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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsUS Gasoline Prices On Pace To Hit 3-Year Low By End Of 2013
By Barbara Powell, Bloomberg
Posted Oct. 23, 2013, at 5:04 p.m.
HOUSTON — Gasoline pump prices are poised to drop to the lowest since February 2011 by New Year’s Eve as supplies increase more than demand, providing a lift for consumers in an economy struggling to recover from the deepest recession since the 1930s.
Retail prices will probably sink to an average $3.15 a gallon by Dec. 31 from $3.344, said Michael Green, a spokesman in Washington for AAA, the nation’s largest motoring organization.
The highest seasonal inventories in three years are set to rise as plants return from scheduled maintenance. Refining capacity in the fourth quarter will be 410,000 barrels a day higher than last year while demand climbs 10,000 barrels, the Energy Information Administration estimated Oct. 8.
U.S. refiners are making the most gasoline ever for this time of year, having expanded to take advantage of ample domestic and Canadian crude. U.S. oil production grew in September to the highest level since May 1989 as advances in drilling techniques boosted output from shale formations. The U.S. met 87 percent of its own energy needs in the first six months of 2013, on pace to be the highest annual rate since 1986.
“We’re in a longer-term downtrend with retail gasoline prices because of reduced demand, increasing U.S. production of oil as well as increased refining capacity for gasoline,” Phil Flynn, senior market analyst at Price Futures Group in Chicago, said in a telephone interview.
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maxsolomon
(33,345 posts)regular at $3.80 in SEA.
lots of taxes on that gallon, but they don't appear to be going into road repair.
trumad
(41,692 posts)maxsolomon
(33,345 posts)
trumad
(41,692 posts)CANDO
(2,068 posts)It's mostly nonsense to do so, but whatever you can hammer a wing-nut on, works for me!
anokaflash
(53 posts)and dropping. I didn't expect to see sub $3 ever again, but there is a chance we night just hit it.
BobbyBoring
(1,965 posts)We've been a net exporter for years. Exon/Mobile made a 65 Billion $ profit last year. Explain anything?
Spider Jerusalem
(21,786 posts)Net exporter of refined product. Refined product is not crude oil. Energy Information Agency figures, total imports of crude oil: 7.5-8 million barrels a day. Total exports of all products: 3.4 million barrels a day. http://www.eia.gov/dnav/pet/pet_move_wkly_dc_NUS-Z00_mbblpd_w.htm
Do the math. The US isn't a "net exporter".
B Calm
(28,762 posts)magical thyme
(14,881 posts)It jumped a nickel recently. I'd like to see it drop by January or so, so when I need to buy an extra hundred I can get a better price...
Purveyor
(29,876 posts)gasoline.
liberal N proud
(60,336 posts)I left Northern Ohio paying $3.23
Filled up in West Virginia @ $3.32
Next fill was South Carolina @$3.17
Topped off in Charleston before heading to Florida for $3.11
I paid $2.99 in Daytona Florida, $3.16 in Clearwater then before leaving paid $3.23
Return trip:
Georgia was $3.19
South Carolina $3.07
Virgina $3.07
Ohio $3.23
badtoworse
(5,957 posts)bigwillq
(72,790 posts)A plan to lower gas prices significantly would really help the average American.
Edit: I live in CT, which has such high gas taxes, so CT is more of the problem in this case.
These D's in CT just love to tax you to death.
kenny blankenship
(15,689 posts)The price is high (by historical standards in the US) and it is staying high no matter what happens to the per barrel price of crude oil. I would recommend people get used to that. If there ever is any recovery for the 99%, next year, or year after that, or maybe five years down the road, demand for gas will rise accordingly and the pain at the pump will intensify. Look into alternative transportation.
Motown_Johnny
(22,308 posts)It fluctuates a bit but has been fairly steady.
A little less at Cosco, paying more like $3.28/gal on average the last few weeks. I think the lowest was $3.24(9).