Gas/Oil prices

[phkrause]

Gas prices increase in NJ, around nation amid higher demand

TRENTON, N.J. (AP) — Gas prices increased in New Jersey and around the nation at large amid increased demand as warmer spring weather lures motorists back out onto the roads, analysts said.

https://apnews.com/article/gas-prices-trenton-d4ed6c4cb083dcac0db2c99a160e552e

[Dr. Shane]

I can't complain about gas prices.  It took a pandemic to bring them down last time and I don't want another one like that.

[phkrause]

Here’s where gas prices are headed (for now) and why

Higher temperatures. Higher gas prices.

https://floridaphoenix.com/2023/04/27/heres-where-gas-prices-are-headed-for-now-and-why/?

[phkrause]

Gas Prices Drift Lower as Drivers Prepare for July 4th Travel

WASHINGTON, D.C. (June 29, 2023)—Drivers hitting the road for the Fourth of July holiday will find the gift of lower gas prices across most of the country. AAA forecasts that more than 50 million people will celebrate the nation’s birthday by traveling, with a record 43.2 million going by car. The national average for a gallon of gas fell four cents since last week to $3.54.

https://newsroom.aaa.com/2023/06/gas-prices-drift-lower-as-drivers-prepare-for-july-4th-travel/?

[phkrause]

⛽ Stat for the road

Screenshot: CNN Inflation and high gas prices have dragged down Biden's approval rating through much of his presidency, but this Fourth of July is finally bringing a reprieve. Yes, but: Gas prices are still 35% higher than they were at the end of 2019, according to the Wall Street Journal.

[phkrause]

Gas prices heat up

Data: AAA. Chart: Axios Visuals Gas prices ticked up 15¢ in just the past week, as the heat wave hitting Texas and Louisiana slowed oil refineries. Why it matters: The nation's mood runs on gas prices — when they're high, economic vibes worsen. Rising energy prices keep inflation elevated, complicating the Fed's efforts to rein in higher prices, Axios' Emily Peck writes. 🔎 Zoom in: Refineries, which turn crude oil into products like gasoline, don't function as efficiently in 100°-plus weather. Demand for gas typically rises in the summer. Gasoline inventories in the U.S. are at their lowest July level since 2015, Patrick De Haan, head of petroleum analysis at GasBuddy, said in a note. Some states are seeing higher prices than others, AP reports. The average price per gallon in California was $5.01 yesterday, the highest in the country. Gas was cheapest in Mississippi, at $3.29 a gallon. ⚡ Reality check: Prices are still nowhere near the high levels we saw last summer. 👀 What to watch: Hurricane season. Severe weather could also impact refineries and push up prices. ps:Anything for these guys to raise gas prices!!! 👎

[phkrause]

Why are gas prices rising? Experts point to extreme heat and oil production cuts

NEW YORK (AP) — Drivers are in for another headache at the pump as U.S. gas prices continue to rise.

https://apnews.com/article/gas-prices-rising-heat-wave-production-cuts-4cecfbe2ee68eccab7224f163fc676db?

[phkrause]

⛽ Mapped: Gas-price break

Data: GasBuddy. Map: Axios Visuals A gallon of gas averages $3.82 nationwide as of this morning — up a bit from the winter, but lower than last year's highs of nearly $5. Why it matters: Gas prices are generally falling or flat compared to last August, Axios' Alex Fitzpatrick and Kavya Beheraj report. 🌡️ What's happening: Gas prices ticked up in recent weeks due to excessive heat in Gulf states such as Texas and Louisiana, where many of the country's oil refineries are located. 🔬 Zoom in: Compared to August 2022, gas prices have come down most in Idaho (-14.4%), Nevada (-12.1%) and Massachusetts (-11.0%). They've gone up most in Iowa (+6.1%), Florida (+5.7%) and Georgia (+5.7%). Interactive version of this map, with state-by-state data.

[phkrause]

DeSantis vows to lower gas prices, but opposes offshore oil drilling in Florida

Gov. Ron DeSantis is promising to return America to the days of $2-a-gallon gasoline if he becomes president by unleashing domestic energy production, even though he’s opposed offshore drilling and fracking in his own state.

https://www.orlandosentinel.com/2023/10/02/desantis-vows-to-lower-gas-prices-but-opposes-offshore-oil-drilling-in-florida/?

