Sandy’s impact on gas prices
Many industry analysts have been predicting that gas prices could move higher in the short term, but the overall dynamic favors lower prices due to demand destruction, according to a report released on Wednesday by AAA.
Unlike Hurricane Isaac earlier this year, Hurricane Sandy will impact an area that is a major consumer of gasoline rather than a major producer. Although anticipated lower regional production and storm concerns have pressured wholesale gasoline prices higher, the impact of demand destruction is likely to be even greater, as nearly 9,000 flights have already been canceled and tens of millions of motorists will stay home during the storm. Read more
Gas prices drop double digits: All eyes now on Sandy
After reaching an October peak price of $3.82 per gallon (Oct. 8), the national gas price average has dropped considerably during the past two weeks. The national average price for a gallon of regular self-serve gasoline has fallen for 17 straight days to $3.58 per gallon Friday, its lowest level since August 4th.
Friday’s price marks a 14-cent decline in the past week, yet remain 23 cents below month ago prices and 14 cents above year ago prices. However, the national average is 53 cents below the $4.11 record high set 2008. Regional supply concerns have diminished and demand continues to weaken, two factors that have contributed to the recent gas price plunge. Read more
AAA: Tips for drivers, travelers
After last year’s pre-Halloween trick from Mother Nature (a rare October snow storm affecting most of the Northeast which followed a hurricane and earthquake in the Commonwealth), one would think our area would be due for a treat this year. Unfortunately, Mother Nature has another trick up her sleeve this year by the name of Hurricane Sandy.
Although it’s too early to know exactly which path Sandy will take, one thing is almost certain – Virginia is likely to begin feeling the effect of the storm as early as Sunday. The Commonwealth is anticipated to experience heavy rainfall, winds, coastal flooding and beach erosion, as well as possible widespread power outages. Read more
AAA: Gas prices on downward trend?
Prices at the pump have finally begun their seasonal decline, about one month later than usual. Although gas prices are higher than ever for this time of year, a downward trend has begun across the country.
The national average price for a gallon of regular self-serve gasoline fell to $3.72 per gallon Friday, which was 9 cents below week ago prices and 13 cents below month ago prices. However, gas prices remain 25 cents above year ago prices and 39 cents below the record high set back in July 2008. Gasoline prices typically decline in the fall as refiners switch to cheaper fuel blends and demand decreases after the summer driving season. This year a series of refinery and pipeline problems sent gasoline supplies plummeting and prices soaring. Read more
AAA: Gas prices stabilizing
Gasoline prices continue to stabilize in the Northeast, following an unusual autumn spike over the past two weeks.
The daily national average price has been the highest on record for the calendar day for more than seven straight weeks. The national average price for a gallon of regular self-serve gasoline was $3.81 per gallon Friday, which was 2 cents higher than a week ago and 5 cents below month ago prices. Read more
AAA: Gas prices slowly trending downward
While there are some signs of relief for motorists, as gas prices have fallen for 19 of 21 days (nationally), price relief has not spread evenly across the country, where the exception has been in the Northeast and West Coast where extremely tight supplies have seen prices move dramatically higher.
The national average price for a gallon of regular self-serve gasoline was $3.79 per gallon Friday, which was 1 cent higher than a week ago and 3 cents below month ago prices. However, gas prices remain 39 cents above year ago prices and 32 cents below the record high ($4.11/July 2008). Read more
