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Entries in Averages (9)

Monday
Oct222012

Average Gas Price Down 13 Cents

Jupiterimages/Thinkstock(WASHINGTON) -- The weekly average price of a gallon of regular gas is $3.69, down 13 cents compared to a week ago, according to the Department of Energy.   This is the largest national week-over-week decline since November 2008, but the average price is still up 23 cents from a year ago.
 
The Midwest saw the biggest price drop, down 20 cents from a week ago.

Oil analysts say gas prices should continue to decline through the holiday driving season. Patrick DeHaan, senior petroleum analyst at the price finding website Gasbuddy, says gas prices should go lower still, but overall gas prices are not retreating.
 
"A drop in gasoline demand has allowed supply to rise. That in turn has pushed prices at the pump lower," DeHaan says. But, he adds, "In reality, they remain much higher than a year ago and they may remain above year ago levels throughout the holidays."

Copyright 2012 ABC News Radio

Monday
Oct152012

Gas Prices Fall Again

Jupiterimages/Thinkstock(WASHINGTON) -- Gas prices are working their way down again.

The weekly average price of a gallon of regular gas is $3.82, down three cents compared to a week ago, according to the Department of Energy.  This price is still up 34 cents from this time a year ago.

The West Coast is working through supply issues, so prices there are also down nearly two cents compared to a week ago.  The West Coast has the most expensive gas in the country, with an average price of $4.39 a gallon.

The Gulf Coast has the least expensive gas in the country at $3.54 a gallon.

Copyright 2012 ABC News Radio

Monday
Oct012012

Average Gas Price Is Down to $3.80

Jupiterimages/Thinkstock(WASHINGTON) -- Gas prices are slowly coming down.

The weekly average price of a gallon of regular gas is $3.80, down two cents compared to a week ago, according to the Department of Energy.  This price is still up 37 cents from a year ago.

Unlike the rest of the country, the average price on the West Coast is up nearly two cents compared to a week ago, and the average price in New England also crept up by a penny.  The West Coast has the most expensive gas in the country with an average price of $4.08.

The Gulf Coast has the least expensive in the country at $3.56.

Copyright 2012 ABC News Radio

Monday
Jul092012

Gas Up 6 Cents; Norway Strike Pushes Oil Higher

iStockphoto/Thinkstock(NEW YORK) -- The average price for a gallon of regular gas is $3.41, up nearly 6 cents from a week ago, according to the U.S. Department of Energy.  This price is still 23 cents lower compared to a year ago.

Crude oil traded higher on global markets Monday. Oil futures spiked 1.8 percent thanks in part to a workers strike in Norway that is threatening to shut down the country’s substantial production operation.  The country is the world's eighth-largest oil exporter, responsible for about 2.2 percent global supply, which is already stretched because of sanctions on Iranian oil.
 
Norwegian unions are on strike demanding a retirement age of 62 instead of 65.

Copyright 2012 ABC News Radio

Thursday
Jun282012

Gas Under $3: How Low Can It Go?

iStockphoto/Thinkstock(HOUSTON) -- Seems like only yesterday U.S. motorists feared summer gas prices hitting $5 a gallon. Yet right now in some markets the price of gas is falling. In St. Louis, for example, at some stations, it’s $2.99. How much lower might it go?

Andrew Lipow, president of Lipow Oil Associates in Houston, says he expects to see the average price nationwide to fall to $3 a gallon by Halloween, “barring the Middle East imploding or exploding” or, “a major hurricane impacting the Gulf coast.”

In South Carolina and in Houston, he says, the price of gas already is below $3. “In South Carolina, I’ve even seen $2.73 at some stations.”

What accounts for the decline?

The reasons, says Lipow, include a decline in oil prices, which have been falling for months. The supply of oil right now is abundant. Saudi rates of production, Lipow says, remain high. He expects them to remain high all summer. U.S. inventories are bigger now than at any time in the past 22 years.

The national gas price average for regular gas is $3.44, down nearly 10 cents from a week ago, according to the Department of Energy on Monday.  This price is also down nearly 14 cents from a year ago.

An embargo on Iranian crude begins this weekend; but the market, says Lipow, "is discounting any significant supply disruption that might result."

Looking for the cheapest gas in your hometown? Enter your Zip Code into MapQuest’s gas price finder.

