Gas Prices continue Slow Decline
December 13, 2021
Washington, D.C. – AAA reports pump prices continue their slow seasonal descent, despite a slight rebound in oil prices due to waning fears of a global slowdown caused by the COVID-19 omicron variant.
The national average for a gallon of gas fell two cents on the week to $3.33.
Crude Oil prices tumble
November 28, 2021
Washington, D.C. – After stubbornly staying above $80.00 a barrel since Labor Day, the price of crude oil tumbled this week into the mid-$70.00s.
Fears of slowing economic activity in the U.S. and Europe due to a resurgence of COVID-19 Coronavirus, along with reports that the Joe Biden Administration is calling for a simultaneous release of stockpiled oil by large oil-consuming nations, including the U.S., China, Japan, and South Korea, is putting downward pressure on crude prices. The national average price for a gallon of gas is $3.40, down a penny since last week.
Will Falling Oil Prices Bring Relief at the Pump? (AAA)
Rising Crude Oil Prices means Higher Prices at the Gas Pump
October 11, 2021
Washington, D.C. – The national average price for a gallon of gas rose 8 cents on the week to reach $3.27. This is the highest price since October 2014 and is primarily due to the surging price of crude oil, which crept above $80.00 bbl before edging slightly lower.
“The key driver for this recent rise in the price of gas is crude oil, which typically accounts for between 50% and 60% of the price at the pump,” said AAA Spokesperson Andrew Gross.
Surging price of Crude Oil results in highest National Average Gas Prices in Seven Years. (AAA)
AAA reports National Gas Price Average drops One Cent
October 2, 2021
Washington, D.C. – Fall is here, but instead of taking a seasonal dip, gas prices still reflect summertime levels when demand was higher.
The national average dropped a penny on the week to $3.18 after matching a seven-year-high in the prior week. The big culprit in keeping pump prices high is the price of crude oil, which is above $73.00 bbl.
Higher Oil Prices Keeping the Pressure on at the Pump. (AAA)
AAA reports National Gas Price Average Drops Slightly
September 15, 2021
Washington, D.C. – With the height of summer in the rearview mirror, motorists are seeing some relief at the pump, as the national gas price average dropped by a penny on the week to $3.17.
However, the recovery from Hurricane Ida remains slow, with the latest U.S. data showing just under half of the U.S. offshore oil production in the Gulf still idle after companies shuttered production ahead of the storm.
As Fall Approaches, National Gas Price Average drops one cent. (AAA)
AAA reports Gas Price Average could see Temporary Hike after Hurricane Ida
September 2, 2021
Washington, D.C. – According to AAA, the national gas price average decreased by two cents as of Sunday, the cheapest price since early July, but was back up a penny to $3.15 Monday morning following Hurricane Ida.
The storm has left more than one million people in Louisiana and Mississippi without power and has likely taken about 13% of U.S. refining capacity offline. There were nine oil refineries in Ida’s path; at least four were believed to have shut down operations ahead of the storm.
AAA reports that Crude Oil Price Drops $5.00/bbl to Lowest Price since May
August 25, 2021
Washington, D.C. – Crude oil prices saw a significant decline of $5.00/bbl on the week, down to $62.32/bbl at Friday’s close. Prices are declining as market concerns grow that crude demand will decline as coronavirus infections increase across the globe. The downward crude price trend could spell good news for motorists.
“Crude oil prices saw not only a dramatic drop on the week, but the price per barrel is at the cheapest in three months,” said Jeanette McGee, AAA spokesperson.
Gas Demand and National Gas Price Average Decline on the Week. (AAA)
AAA reports National Gas Price Average Stabilizes
August 20, 2021
Washington, D.C. – New data from the Energy Information Administration (EIA) showed that gas demand and supply decreased.
Moving from 9.78 million b/d to 9.43 million b/d last week, the latest demand measurement is 500,000 b/d lower than the rate at this time in 2019, signaling that summer gas demand is likely softening as the school year starts and concerns about transmission of COVID-19 Coronavirus grow as infection rates continue to increase.
Gas Demand and Supply Dip as Pump Prices remain High but Steady. (AAA)
AAA reports National Gas Price Average Jumps to Highest Price of the Year
August 11, 2021
Washington, D.C. – Crude oil prices dropped below $70.00/bbl at the end of last week in reaction to concerns about the delta variant, growing COVID-19 Coronavirus case numbers, and the possibility of potential lockdowns. While crude is a little cheaper, gas prices are still positioned to remain high in August.
Today’s national average is $3.19. That is the most expensive gas price average of the year as well as $1.02 more than a year ago, a nickel more than a month ago, and two cents more than a week ago.
Crude Prices Fluctuate, but Remain High Amid Growing Global COVID Concerns. (AAA)
AAA reports National Gas Price Average Drops Some as Crude Oil Prices undergo Dramatic Fluctuation
July 30, 2021
Washington, D.C. – Motorists saw some positive change at the pump on the week with 31 state gas price averages declining one to five cents. The national gas price average pushed two cents cheaper to $3.15. One factor contributing to the decline was U.S. gasoline demand remaining relatively flat on the week.
At this point, it is too early to say if cheaper pump prices will be sustained or continue their downward trend. Part of the unknown is due to fluctuating crude prices, which dropped to a low of $66.00/bbl last Monday, but were back over $70.00/bbl by the end of the week.
Gas prices at the pump dip this week. (AAA)
