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Entries in Gas Prices (167)

Monday
Feb252013

National Gas Prices Climbing; Ohio Catches a Break at the Pump

Jupiterimages/Thinkstock(WASHINGTON) -- New figures out Monday show we're paying more for gas, but not everyone is seeing gas prices spike right now.
 
While much of the country deals with increasing gas prices (the national average is up four cents to $3.78), the U.S. Energy Department says prices in Ohio have actually dropped 16 cents in the past week to $3.65 a gallon for regular unleaded fuel. Ohioans are paying 14 cents less than they were a year ago.  Compare that to California, where drivers are now paying, on average, $4.21 a gallon, and much more in Los Angeles and San Francisco.

Where is the money going?  The government says 72 percent of what we pay for gas is the cost of crude oil, eight percent is the cost to refine that oil into gas, seven percent is to haul it to the gas station and, on average, around 13 percent of the price is taxes.
 
Copyright 2013 ABC News Radio

Tuesday
Feb192013

Stocks Advance to Five-Year Highs; Gas Prices Still Climbing

Steve Jones/ABC News Radio(NEW YORK) -- As Wall Street trading resumed after the three-day Presidents Day weekend, rumblings about several corporate deals that could be on the way sent the Dow and S&P stock indices up to new five-year highs.
 
The Dow, which closed up 53.91 points at 14,035.67, is now 128 points, or 1.0 percent, from its all-time high. The S&P closed at 1,530.94, up 11.15 points.  The Nasdaq Composite advanced 21.56 points, closing at 3,213.59.
 
Google stock closed above $800 for the first time Tuesday. The company's value has increased 35 percent since co-founder Larry Page took control in 2011.
 
Meanwhile, the weekly average price of a gallon of regular gas is $3.75, up 14 cents from a week earlier, according to the Department of Energy.  This price is also up 16 cents from a year ago.
 
AAA, which tracks daily gasoline prices, reports that this is now the 33rd straight day prices have gone up – the lengthiest run-up on prices since 2011.

Copyright 2012 ABC News Radio

Monday
Feb182013

Gas Prices Skyrocket Across Country 

(NEW YORK) -- Gas prices have shot up by almost 50 cents per gallon in the last month and prices are continuing to skyrocket across the country.

Drivers in California are paying a whopping $5 for a gallon of gas, while the average price nationwide is at $3.71 per gallon, a record for this time of year. Analysts say it's because of rising oil prices, but they're not exactly sure why the cost of oil has spiked so quickly.

Some are blaming rising demand overseas, like from China, while others blame refinery maintenance or speculators on Wall Street.  

Copyright 2013 ABC News Radio

Tuesday
Feb122013

Gas Prices Spike Again

Jupiterimages/Thinkstock(WASHINGTON) -- Drivers are shocked to see that gas prices are up once again. The average price for a gallon of gas has increased 25 cents in just two weeks, and the Energy Department says Americans are paying $3.61 a gallon on average.

Some analysts expect the increases to continue and say the higher prices are not so unusual. What drivers and analysts did not expect was the timing of these higher prices. Oil analyst Thom Kloza with the Oil Price Information Service says these prices are, "generally the kind of increases that we typically see in March and April and May, but they're occurring earlier this year and they're occurring earlier largely because financial traders are probably anticipating what's going to occur."

Typically at this time of year refineries shut down for maintenance, and Kloza says the trading community anticipated that and priced oil accordingly.

"There's a lot of money, a lot of investment money that's pushed crude oil prices higher and it's pushed wholesale and retail prices to the highest numbers we've ever seen for this time of year," he says.

Copyright 2013 ABC News Radio

Monday
Jan142013

Gas Prices Remain Steady

Jupiterimages/Thinkstock(WASHINGTON) -- Across the country, the weekly average price of a gallon of regular gas hasn't budged in three weeks. It's remained at $3.30, up less than a penny from the previous week, according to the Department of Energy.  This price is down 9 cents from a year ago.

New Yorkers are paying the most at $3.70 a gallon, followed by Californians at $3.49.
 
The cheapest gas in the country is in the Rocky Mountain region at $2.84.

Copyright 2013 ABC News Radio

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
Dec102012

Gas Prices Down Nearly 5 Cents

Jupiterimages/Thinkstock(WASHINGTON) --  The weekly average price of a gallon of regular gas is $3.35, down nearly 5 cents compared to a week ago, according to the Department of Energy.  This price is still up 6 cents from a year ago.
 
The West Coast has the most expensive gas at $3.54.
 
The Gulf Coast has the cheapest gas in the country at $3.12.

 

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







ABC News Radio