Analysts says prices at the pump likely to rise in the short run11/30/2016 | ConsumerAffairs
The OPEC oil cartel members, meeting in Vienna, have agreed to production limits in an effort to push the price of oil higher.
The markets reacted immediately, with the price of crude jumping more than 6.5% to $48.22 a barrel in early trading in New York.
Two years ago, OPEC member Saudi Arabia launched a huge increase in production in an effort to drive down the price of oil. It took that self-defeating action to try to drive American shale oil producers out of business ...
But prices are still slightly higher than last year11/23/2016 | ConsumerAffairs
According to AAA, more than 43 million Americans will hit the road this Thanksgiving holiday. When they stop to fuel up, they'll find relatively cheap prices at the pump, and the prices could be even cheaper on the return trip.
The AAA Fuel Gauge Survey shows the national average price at $2.13 a gallon, nearly a dime cheaper than a month ago, but six cents more than last Thanksgiving weekend. The price of diesel fuel is actually down from last year.
Gas prices are higher...
Motorists expected to party like its $1.998 a gallon12/21/2015 | ConsumerAffairs
The national average price of self-serve regular, tracked daily by AAA, dropped below $2 a gallon Monday, to $1.998, for the first time since March 25, 2009.
While drivers in the southeast have been paying well below that for months, motorists in other parts of the country have seen prices fall in recent weeks but are still paying north of the $2 mark.
More than two-thirds of U.S. gas stations are now selling gas under $2 per gallon, and AAA says drivers can find at least...
Gasbuddy survey finds consumers could be pocketing a lot more08/03/2016 | ConsumerAffairs
Gasoline prices are lower for this time of year than they have been in recent memory. Consumers should be pocketing significant savings.
But are they? Gas price website GasBuddy surveyed consumers' fuel-purchasing habits and has concluded that consumers may be saving, but they are actually paying more than they should.
The biggest threats to consumers, the site claims, are procrastination, craving convenience, and being creatures of habit.
How can following long-establishe...
So, what does that mean for the low gas prices we've been enjoying?06/09/2016 | ConsumerAffairs
For consumers, the last two years have been “the good old days” when it comes to gasoline prices. A growing glut of oil on the world markets led to huge price declines. That, in turn, dropped gasoline prices from more than $3 a gallon to below $2 a gallon in just over a year.
That move also accomplished something else. It drove most investors out of the oil futures market. In the parlance of Wall Street, oil became a “bear market,” meaning the bet was prices would go dow...
National average price poised to drop below $2 a gallon12/14/2015 | ConsumerAffairs
World oil prices are in free-fall once again, hitting levels not seen since the financial crisis of 2008.
Back then, it was fear that the economy was collapsing that drove oil lower. Today, it's the fact that the world has more oil than it knows what to do with.
Reuters reports Brent crude plunged 4% to below $36.40 a barrel for the first time since December 2008. For Brent, that's just 14 cents above the post-financial crisis lows.
Falling oil prices have had a similar ef...
Fed proposal could make gas prices less volatile in the future09/26/2016 | ConsumerAffairs
In a little noted action Friday, the Federal Reserve published a proposed rule that it said would toughen the existing requirements and limitations placed on investment banks and some other traders who speculate in the commodities market.
The Fed said it is proposing the action because of its concerns over potential “catastrophic, legal, reputational, and financial risks” these firms could suffer, possibly posing system risks to the financial system. Most likely policym...
It's great for consumers but is making markets extremely nervous01/26/2016 | ConsumerAffairs
Oil is a lubricant that usually keeps machines running smoothly. Lately, however, it has held an oversized influence over all things economic – and the results have been far from smooth.
When oil prices fell below $30 a barrel last week, world stock markets nearly panicked. While cheap oil is normally seen as a good thing, investors are worried the low price will drive many oil companies out of business, leaving the banks that have made big loans to them high and dry.
Plentiful supplies and low oil prices giving motorists a windfall07/21/2016 | ConsumerAffairs
July is dead center in the summer driving season. Whether it's a quick trip to the beach or an extended road trip, it's when many families pack up and hit the road.
As such, gasoline demand normally rises in July, and so do gasoline prices. But this is not a normal July.