[phkrause]

Long lines at gas pump unlikely, but Middle East crisis could disrupt oil supplies, raise prices

WASHINGTON (AP) — Fifty years after the 1973 Arab oil embargo, the current crisis in the Middle East has the potential to disrupt global oil supplies and push prices higher. But don’t expect a repeat of the catastrophic price hikes and long lines at the gasoline pump, experts say.

https://apnews.com/article/israel-hamas-oil-iran-biden-sanctions-fefaf577359e2b4920d6d0035f763d22?

[phkrause]

Florida gas prices haven’t been this low all year

The state average of $3.17 per gallon is five cents lower than the previous low set in March, according to Mark Jenkins, spokesman for AAA – The Auto Club Group.

https://www.orlandosentinel.com/2023/11/06/florida-gas-prices-havent-been-this-low-all-year/?

ps:"He predicts more stations are likely to follow shortly." This statement has come out to be untrue!! The gas prices went up today since this statement was made!! Personally I'm surprised that gas prices have not gone up more than the have!!

[phkrause]

Gas drops to lowest price in 2023, with Central Florida under $3

Gas prices in Florida have fallen to their lowest level of the year with half the pumps in the state, including all of Central Florida, dropping to an average of less than $3 a gallon, according to AAA.

https://www.orlandosentinel.com/2023/11/20/gas-prices-drop-below-3-for-half-of-florida-aaa-says/?

[phkrause]

⛽ Charted: Turkey Week gas prices

Data: U.S. Energy Information Administration. Chart: Axios Visuals

[phkrause]

US gas prices have fallen or remained steady for 10 weeks straight. Here’s why  As of Tuesday, the national average for gas prices stood just below $3.25, according to AAA. That’s down 25 cents from a month ago and 30 cents less than this time last year. At least 15 states also have prices below $3. This is what’s behind the trend, and how long it’s expected to stay. Read more.

Why this matters: Experts point to a recent decline in oil prices and a seasonal dip in demand, as well as easing inflation as factors behind the roughly two-month trajectory of decline.   There’s also been an uptick in U.S. production that’s helping keep costs lower. American oil production hit an all-time high in October, and average production has since remained at that level.   While the downward trend is expected to continue at least into the New Year, some experts point to the potential of more cuts from major producing OPEC+ countries as something that could boost energy prices.

Related coverage ➤ American consumers more confident in November as holiday shopping season kicks into high gear Georgia’s state taxes at fuel pumps to resume as Brian Kemp's tax break ends, at least for now

[phkrause]

⛽ $3 gas is back

Data: AAA. Map: Deena Zaidi/Axios Visuals U.S. gas prices have returned to the big round figure of around $3 a gallon, Axios' Matt Phillips writes. Why it matters: Falling gasoline prices are typically a tonic for sour consumer sentiment. Go deeper.

[phkrause]

Gas prices are on the decline across the US The drop brings some relief to drivers now paying a little less to fill up their tanks. Industry analysts point to a blend of lackluster demand and strong supply to explain the decline — as well as relatively mild oil prices worldwide. Read more.

Key points: If there are no major unexpected interruptions, experts say that prices could keep working their way down. At this time of year, experts keep a particular eye out for hurricane risks — which can cause significant damage and lead refineries to power down.   While gas prices nationwide are collectively falling, some states, of course, always have cheaper averages than others, due to factors ranging from nearby refinery supply to local fuel requirements. As of Monday, per AAA data, Mississippi had the lowest average gas price at about $2.94 per gallon — followed by $2.95 Oklahoma and just under $2.97 in Arkansas.

RELATED COVERAGE ➤ As the need for copper rises, cable manufacturers recycle more   In Wyoming, Bill Gates moves ahead with nuclear project aimed at revolutionizing power generation   Apple leaps into AI with an array of upcoming iPhone features and a ChatGPT deal to smarten up

[phkrause]

⛽ Pump prices drop

Data: U.S. Energy Information Administration. Chart: Axios Visuals Gas prices this spring have so far lagged behind the highs of 2023. Why it matters: Drivers are finally catching a break. It's also a break for President Biden, whose approval rating has been walloped by inflation. 🔮 What we're watching: The relief could continue. Demand for gas has been lower this year compared with the last couple of years, and prices could stay lower than usual through the summer, according to AAA.

