Posts Tagged ‘gas prices’

Motorists Should Expect Lower Gas Prices By Labor Day

At the pump

Newscast Media –As school buses start rolling through neighborhoods across the country, motorists should expect to see the price of gas fall by Labor Day. Gasoline demand will wane as families wrap up their vacations students go back to school, and experts predict that this will cause price to drop up to 15 cents a gallon around Labor Day, unless there is a sudden increase in oil prices and investors’ confidence in the global economy.

According to the AAA, Wright Express and Oil Price Information Service, the average retail price for a gallon of unleaded regular gasoline was $2.724, which is still 10 cents more than it was a year.

The cheapest gas can be found in Texas and parts of the South and the Midwest, while motorists on the West Coast are paying the highest amount averaging between $2.856 and $3.544 per gallon.

“Over the past weeks, oil prices have dropped about $7 a barrel, but the issue at play is whether the price drop is temporary or whether it signifies a trend,” said Tom Kloza chief oil analyst at Oil Price Information Service.

Even along the West Coast, where prices are among the highest in the country, Kloza suspects motorists could find gas below $3 a gallon in some areas. http://newscastmedia.com/labordaygas.htm

Gas prices up a few cents for weekend travelers

Fuel prices

Newscast Media — This weekend, motorists heading out for back-to-school shopping or road trips will pay a few cents more at the gas stations. A rally in oil caused prices to rise this week, but the rise is not expected to continue in the weeks ahead because of typical light trading in the oil market in August.

The national average for a gallon of unleaded regular gasoline was $2.779 Friday, about 3.8 cents higher than a week ago, according to AAA, Wright Express and Oil Price Information Service. It’s also 16.9 cents more than motorists paid a year ago.

Travelers in the West, Illinois and New York are seeing the highest prices, in a range between $2.891 a gallon and $3.554 a gallon. The lowest prices are in Texas, the Midwest and the Gulf coast region.

Unleaded regular gasoline prices should range between $2.75 a gallon and $2.85 a gallon until Labor Day when a retreat is expected as demand falls, said Tom Kloza, publisher of the Oil Price Information Service. That means drivers should expect to pay about $140 for gasoline this month if prices average $2.80 per gallon.

A typical driver uses about 50 gallons of fuel per month. It’s still less than the gas bill in the summer of 2008, when prices topped $4 a gallon. That cost motorists about $200 a month for gasoline. Most analysts believe it will take a hurricane shutting down Gulf production or a similar significant event to see a big shift in gasoline prices. http://newscastmedia.com/gasprices.htm