Gas Prices Still Heading Downward

July 12, 2010 by Leave a Comment

Over the past two or three months, we’ve seen wild fluctuations in the economy, stock markets, and commodity markets.  People have been spooked that austerity measures will hurt the worldwide economic recovery (which, I would argue, never really started), which, in turn, would drive down consumer spending and demand for pretty much everything.

This, of course, affected the price of both oil and gasoline, as you can see in the chart below:

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As you can see, this chart (courtesy of GasBuddy.com) shows pretty wild fluctuations in the price of both oil and gasoline, with the most “violent” fluctuations occurring in the price of oil.  That being said, at least the general direction of both prices is downward.

As of this morning, oil futures were trading at $75.70, and the national average price of a gallon of regular unleaded gasoline stood at $2.72, which is down one cent from where it was last month, and exactly where it was one week ago.

Currently, only Hawaii ($3.45), Alaska ($3.38), California ($3.09), and Washington, D.C. ($3.06) are reporting average gas prices above $3 per gallon.  South Carolina currently has the lowest average price, at $2.40 per gallon.

Since we’re currently at the peak of summer driving season, it’s hard to envision a scenario where we could see gasoline prices spike higher from current levels.  That being said, a rough hurricane season or a major impact from the offshore drilling moratorium could change things and are worth keeping an eye on.

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The Days of $2 Gasoline Coming to an End

January 8, 2010 by 1 Comment

Don’t look now, but after spending the past two months fluctuating between $2.58 and $2.66 per gallon, the price of gasoline is now quickly approaching the psychologically important $3 mark.

According to GasBuddy.com, the average price of a gallon of regular unleaded gasoline has climbed to $2.72. The last time prices were this high was back in October 2008.

Today’s price is roughly 3% higher than a month ago ($2.64) and a staggering 54.5% higher than a year ago ($1.76).

Currently, three states are reporting an average price above $3 per gallon – California ($3.02); Alaska ($3.34); and Hawaii ($3.43) – while three other states are reporting an average price below $2.50 per gallon – Colorado ($2.47); Utah ($2.49); and Wyoming ($2.49).

Much of the recent rise in the price of gasoline can be attributed to the run up in the price of oil, which, in the face of a strengthening dollar, has climbed from roughly $69 per barrel mid-December to today’s price of nearly $83 per barrel.

As I stated in my recent post “3 Reasons Why Gasoline is Going to $5 a Gallon,” I’m fully convinced gasoline prices are going to head much higher in the near future. What are your thoughts? Leave a comment below!

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Oil Above $78, Gasoline $1 Higher Than 12 Months Ago

December 28, 2009 by 2 Comments

Due to falling reserves, a slightly weaker dollar, and belief in the economic recovery, the price of oil has climbed to over $78 per barrel, which is its highest price since December 1, when the price stood at just below $78.50.

In turn, there has been slight pressure on the price of gasoline, which is up two cents for the week and now stands at $2.61 per gallon. There is usually a little bit of a lag between when swings in the price of oil hit the price of gasoline, so there will likely be a slight jump in the price of gasoline over the coming weeks.

Over the past month, the price of gasoline has moved in a very narrow range between $2.58 and $2.64 per gallon.

While this is certainly welcome news to cash-strapped consumer, the jump in the price of gasoline over the past year certainly is not. The price of gasoline is now $1 – or 62% – higher than it was at this time last year.

Currently, only Alaska ($3.77) and Hawaii ($3.68) are reporting state-wide average gasoline prices above $3 per gallon, while 14 states are reporting an average price below $2.50 per gallon. Missouri has the lowest average gasoline price in the United States at $2.41 per gallon.

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Despite Recent Climb, Gasoline Prices Still 40% Below Peak

December 16, 2009 by Leave a Comment

The national average price of a gallon of regular unleaded gasoline has fallen three cents over the past week to $2.60, and now stands at a nearly two month low.

This recent decline in the price of gasoline is pretty much in-step with the decline of the price of oil, which has been brought about by larger than expected reserve reports as well as a stronger dollar.

Despite the recent decline in price, the national average gasoline price is still nearly 60% higher than it was at this time last year.  Although, to put things in a little bit of perspective, the price of gasoline is still nearly 40% below the record high of $4.12 set back in July 2007.