[phkrause]

🚗 Relief for holiday gas prices

Data: U.S. Department of Energy; Chart: Axios Visuals Gas prices over the July Fourth weekend will be lower than in the past several years, Axios Kelly Tyko reports. The national average sits at $3.51 per gallon, down from $3.54 a year ago and $4.79 during the holiday weekend in 2022, according to AAA data. ⛽️ Nearly 61 million people will travel by car this weekend, according to AAA's holiday forecast — a new record. Go deeper.

[phkrause]

⛽ Charted: Oil prices slide

Data: Yahoo Finance. Chart: Axios Visuals An unusual mix of forces is pushing oil prices sharply down as the U.S. election enters its final weeks, Axios' Ben Geman writes. Why it matters: Cheaper oil is likely to keep gasoline prices moving south too, a potential lift for Vice President Harris, who faces political challenges around inflation. The intrigue: Analysts see several unrelated reasons for the recent declines. Weak Chinese economic data keeps arriving. Reports of a deal among rival Libyan factions to restore production. The end of the U.S. summer driving season. 🔮 What's next: "As long as we don't see a major hurricane head into the Gulf," Patrick De Haan, GasBuddy's head of petroleum analysis, said in a research note, "the national average could fall below $3 [per gallon] in the next two months."

[phkrause]

⛽ Charted: Falling gas prices

Data: GasBuddy. Chart: Axios Visuals Gas prices have been dropping nationally since July, Axios Columbus' Andrew King writes from GasBuddy data. AAA's national average price per gallon, as of this morning: $3.06. Map with state-by-state price (Spoiler: Highest in Far West plus Ill., Pa.; lowest in Texas and 10 nearby states).

[phkrause]

⛽ Charted: Gas prices fall below $3

Data: GasBuddy. Chart: Axios Visuals Gas prices haven't been this low since spring 2021, Axios' Emily Peck writes. The average gallon of gas cost $2.98 yesterday — and has been under $3 since Saturday, according to GasBuddy data. Why it matters: Displayed prominently on big signs everywhere you drive, prices at the pump are a key economic indicator for the general public.

[phkrause]

Gas prices

Gas prices will fall in 2025 for the third year in a row, according to GasBuddy projections shared exclusively with CNN. The forecast calls for a national average of $3.22 for the year, down from around $3.33 in 2024 and the lowest since 2021. It would translate to Americans spending about $115 billion less on fuel than in 2022. However, GasBuddy cautions there are several major wild cards, including President-elect Donald Trump's proposed tariffs on Canada and Mexico that could increase gas prices or risk starting a trade war with America's biggest trade partners.

[phkrause]

Keystone oil pipeline shutdown could quickly lead to higher gasoline prices

BISMARCK, N.D. (AP) — The nearly 2,700-mile Keystone oil pipeline was shut down Tuesday morning after it ruptured in North Dakota, halting the flow of millions of gallons of crude oil from Canada to refineries in the U.S. and potentially leading to higher gasoline prices.

https://apnews.com/article/keystone-oil-pipeline-north-dakota-spill-36e86142566763a5464e1dd132eede56?

[phkrause]

🛢️ Charted: Big oil spike

Data: Financial Modeling Prep. Chart: Axios Visuals This chart shows oil spiking late last week after Israel launched its first strikes on Iran. Why it matters: The Middle East conflict could eventually reach American consumers — especially if Iran attempts to block the Strait of Hormuz, the world's most important oil chokepoint. Go deeper: Bloomberg gift link.

[phkrause]

⚠️ Charted: Strait of Hormuz chokepoint

Data: U.S. Energy Information Administration. Chart: Kavya Beheraj/Axios This chart shows why fears of Iran impeding oil flows through the Strait of Hormuz are such a massive threat to supplies, Axios Generate author Ben Geman writes. Why it matters: The narrow channel between Iran and Oman is the chokepoint for a quarter of the world's seaborne oil trade — and around one-fifth of all oil movements. Crude oil prices jumped — but didn't head for the stratosphere — as trading markets opened for the first time last night since the U.S. attack on Iranian nuclear facilities. Keep reading.