Posts Tagged ‘july 14 2014’

Michael Green(WASHINGTON, July 22, 2014) The national average price of gas has fallen for 24 consecutive days due to abundant refinery production, even as geopolitical tensions gain global attention. Russia and Ukraine returned to the forefront this past week when Malaysian Airlines Flight 17 crashed in eastern Ukraine in an area controlled by pro-Russian separatists.  Additionally, intensifying violence between Israeli and Hamas forces in Gaza has drawn headlines and concerns that the conflict could have a broader regional impact.   Despite these issues, oil markets remain relatively unaffected because there has not been an impact to supply or distribution.  Meanwhile, domestic refinery utilization reached its highest level of the year last week, which has helped to push gas prices lower.

Today’s national average price for regular unleaded gasoline is $3.57 per gallon, which is the lowest price since April 4. Today’s price is four cents less than one week ago, 11 cents less than one month ago, and the national average has now declined for 24 straight days. In comparison to this same date last year, drivers are saving nearly a dime per gallon at the pump. Today marks the seventh consecutive day with gas prices cheaper than a year ago. This streak comes after prices remained higher than last year for 52 straight days.

Avg Gas Prices 2011-2014

Pacific states continue to lead the market with the highest prices per gallon, led by Hawaii ($4.34), Alaska ($4.14) and California ($4.04). Despite the high cost in many states, drivers across the country have seen gas prices finally move lower over the past several weeks. Prices have fallen over the past fourteen days in 47 states and Washington D.C., led by ten states – mainly in the Midwest – where prices are at least ten cents lower. None of the states where motorists are paying a two-week premium have seen an increase of more than two cents: Wyoming and Hawaii (up fractions of a cent) and Idaho (+2 cents).

10 Most Expensive Avg Gas Prices-7-14

Year-over-year and month-over-month comparisons also show overall savings in the retail prices paid by many motorists. Compared to the same date last year, consumers in 40 states and Washington D.C. are paying less at the pump. In 25 states, drivers are saving a dime or more per gallon, with the biggest savings once again occurring in Midwestern states, led by six states where prices have tumbled 20 cents or more: Illinois (-32 cents), Kansas (-24 cents), Minnesota (-24 cents), Indiana (-23 cents), Missouri (-21 cents) and Michigan (-21 cents). Month-over-month comparisons show that drivers in 42 states and Washington D.C. are experiencing some relief at the pump.  Prices in eight states have increased during this span, led by Idaho (+8 cents), Utah (+6 cents) and Wyoming (+5 cents).

Top10 Weekly Decreases-7-14

Prior to the crash of flight MH17, the Obama Administration announced a new round of sanctions against Russia’s energy and financial sectors. Members of NATO and the European Union are also debating stronger sanctions against Russia, which could potentially impact global markets. West Texas Intermediate (WTI) crude oil prices have increased over the last several trading sessions after falling to a multi-month low below $100 last Tuesday. At the close of formal trading on the NYMEX, WTI settled $1.46 higher at $104.59 per barrel.

Yolanda CadeAAA Statement from CEO Bob Darbelnet

ORLANDO, Fla., (July 16, 2014) – “AAA is encouraged by the recent Wall Street Journal report that the Environmental Protection Agency is considering a requirement that carmakers use on-the-road data to support their advertised mileage claims. While some automakers already do this, AAA believes all companies should use this sort of real-world test to validate the mileage numbers they calculate from laboratory tests and computer simulated estimates. For most Americans, a new vehicle is the second largest investment they will make and it’s imperative they have accurate information to inform their purchase. While reports show that many consumers actually experience better fuel economy than promised, it is important for the ratings to be as accurate as possible and not overstate real-world performance.  The EPA testing process was significantly improved in 2008 to better reflect real-world conditions, and AAA looks forward to again working with the Agency to identify opportunities and provide data to further improve the information for consumers.”

As North America’s largest motoring and leisure travel organization, AAA provides more than 54 million members with travel, insurance, financial and automotive-related services. Since its founding in 1902, the not-for-profit, fully tax-paying AAA has been a leader and advocate for the safety and security of all travelers. AAA clubs can be visited on the Internet at AAA.com.

Michael Green(WASHINGTON, July 14, 2014) Today’s national average price for regular unleaded gasoline is $3.61 per gallon. This price is four cents less than one week ago and five cents less than one month ago. Drivers continue to pay higher prices in comparison to a year ago ($3.60), but the difference has narrowed to just a penny compared to 19 cents to begin July. Today is the 17th consecutive day the national average has decreased.

As predicted by AAA, the retail price at the pump continued to tick lower following the Independence Day holiday due primarily to lower crude oil costs as the situation stabilizes in Iraq, The national average may continue to slide or remain flat, barring any geopolitical concerns, major hurricane or refinery disruptions.

Avg Gas Prices 2011-2014

Hawaii leads the market with the most expensive price per gallon at $4.34, followed by Alaska ($4.19) and California ($4.10). While prices in many states remain elevated, the price at the pump in 45 states and Washington D.C. has fallen over the past week with the biggest savings occurring in the Midwest: Indiana (-13 cents), Michigan (-12 cents), Kentucky (-10 cents), Ohio (-9 cents) and Illinois (-8 cents). This downward trend is also reflected over the past two weeks with drivers in 42 states and Washington D.C. experiencing savings at the pump, including six states where consumers are saving a dime or more per gallon: Michigan (-22 cents), Ohio (-16 cents), Kentucky (-16 cents), Indiana (-14 cents), Illinois (-13 cents) and  Missouri (-10 cents).

10 Most Expensive Avg Gas Prices-7-14

The month-over-month comparison is more evenly split – the price per gallon has decreased in 27 states and increased in 23 states and Washington DC.  The largest price drops have been in the Midwestern states of Ohio (-41 cents), Indiana (-36) and Michigan (-28 cents) and Illinois (-23 cents), while drivers in four states are paying a dime or more per gallon: Idaho (+14 cents), Utah (+13 cents), Alaska (+12 cents) and Colorado (+12 cents). Year-over-year averages have increased in 36 states and Washington D.C. led by: Nevada (+18 cents), Pennsylvania (+18 cents) and Alaska (+15 cents).

Top10 Weekly Decreases-7-14

Although the situation in Iraq remains unresolved, the possibility of disruptions to supply is increasingly viewed as unlikely. Oil production has returned in Libya, following the labor disputes and violence that resulted in the closing of national oil fields and ports. Market watchers will continue to monitor the instability in Iraq and Libya, with a watchful eye to Ukraine, Venezuela and Nigeria, but after rising to a multi-month high ($107.26 per barrel on June 20), the price of West Texas Intermediate (WTI) crude oil has now fallen over three straight weeks.

At the close of formal trading on the NYMEX, WTI settled eight cents higher at $100.91.  Should WTI prices fall below $100 in the coming days it would be the first time since May 9 that prices have dipped below this threshold.

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