Even though prices have risen off their early-winter lows, they are well below seasonal norms and are headed still lower, at a time they usually peak. The AAA Fuel Gauge Survey shows the national average ...
What's that going to mean for gasoline prices?08/19/2016 | ConsumerAffairs
Motorists are still enjoying relatively low gasoline prices, but they should keep a wary eye on the price of oil. This week it has marched consistently higher, with Brent crude now topping $50 a barrel.
That's significant because the main reason gas prices are so low is the over-abundance of crude oil. For the last two years, Saudi Arabia has been trying to put U.S. shale oil producers out of business, and it has been fairly successful. The result has been a huge oversup...
There were lines at Nashville gas stations over the weekend09/19/2016 | ConsumerAffairs
Over the weekend, there were lines at gas stations in Tennessee as many stations ran out of fuel. Meanwhile, gasoline prices soared in wide areas of the Southeast.
This flashback to the late 1970s comes courtesy of a leak in Line 1 of the Colonial Pipeline, which carries fuel between Houston and High Point, N.C. and supplies Georgia, Tennessee, South Carolina, North Carolina and Virginia.
It will be several more days before supplies return to normal, but in a Tweet over t...
Prices at the pump are showing remarkable stability09/27/2016 | ConsumerAffairs
The pipeline leak in Alabama has been repaired and gasoline is flowing again, but some states in the Southeast are still feeling the effects of reduced supplies and higher prices.
Those rising prices have more or less offset the seasonal drop in prices elsewhere in the U.S., and the result is a remarkable stability in gasoline prices.
According to AAA, the national average price of regular gasoline is about $2.21 a gallon, within a penny of where it was the day before, a ...
AAA predicts national average price below $2 a gallon to start 201612/01/2015 | ConsumerAffairs
The price motorists pay at the gas pump keeps falling, and with less than five weeks remaining in 2015, it appears likely we'll start 2016 with a national average price below $2 a gallon.
According to the AAA Fuel Gauge Survey, today's national average is $2.03 a gallon, down three cents per gallon for the week, 14 cents over the last month, and 74 cents compared to a year ago.
The national average has dropped for 24 of the past 30 days. The biggest contributor to the bre...
Colonial Pipeline leak taking longer to repair than first estimated09/16/2016 | ConsumerAffairs
A pipeline leak in Alabama may bring back a bad memory from the late 1970s for consumers on the East Coast – surging gasoline prices and stations that run out of fuel.
The good news – the price spike shouldn't last that long. On the other hand, when speculators get involved, as they did after 2005's Hurricane Katrina, the long term effect on prices can be hard to predict.
Already the gasoline futures market has responded with a rise in prices. In a Tweet, GasBuddy senior ...
What's it mean for consumers? Not what you might think07/09/2014 | ConsumerAffairs
Over the Independence Day holiday, a report about energy independence may have escaped your attention. Because of fracking, the U.S. has overtaken Saudi Arabia as the world's leading oil producer.
A Bank of America report obtained by Bloomberg News said U.S. crude oil production, along with liquid fuel separated from natural gas, was more than 11 million barrels a day in the first quarter of 2014.
That might seem small consolation to consumers who can barely afford to ...
The measure would extend some tax credits to make up for the higher gas tax08/06/2015 | ConsumerAffairs
He doesn't have many supporters for the measure, either in Congress or out, but Sen. Tom Carper (D-Del.) is pushing for four years of four-cent gas tax hikes to fix the nation's highway funding shortfall.
The Highway Trust Fund is running short of money in part because the current generation of fuel-efficient cars aren't burning as much gas as their predecessors -- meaning that while inflation keeps pushing up the cost of highway construction and maintenance, gas tax rev...
Forty-five states see higher prices this week over last03/25/2016 | ConsumerAffairs
With U.S. oil refineries cutting back on gasoline production during spring maintenance, and the switch over to summer blend fuel, the price of gasoline is rising nationwide.
According to the AAA Fuel Gauge Survey, the national Average price of self-serve regular is now at $2.03 a gallon, up a nickel from a week ago but nearly 32 cents higher than last month. AAA says it's the first time this year the average price has exceeded the $2 a gallon mark.
For motorists, there sh...