November 28, 2012 |
The average price of a gallon of regular gasoline in the U.S. this year never reached the highs seen in 2008, when the all-time record of $4.114 was reached. The 2012 average never even climbed as high as it was last year, when it hit $3.965, according to the Energy Department. But fuel prices have been so consistently high in 2012 that American motorists are on pace to spend more on gasoline this year -- $483 billion, or $1.32 billion a day -- than they ever have before, according to the Oil Price Information Service in New Jersey.
November 27, 2012 |
The six senators representing the West Coast states of California, Oregon and Washington are sending a letter to U.S. Atty. Gen. Eric H. Holder Jr. today, calling for an investigation into possible manipulation of the gasoline market by refineries that serve the region. In the letter the senators say an investigation is needed to determine whether false or misleading information was used to create a perception of a fuel supply shortage. That might have helped boost fuel prices, the senators say. In California, the price of a gallon of regular gasoline hit a new record of $4.671 a gallon last month.
October 30, 2012
Analysts said that it would be days, if not a week or two, before Hurricane Sandy's impact on fuel prices in the Eastern U.S. can be assessed. Today, the average cost of a gallon of regular gasoline was up by only the smallest amounts overnight in some states, while others actually saw price declines. In New York, for example, the average cost of a gallon of regular gasoline was up just 0.3 cents overnight, to $3.931. That was still 7.9 cents a gallon below the week-ago price.
October 15, 2012 |
Gasoline prices in California are dribbling lower, with the average price slipping as much as a penny a day from record highs reached last week, fuel surveys show. "It's all rigged. They've got us over a barrel, literally," grumbled restaurant manager Jay Moss, who paid $4.99 a gallon Sunday at a Mobil station in Santa Monica. "It's down a little, but not much. I'm just tired of looking. " Although the slow pace of relief might be annoying to drivers, it's a familiar pattern to energy economists.
October 10, 2012 |
The worst-ever one-week spike for California gasoline may be over, for now. Prices dropped by an average of 0.5 cents a gallon overnight, to the still stunning level of $4.666. A week ago, the average price for a gallon of regular gasoline was $4.232. That was already a record for the day, according to the AAA Fuel Gauge Report, which tracks prices from the Oil Price Information Service (OPIS) from more than 100,000 retail outlets. Then things went "apoplectic," in the words of Tom Kloza, chief oil analyst for OPIS.
October 9, 2012 |
As California gasoline prices set fresh records daily, consumer advocates are gearing up to fight the sale of the low-cost Arco brand and its Carson refinery to a Texas company not known for its cheap fuel. Some experts are calling the proposed $2.5-billion sale to Tesoro Corp. of San Antonio the biggest shift in California's petroleum business in decades. Activists say the deal, announced in August, would reduce competition and possibly raise prices for motorists, and they will ask state and federal regulators to reject it. The transaction is drawing fire now - with California's average gasoline price at a record $4.671 a gallon Tuesday, according to AAA - because it would leave 51% of the state's refining capacity in the hands of just two companies: Tesoro and Chevron Corp.
September 26, 2012 |
Profits for the nation's largest airlines are on the rise thanks to lower fuel prices, steady demand and growing revenue from passenger fees, according to a government report. From April to June, the profit margin for the nation's nine largest airlines rose to 6% from 5.3% in the same period in 2011, according to a report Tuesday by the U.S. Bureau of Transportation Statistics. But industry leaders point out that the improved finances won't offset losses from the first quarter.
September 13, 2012 |
Wholesale prices jumped 1.7% in August from July -- their largest gain since June 2009 -- as the cost of food and energy boomed. The seasonally adjusted increase in the producer price index was driven mostly by a 6.4% surge in energy prices, according to the Labor Department. That's the most substantial leap in three years. Gasoline prices swelled 13.6% in August, according to the measure. Another report earlier this week found gasoline prices ticking up nationwide and remaining above $4 a gallon in California . After a summer scorched by drought, food costs rose 0.9% in their third straight month of escalation, marking the largest increase in nine months, according to the government report.
September 10, 2012 |
Nationwide fuel prices are continuing to tick up slightly, rising to $3.828 Monday from $3.827 a week ago for a tank of regular gas. A month ago, the average price for a gallon of regular gasoline was $3.685; a year ago the price was $3.66, according to the AAA Fuel Gauge. The measure draws data from credit-card receipts from more than 100,000 U.S. retail outlets. In California, drivers are still spending more than $4 a gallon. Statewide, a gallon of regular cost $4.167, up from $4.164 a week ago and $4.044 a month earlier.
August 17, 2012 |
The rapid rise in gasoline prices, sparked by a refinery fire last week, has slowed and may have peaked, according to the Automobile Club of Southern California. Since the fire at Chevron Corp.'s Richmond Refinery in the Bay Area on Aug. 6, the average retail price of a gallon of regular gasoline in California has shot up 25.8 cents. At one point, it jumped 5 cents overnight. Although part of the refinery damaged by the fire is still shut down, the rise in prices has cooled. "Southern California gas prices have actually only risen by about 2 cents since Sunday, and most of the week-to-week increase occurred last Friday and Saturday," Auto Club spokesman Jeffrey Spring said.