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Showing posts with the label andy lipow

Higher gas prices: Where and why. Blame production cuts.

It was the longest losing streak for gasoline prices since the early months of the pandemic: For 98-consecutive days this summer, American drivers experienced declining gas prices thanks in part to a slower worldwide demand for oil. Now, a cut in oil production signaled by the OPEC+ group last week has sent global crude prices higher, pushing prices back up at the pump. According to AAA, the national average price of a gallon of gas climbed to $3.92 on Monday. Prices are likely to keep going higher from here as oil prices climb, according to Patrick De Haan, chief petroleum analyst at the gas price tracking group GasBuddy.com. “With OPEC+ deciding to cut oil production by two million barrels a day, we’ve seen oil prices surge 20%, which is the primary factor in the national average rising for the third straight week,” he said in a blog post Monday. For the rest of the country, De Haan said he expects prices to rise as much as $0.30 from their September lows, which would put them at a...

Gas price declines spell relief for many Labor Day drivers

Gas prices have now declined for 79 consecutive days amid falling global oil prices, sending the national average price per gallon to its lowest level since March. However, some cities and states continue to see prices above $4 per gallon, creating an uneven landscape for U.S. drivers heading into the busy Labor Day weekend. Data from AAA show the national average gas price now sits at $3.81 per gallon. That compares with $4.20 one month ago, though remains well above the year-ago price of $3.18. Prices across the West Coast sit substantially higher than the national average , with drivers in Los Angeles seeing the highest-recorded Labor Day gas prices ever, the Los Angeles Times reported, at $5.25 a gallon. Western states tend to have higher gas taxes, and are located further away from the fuel processing hubs in Oklahoma, Texas and Louisiana. Illinois, too, which has some of the highest gas taxes in the nation, is seeing prices nearly a dollar higher than last year's Labor Day...

Gas price declines spell relief for many Labor Day drivers

Gas prices have now declined for 79 consecutive days amid falling global oil prices, sending the national average price per gallon to its lowest level since March. However, some cities and states continue to see prices above $4 per gallon, creating an uneven landscape for U.S. drivers heading into the busy Labor Day weekend. Data from AAA show the national average gas price now sits at $3.81 per gallon. That compares with $4.20 one month ago, though remains well above the year-ago price of $3.18. Prices across the West Coast sit substantially higher than the national average , with drivers in Los Angeles seeing the highest-recorded Labor Day gas prices ever, the Los Angeles Times reported, at $5.25 a gallon. Western states tend to have higher gas taxes, and are located further away from the fuel processing hubs in Oklahoma, Texas and Louisiana. Illinois, too, which has some of the highest gas taxes in the nation, is seeing prices nearly a dollar higher than last year's Labor Day...