA Top Ten Most Expensive Average Gas Prices November 17 2014

Across the country, state averages continue to tick downward with consumers in 48 states and Washington, D.C. experiencing week-over-week savings at the pump. Thirty-five states are reporting an average less than $3.00 per gallon and three states, including Montana, North Dakota and Pennsylvania, are just fractions of a cent from also falling below this benchmark. Drivers in South Carolina ($2.63), Mississippi ($2.66) and Tennessee ($2.66) are paying the nation’s lowest averages for retail gasoline. The nation’s three most expensive markets – Hawaii ($3.96), Alaska ($3.59) and New York ($3.24) – are among those reporting savings over this same period, and for the second consecutive week no state has an average that is above the $4.00 per gallon mark.

Month-over-month comparisons show that drivers in every state and Washington, D.C are paying less to refuel their vehicles. West Coast and Rocky Mountain states are registering the largest drops in prices at the pump, led by California (-37 cents), Oregon (-34 cents), Montana (-31 cents) and Arizona (-30 cents). Consumers in 20 states and Washington, D.C. are saving a quarter or more per gallon versus one month ago, and those in every state but Iowa are enjoying double-digit discounts at the pump. The monthly discount in Iowa falls just short of this threshold at 9.97 cents.

 AAA Top Ten Largest Yearly Savings in Gas Prices November 17 2014

The most dramatic discounts are evident when comparing year-over-year averages. Drivers in every state and Washington, D.C. are paying less, and those in 47 states and D.C. are saving a dime or more per gallon when they refuel their vehicles. Averages are down by a quarter or more in 33 states and Washington, D.C., and motorists in Delaware (-42 cents), South Carolina (-42 cents) and California (-42 cents) are saving the most per gallon over this period.

Global prices for crude oil continue to fall, touching lows not seen since 2010. Market analysts continue to speculate on what action the Organization of Petroleum Exporting Countries (OPEC) will take during the upcoming meeting, scheduled for Nov 27. Should the cartel opt to cut production, the price at the pump for motorists could return higher. If OPEC instead chooses to maintain market share by leaving production unchanged, global oil prices could slide even further.  At the close of Friday’s formal trading on the NYMEX, WTI settled $1.61 higher at $75.82 per barrel.

 

 

Michael Green(WASHINGTON, November 10, 2014) The national average price of gas has dropped for 46 days in a row (a cumulative decline of 42 cents), which is the longest consecutive decline since 2008. Today’s national average for regular unleaded gasoline is $2.93 per gallon, which is the lowest price since Dec. 4, 2010. Motorists are paying a nickel less than one week ago, 29 cents less than one month ago and 26 cents less than one year ago.

Avg Gas Prices 2011-2014

The price at the pump has dropped 77 cents from the 2014 peak of $3.70 (April 28), which represents an estimated savings of more than $250 million each day for American motorists. A decrease in retail gasoline prices is often likened to a tax cut because it can inject billions of dollars in non-gasoline spending into the economy. Absent any unanticipated market-moving events this winter, the retail price for gasoline is expected to remain relatively low. As gasoline stations continue to adjust to falling oil prices in the global market, consumers are likely to experience the lowest Thanksgiving prices since 2009.

The average price at the pump is below the $3.00 per gallon threshold in more than half (27) of the states with consumers in South Carolina ($2.67), Tennessee ($2.70) and Mississippi ($2.71) paying the nation’s lowest prices. Although Hawaii ($3.99) continues post the highest average for retail gasoline, the state average fell below $4.00 per gallon for the first time since Jan. 9, 2014 on Saturday. Hawaii is followed by Alaska ($3.64), New York ($3.29) and Connecticut ($3.23) as the nation’s most expensive markets.

10 Most Expensive Avg Gas Prices-11.10

Week-over-week the average price for gasoline is down in 47 states and Washington, D.C. Drivers in Oklahoma (-15 cents), Minnesota (-14 cents) and North Dakota (-12 cents) are experiencing the largest savings over this period with drivers in 29 states and Washington, D.C. saving a nickel or more per gallon. The only exceptions to this trend are in Michigan (+3 cents), Kentucky (+1 cent) and Indiana (fractions of a penny) where prices have increased over this same seven day period.

The average price for gasoline across the country reflects savings in both month-over-month and year-over year comparisons. Discounts are in the double-digits in every state and Washington, D.C. over the past 30 days, including 34 states and Washington, D.C. where prices are down by a quarter or more per gallon. The largest monthly savings at the pump are seen on the West Coast: Oregon (-47 cents), Washington (-44 cents) and California (-40 cents).

Top10 Monthly Savings-11-10

The year-over-year declines have been led by California (-40 cents), Maine (-39 cents), Delaware (-38 cents) and Alabama (-37 cents). The price at the pump is down by a dime or more in 43 states and D.C., and consumers in every state but Nebraska (-3 cents) are saving at least a nickel over this same period.

Fueling the welcome decline in gas prices has been the multi-month drop in crude oil costs with prices for West Texas Intermediate down to a multi-year low of $77.19 per barrel last Tuesday, which compares to a 2014-high of more than $107 per barrel on June 20. Adding momentum to falling prices last week was an unexpected move by Saudi Arabia, the world’s largest oil exporter, to lower the price per barrel for crude sold to the United States. Market watchers are now focused on the upcoming meeting of the Organization of the Petroleum Exporting Countries (OPEC) with analysts paying close attention to how the cartel will respond to falling global prices. At the close of Friday’s formal trading on the NYMEX, WTI had recovered slightly to settle at $78.65 per barrel.

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