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Entries in Energy Department (19)

Monday
Jan072013

Gas Prices Remain Flat

Jupiterimages/Thinkstock(WASHINGTON) -- The government reports the average price of gas has remained steady across the country in the past week -- but not everywhere.

While the national prices for regular unleaded remains at $3.30 per gallon -- the same as last week, according to the Department of Energy's latest report -- drivers in the Midwest have seen prices drop eight cents in the past week, now down to $3.14 a gallon. Prices in Colorado and Minnesota are now below $3.00 a gallon, with Coloradans paying $2.91.

The West Coast has the most expensive gas at $3.49.

While prices are plateauing for now, and the average price is down eight cents from a year ago, higher prices are still likely on the horizon.

Copyright 2013 ABC News Radio

Monday
Dec312012

Average Gas Prices Up Four Cents

Comstock/Thinkstock(WASHINGTON) -- Across the country, the price of regular unleaded has risen four cents in the past week.  The Energy Department says the biggest increase came in the Lower Atlantic where drivers have seen prices increase 7 cents since last Monday.  

Nationwide, drivers are now paying $3.30 per gallon. The most expensive gas is in New York State at $3.70 per gallon.  The Gulf Coast is paying only $3.10.
 
Copyright 2012 ABC News Radio

Monday
Dec172012

Gas Prices Down 10 Cents

Jupiterimages/Thinkstock(WASHINGTON) -- Gas prices are the lowest they've been all year. The Energy Department says nationwide, on average we're paying 10 cents less for a gallon of regular unleaded than we were a week ago.

Oil Price Information Service Analyst Tom Kloza says he expects the price to drop even lower this week. "They've come down because demand is actually down substantially," he explains. "It's beyond what one might expect in terms of the change of seasons. It's almost though people are driving a little bit less this Christmas season than before."

Kloza warns if the U.S. goes over the fiscal cliff, gas prices will really drop. He says that could send unemployment higher and discourage growth.

"That's not necessarily a good thing because it may depress prices because it might send unemployment higher and lead to no growth, so I think you're going to see lower prices and they could be sharply lower but that's probably not something to root for right now," he says.

"We learned in 2008 and 2009 that oil prices can drop very, very quickly when there's economic distress."

Only weeks ago, Californians were paying close to $5.00 a gallon in some areas. Now they're paying around $3.53 a gallon. In New York, drivers are paying the most at $3.72. The lowest prices are in towns along the Gulf where some areas are hovering right around $3.00 a gallon.

Copyright 2012 ABC News Radio

Monday
Nov192012

National Gas Average Falls to $3.43

Jupiterimages/Thinkstock(WASHINGTON) -- Gas prices are continuing on downward trends heading into the Thanksgiving holiday.

It's not a huge decline, but gas prices are down two cents more in the past week. The average price of regular unleaded gas is now $3.43 a gallon, according to the Energy Department. That's six cents higher than a year ago at this time.

Patrick DeHaan of GasBuddy says, aside from tensions in the Middle East, there are no supply problems in the immediate future.

"The Northeast is still obviously battling from remnants of Sandy and supply pressures there, which have meant higher prices," he says. "But throughout the rest of the country refineries aren't really at the forefront.  Things are just humming along, refineries coming out of maintenance and that's keeping pressure to the downward side of prices."

DeHaan says he expects prices will continue in this range in the coming winter months.

"We would expect that prices will remain very close to where they are today, that is the national average will probably hover in the mid-$3 range," he says.

California still has the most expensive gas in the country, but it's coming down.  The Energy Department says gas is down eight cents more in the past week to $3.78 a gallon.

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

Wednesday
Oct102012

Heating Bills Expected to Rise This Winter

iStockphoto/Thinkstock(WASHINGTON) -- As the temperature falls, heating bills are expected to rise.  The Energy Department released its annual Winter Fuels Outlook Wednesday, and according to EIA Administrator Adam Sieminski, “It is going to be colder than last year, we think, and as a result of that, fuel bills are going to be higher."

Colder weather will force homeowners to crank up the heat. If you heat with oil, your bill could be 19 percent higher.  Natural gas customers are expected to pay 15 percent more, and propane customers can expect their bill to go up by as much as 13 percent.

The average bill will be nearly $2500 dollars this winter, a record high.  

Copyright 2012 ABC News Radio

Tuesday
Aug212012

Gas Prices Continue to Climb

Jupiterimages/Thinkstock(WASHINGTON) -- Bad news for American drivers: gas prices are on the rise, the U.S. Energy Department says.

The national average for a gallon of regular gasoline has gone up two cents to $3.74 from $3.72 a week ago, according to the Energy Department's weekly report released Monday. The average is 10 cents higher than two weeks ago on Aug. 6, the report shows.

Refinery problems, aging pipelines breaking down and tensions in the Middle East added to high ethanol prices and drought are driving up gas prices on commuters across the U.S.

But experts say the prices are expected to start coming down in another two or three weeks when production begins to switch from higher priced summer gas to combine into the lower priced winter blend.

Additionally, with one eye on the rising prices at the pump and the other on the political calendar, the Obama Administration says the option of a release of oil from the nation's strategic reserve is on the table.

Copyright 2012 ABC News Radio

Monday
Apr022012

Average Gas Price Reaches Highest-Ever Mark for April

Kevork Djansezian/Getty Images(WASHINGTON) -- Gas prices are up, but at a slower rate than recent weeks.

The average price of a gallon of regular gas is now $3.94, up 2 cents from a week ago and 26 cents from a year ago, according to the Department of Energy. This is the highest price recorded in April.

The most expensive gas in the country is on the West Coast, where the average price for a gallon of regular is $4.23.

The least expensive gas is in the Rocky Mountain region, with the average price for a gallon of regular at $3.75.

The highest-ever weekly average price was $4.11 in July 2008, per Energy Department data going back to 1990.  Adjusted for inflation, that would be $4.35 in today’s dollars.

Monday’s report follows last week’s weekly prices, which were the highest recorded for March.

Copyright 2012 ABC News Radio

Monday
Mar262012

Gas Prices Reach Record High Again

Kevork Djansezian/Getty Images(WASHINGTON) -- Inching closer to the $4 mark, the average price of a gallon of regular gas in the U.S. is now $3.92, up 5 cents from a week ago,and 32 cents from a year ago, according to the Department of Energy.

This is the highest weekly average price recorded in March, according to data from the Energy Department going back to 1990.

The highest-ever weekly average price was $4.11 in July 2008. Adjusted for inflation, that would be $4.35 in today’s dollars.

The West Coast once again was the most expensive region in the U.S., with an average gas price of $4.24, up almost 1 cent from last week, with an increase of nearly 33 cents from a year ago.

The least expensive was the Rocky Mountain region, at $3.69 a gallon, up over 6 cents from a week ago and almost 25 cents from a year ago.

Copyright 2012 ABC News Radio

Monday
Mar192012

Highest Gas Price Recorded for March

Jupiterimages/Thinkstock(WASHINGTON) -- The average price of a gallon of regular gas is now $3.87, up nearly 4 cents from a week ago and over 30 cents from a year ago, according to the Department of Energy.

Last week, the average gas price was $3.83 a gallon, which matched the previous March record according to data going back to 1990.

The West Coast was once again the most expensive region, with an average gas price of $4.23, up almost 2 cents from last week and an increase of over 37 cents from a year ago.

The least expensive region was the Rocky Mountain region, at $3.62 a gallon. That region had the highest increase from last week: 14 cents. Gas in that region climbed almost 24 cents from a year ago.

Copyright 2012 ABC News Radio







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