Posted on 08/27/2014 10:08:02 AM PDT by thackney
Drivers hitting the roads during the upcoming holiday weekend will likely encounter good news: the cheapest Labor Day weekend gasoline prices since 2010.
The forecast comes amid falling domestic and global crude prices, analysts at GasBuddy said. The benchmark price for U.S. crude is down nearly $9 per barrel since the Memorial Day weekend, and the the international price is down $7 in the same period.
A downward trend in gasoline prices began in July and will likely continue through autumn, the gasoline price monitors said.
Interestingly, the downward trend in crude comes despite several global conflicts in and around regions that are major global energy producers. Those conflicts including tension between Ukraine and Russia, fighting between Israel and Hamas and the growing influence of Islamic militants in Syria and Iraq.
Tom Kloza, GasBuddy’s chief oil analyst, predicted that even more significant gasoline price declines could come in late September, when much of the country is expected to experience regular gasoline prices below $3.25. Some stations could even reduce prices below $3 per gallon.
Texas is among 10 states likely to see average gasoline prices below $3.25 per gallon over the holiday weekend.
In the Houston metro area Wednesday morning, gasoline prices averaged $3.249 per gallon. That’s down from a peak this year of $3.493 per gallon in late June.
GasBuddy also forecast that U.S. demand for gasoline will likely be about 382 million gallons per day over the weekend — down about 5.2 percent from pre-recession peaks in 2006 and 2007.
Nationally, gasoline prices thus far in August have averaged $3.458. That’s $0.13 per gallon lower than the July average.
The most expensive Labor Day gasoline prices in the U.S. occurred in 2012, when gasoline prices averaged more than $3.83 per gallon.
If I could answer that question I wouldn’t have to work for a living.
I don’t see it as a whole lot better, to be frank. Do you?
But I’m not going to let media pee on my leg with $3 gas and tell me that’s a good thing. Thanks to the Obama economy, I now commute 110 miles to my job and can’t live in the same city as my family. And Democrat policies are at least partly responsible for that.
Bush was nobody’s conservative. But gas was cheaper, which was my only point.
Is propane still twice as expensive as last year?
Just got an alert from gas buddy. Price going up .10+ today.
From my perspective, a whole lot better. My job market was falling, home values were falling fast. Far better now.
The Spot Market for Propane is slightly down from the same time last year. Of course price varies by region.
Weekly Mont Belvieu, TX Propane Spot Price FOB
http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=eer_epllpa_pf4_y44mb_dpg&f=w
propane is 2.99 a gallon.
I believe that the $93 a barrel price includes refining to a large degree, it is not thick black stuff just out of the ground.
When the price of oil is quoted, it is almost always in reference to the price traded at the New York Mercantile Exchange (NYMEX) for West Texas Intermediate delivered to Cushing, Oklahoma.
This is “raw” crude oil but of a good quality at the largest commercial stock location. It has not been refined at all.
http://online.wsj.com/mdc/public/page/2_3028.html?category=Energy&subcategory=Petroleum
OK, I guess I am remembering the spike last winter.
I hope it stays there, I’m thinking of the massive spike last winter.
You know that was a regional demand and supply problem?
I thought it was because the cold midwest and farmers used twice as much. I’m in upstate NY and it doubled in price. So it seemed like excess demand in the Midwest caused prices nationally to spike?
I thought it was because the cold midwest and farmers used twice as much.
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It was more an issue of timing combined with pipeline and rail trouble.
http://www.freerepublic.com/focus/f-news/3120788/posts
Read through some of the comments as well, I linked other articles.
whoopee doo.
Would you prefer a trend of highest price since 2010?
What else do you buy regularly that has gone down or even stayed the same price in the same time frame?
thx, I’m hoping for some global warming to finally hit in the Winter.
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