Currently only two states – Alaska ($3.80) and Hawaii ($3.34) – are reporting average prices above $3 per gallon. There are now 18 states reporting an average price below $2.50 per gallon, with Oklahoma coming in with the lowest state-wide average price at $2.38 per gallon.

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Oil Falls Below $70; Gasoline up 60% in 12 Months

December 12, 2009 by 1 Comment

The price of oil has fallen below $70 for the first time since early October, thanks to increased U.S. petroleum reserves as well as a strengthening dollar. Since hitting its 2009 high of $82 per barrel on October 25, the price of oil has fallen nearly 15%.

Despite falling oil prices, the national average price of a gallon of regular unleaded gasoline has remained relatively flat over the past month, falling just two cents from $2.65 to today’s price of $2.63.

While the price of gasoline is still well below the record highs set back in July 2008, it is still up nearly 60% from a year ago when the national average stood at $1.65 per gallon.

Currently only Hawaii ($3.53) and Alaska ($3.22) are reporting a state-wide average gas price above $3 per gallon, while 14 states are reporting an average gas price below $2.50 per gallon. Oklahoma currently has the lowest average price at $2.43 per gallon.

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Gas Prices in Late Summer Climb

August 9, 2009 by 5 Comments

While the national average price of gasoline is nowhere near the record highs of last summer, it has been on a bit of a climb lately, jumping about ten cents over the past week, and is now at $2.63 per gallon.

At this time last year the price of gasoline was $3.84 per gallon — nearly 50% higher — so today’s average price really isn’t all that bad, comparatively speaking.

However, the glass-half-empty part of me would also like to point out that the price of gas is still $1 higher than the lows hit back in January of this year.  With the economy still kind of sluggish and the ranks of unemployed growing, even a slight increase in the price we pay at the pump can make a dent in our finances.

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Price of Gas Back Above $2

March 27, 2009 by 4 Comments

The average price of gasoline has climbed above the $2 mark yesterday, marking the first time since mid November 2008 that gas prices have been so “high.”  Since the the first of the year the price of gasoline has risen 25%, or roughly 40 cents per gallon, and chances are pretty good prices will continue a gradual climb through the summer months.

Currently 27 states and Washington, D.C. are reporting an average gas price above $2 per gallon, with Hawaii being the most expensive at $2.50.  Utah currently has the lowest state-wide average price at $1.79 per gallon.

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Gas Prices Creeping Back to $2

March 5, 2009 by 2 Comments

One of the few silver linings of our currently pitch black economic cloud was the fact that the price of gas had fallen from this summer’s record highs to levels not seen in over five years.  For those of us struggling to make ends meet, the quick decline in the price of gas couldn’t have been better news.

Unfortunately, it looks like the break on gas prices may end up being short-lived.

Since the first of the year, the national average price of a gallon of regular unleaded gasoline has climbed nearly 20% — from $1.61 to $1.92 — and with the summer driving season right around the corner, it seems unavoidable that prices will climb even higher.

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Gas Prices Spike, Sign of Things to Come?

January 8, 2009 by 7 Comments

Over the past five days, the national average price of a gallon of regular unleaded gasoline has climbed more than 11 cents, to just over $1.75 per gallon.  The last time the price of gas was this “expensive” was back on December 3.

Although, compared to last summer, I think most of us are willing to live with this relatively mundane price increase.

Most, if not all of the jump in gas prices can be contributed to the fact that the price of oil had climbed from the low $30s just a few weeks ago, to yesterday’s closing price of just under $50 per barrel.

However, today the price of oil fell over 12% to under $43 per barrel thanks to a government report showed a larger than expected increase in crude inventories.

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Be the Expert – Where Are Gas Prices Going?

January 4, 2009 by 11 Comments

Back in July, when the price of gasoline was well over $4 per gallon and the price of oil was nearly $150 per barrel, I said on this site that I believed the price of gasoline would never again fall below and oil would never fall below $120.  Turns out I was wrong.

Obviously, I received a lot of heat from plenty of readers, telling me my predictions were completely off base and foolish.  While the predictions in fact turned out to be wrong, I guess I can take solace in the fact that I certainly was not the only person to make such predictions.

Now that gasoline prices have fallen significantly, I thought it would be a good time to put many of you to the test.  So, for the past week, I’ve had a poll up on this site so that you all might have the chance let me know where you think prices are headed.

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