For those of you who just can't stand the thought of running out and filling up your car with gasoline, I have a little bit of good news: gasoline prices fell again last week. According to the Energy Information Administration, the national average fell by a little over 8 cents a gallon last week.This marks the third week in a row that prices have fallen, lowering the national average to $3.08 for a gallon of regular unleaded. While it is encouraging to see prices falling to a four-week low, prices are still up 91 cents from the start of the year.
U.S. refinery production has been the root of the problem, and although America's refineries are still running at sub 90% capacity, gasoline prices have been slightly offset by increased motor fuel imports. Analysts are expecting that more refineries will be coming back online during the remainder of this month, and if we continue to see above average fuel imports, then gasoline prices should continue to retreat.
The bad news is that whatever declines we see during the rest of June, they are probably going to vanish during July and August when prices tend to move to the upside due to summer demand. For now, we will have to be content with the knowledge that prices are easing, and just hope that America's refineries are able to pick up their production enough to be able to handle the upcoming summer heavy demands.
The best place in the country for gasoline prices? Gulf Coast cities came in with the lowest average prices while West Coast states reported the highest average prices. Chicago came in with the highest fuel costs at $3.46 a gallon. Some other cities of interest:
- Houston = $2.91
- Los Angeles = $3.31
- Denver = $3.23
- Miami = $3.14
- New York City = $3.10
Michael Fowlkes has worked as a stock trader for seven years and spent the last two years working as an analyst for the online investment advisory service Investor'sObserver.
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Reader Comments (Page 1 of 1)
6-12-2007 @ 5:03PM
Mamacile said...
Santa Maria CA: $3.49 for regular at name brand stations
6-12-2007 @ 10:04PM
georgette said...
i live in a small town in michigan where the gas has been around 3.49 just went down to 3.26 its not bad but still isnt good i wont be going anywhere for the summer cant afford it
6-12-2007 @ 11:54PM
Trish Dodge said...
I live in Dover, De. the price of our regular gas is $2.79 as of june12.
6-13-2007 @ 5:03AM
Kelvin said...
I will be taking a family reunion trip only because someone else is giving me gas money. 800 miles each way.
6-14-2007 @ 7:49AM
william said...
ok heres letting you know your always being screwed by the little guy and i mean the gas stations and the oil dealers in your area?i worked for a gas station before and the cost that they pay to get there gas is alot lower than they claim?they say they make 8-12 cents on a gallon of gas?lie lie lie?they make 25 cents or more at times.plus those underground tanks are huge at a gas staion so some simple math will give you a good idea.also i worked as a driver for a local oil company and i live on the east coast and as an employee lets say the custermore pays $1.00 per gallon of oil well as an employee i get it for 50 percent off for my own home that means im paying .50 cents a gallon and thats as a brand new employee.so and there still making money off me so there really screwing you.dont belive gas stations and oil dealers that say sorry we have to pay the high prices just like you do.there all lieing to you?at gas at 3 bucks plus a gallon the direct oil companies could sell it to you for a buck and still make a handsome profit.they wont tell you that.you need to pay for there mansions and they dont pay for gas or oil anyway,its basically free to them?if you had 500 chickens on your property would have to pay for eggs?
6-14-2007 @ 8:03PM
rick said...
Chevron profit is pumped up by fuel prices
The oil company posts an 18% gain in quarterly earnings, boosted by an overseas asset sale and strong refinery income.
6-14-2007 @ 8:18PM
rick said...
Here are the current gas prices for the Middle east
Saudi Arabia Riyadh $0.91
Kuwait Kuwait City $0.78
Egypt Cairo $0.65
Nigeria Lagos $0.38
6-15-2007 @ 8:53AM
Angel said...
Remember that the largest percentage of cost for ANYTHING, not just gas is.. Transport. which will expalin the cost of gas in the Middle east. Thay don't have to move it, just use it!
6-18-2007 @ 11:46AM
Warren said...
#5
It's called 'supply and demand'. It's interesting stuff.
6-19-2007 @ 8:56AM
Gwynn said...
I live in Lakeland, FL. and our gas finally went down to $2.91 and that is a Sunoco Station. It's a shame that we always complain but nobody gets off their butts to DO something! Why is that?