Copyright 2012 ABC News Radio

Tuesday
May292012

Average Gas Prices Fall Lower

Comstock Images/Thinkstock(WASHINGTON) -- The average price of a gallon of regular gas is now at $3.67, down nearly 5 cents from a week ago, according to the Department of Energy.  This price is also down about 13 cents from this time a year ago.
 
Even prices on the West Coast are now coming down.  The most expensive gas in the country at an average of $4.23 a gallon, the price is down nearly 2 cents from a week ago.

Still, there appears to be an unprecedented amount of diversity between regions and within regions across the country, according to Oil Price Information Service chief oil analyst Tom Kloza.

Kloza says the diverse range in prices won't last for long.

"I expect the diversity will narrow and prices will tend to get toward a closer relationship," he said.  But, we will see numbers that are pretty close to what we're seeing right now between now and July 4th week."

Kloza says he is keeping his eye on Iran, though.  He does not expect any big changes in the next few weeks, but says Iran is the "one fly-in-ointment that could send crude oil prices back higher in the second half of the year -- hopefully, not in the first half." Still, he says, "it's something to keep in mind in the next few months."

Copyright 2012 ABC News Radio

Monday
Apr232012

Gas Price Average Lower

Comstock Images/Thinkstock(WASHINGTON) -- The average price of a gallon of regular gas is $3.87, down a nickel from a week ago and down nearly a penny from a year ago, according to the Department of Energy.

So it now costs less than it did a year ago to fill up your tank of gas.

The price of gas in the U.S. is coming down because the worst-case scenarios that had been pushing crude oil higher have not come to pass, while worries about growth in Europe have worsened.

Denton Cinquegrana, executive editor with the Oil Price Information Service, says that a lot of the increase in prices was “based on an assumption that we are going to have logistical problems, so far none of that has been seen.”

Oil settled at $103.11 a barrel in New York trading Monday, down 77 cents.

Copyright 2012 ABC News Radio

Monday
Apr162012

Gas Prices Decline for Second Week

Kevork Djansezian/Getty Images(WASHINGTON) -- Gas prices have shown signs of leveling off in the last two weeks, with the average price of gas down for the second week in a row.

The average price of a gallon of regular gas is $3.92, down nearly two cents from a week ago and up 8 cents from a year ago, according to the Department of Energy.

The most expensive gas in the country is on the West Coast, where the average price for a gallon of regular is $4.17.

The least expensive gas is in the Rocky Mountain and Gulf Coast regions, with the average price for a gallon of regular at $3.80.

Copyright 2012 ABC News Radio

Monday
Mar122012

Gas Prices Continue Upward Climb

iStockphoto/Thinkstock(WASHINGTON) -- Gas prices continued to tip upward, to an average price of $3.83 a gallon, the U.S. Energy Information Administration (EIA) said Monday.

This week's average price for regular gas rose 26 cents from a year ago, and was up four cents from last week.

This week's figure was the highest price ever recorded in March, beating last week's record of $3.79, according to data going back to 1990.

Many consumers are tired of paying more than $4 a gallon for weeks in some parts of the country, including Western states like California. The EIA reported the average weekly price for the West Coast region was $4.22 a gallon.

The results of the latest ABC News/Washington Post poll show the damaging political effects of rising gasoline prices, which have surpassed the federal budget deficit as Obama's single weakest issue.

Americans by a broad 65-26 percent disapprove of how the president is handling the price of gas. Strong critics outnumber strong approvers by nearly four to one. And 89 percent are concerned about the recent run-up in gas prices; 66 percent are "very" concerned about it.

The price of oil futures settled at $107.40 a barrel on Friday for delivery in April, up from $106.70 from the previous week. Tension over Iran's nuclear program has led to concern over the country's oil supplies. Iran is OPEC's second-largest oil producer and the third-largest crude oil exporter in the world, according to the EIA.

A pre-emptive military strike by the U.S. or Israel on Iran's nuclear facilities would likely lead to global crude supply disruptions and a jump in oil prices, analysts predict.

But oil prices fell on Monday after China reported a slowdown in growth in imports and exports in its February trade data over the weekend.

The Oil Price Information Service said the price of gasoline surged by nearly a nickel over the weekend to $3.80 per gallon, the highest ever for this time of year.

Brian Hamilton, CEO of Sageworks, a financial information company, said gas prices remain a risk for everyone, like businesses. He said private companies pay a substantial amount in gasoline expense as a percentage of their income statement for production and travel.

"The economy is getting better, but high gas prices could depress the historical expansionary cycle down from its four-year life cycle," Hamilton said.

Copyright 2012 ABC News Radio







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