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.
Omicron COVID-19 news causes Oil Prices to plummet
November 29, 2021
Washington, D.C. – Crude oil prices initially tumbled more than $10.00 to $68 a barrel on Friday after news of the Omicron COVID-19 Coronavirus variant broke.
Meanwhile, consumers caught a little break as the national average price for a gallon of gas dropped to $3.39, down a penny since last week.
Will Gas Prices Follow Drop in Oil Prices? (AAA)
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)
National Gas Price Average surges Higher
October 26, 2021
Washington, D.C. – The recent surge in the price of gas may seem spooky this Halloween, but it’s not frightening people away from driving as demand continues to rise. The national average price for a gallon of gasoline rose six cents over the past week to hit $3.38.
The pump price has gone up every day in the past 27 days, adding approximately 20 cents to the cost of a gallon of gas.
Ghastly Gas Prices Haunt Consumers 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 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)
National Gas Average increased 13 Cents since Memorial Day Holiday
July 22, 2021
Washington, D.C. – Since Memorial Day weekend, the national gas price average has increased 13 cents to $3.17. That is 98 cents more than a year ago, but 41 cents cheaper than this time in July 2014, when the national average was last above $3.00/gallon.
One of the primary reasons for more expensive gas prices this summer is high crude oil prices. However, last week crude prices fluctuated from a high of $75,00/bbl down to $71,00/bbl.
It is a Cruel Summer at the Gas Pump. (AAA)
