Tom Kloza, global head of energy analysis at OPIS, expects prices to ease as the use of winter-grade gasoline, which is cheaper to make, rises. Andy Lipow of Lipow Oil Associates supported this view, claiming, “In the next five days I expect gasoline prices to tick on up a few cents, but afterwards consumers east of the Rockies will benefit from the lower priced winter-grade gasoline and we should see about a $0.10 per gallon decline in those markets.”

Still, Lipow warned that Californian gas prices may be the exception, given that winter-grade gasoline does not enter the distribution system until November 1. Currently, California’s gas price is hovering around $5.52 per gallon.

The post Experts Believe Gas Prices for 2023 are Peaking appeared first on theprimarymarket.com.

There are several factors driving the price of gasoline up again, with the most significant being the recent decision by OPEC+, an intergovernmental organization of oil-producing countries, to decrease their oil production. This will further limit the oil supply on the international market, resulting in higher prices.

Reportedly, the U.S. government is already looking into ways to keep the gasoline market in the nation under control and stop the expected surge in prices. One of them might be a ban on gasoline export, although this decision is considered controversial and viewed as a last resort.

Back in June, gasoline prices in the U.S. surpassed $5 per gallon on average for the first time in the country’s history. The price of gas was even higher in some states, with drivers in California paying well above $6 per gallon on average.

The prices started coming back on Earth in July as a result of weaker demand and the government’s decision to tap into their oil reserves in attempt to stabilize the market.

The post U.S. Gasoline Prices Are on the Rise Again appeared first on theprimarymarket.com.

Although U.S. gas prices are expected to peak in the summer and only decline around Labor Day, this has not been the case in 2022, with the White House taking several measures to reduce prices in the wake of the surge that followed the outbreak of the Russia-Ukraine conflict. In June, US gas prices skyrocketed to a peak of $5.02.

“More work remains, but prices are coming down, and the President will continue to call on domestic and international oil producers to increase output so that they can continue to come down,” White House spokesperson Karine Jean-Pierre remarked on the government’s efforts to suppress gasoline price hikes.

The White House plans to release 180 million barrels of crude oil from the U.S. Strategic Petroleum Reserve. Crude oil remains one of the main drivers of gas prices and is thus expected to assist in the suppression of high prices.

The price of crude oil on Wednesday was $92; a sharp decline from its peak price of $139.

The post U.S. Gasoline Drops Beneath $4 For The First Time Since March appeared first on theprimarymarket.com.

GasBuddy’s head of petroleum analysis Patrick De Haan believes the trend of price drops should continue in many parts of the U.S. in the future.

“We’re seeing big declines across many areas of the country, and that should continue,” De Haan said.

Andy Lipow, the founder of consulting firm Lipow Oil Associates, thinks there are too many unknowns to make any guarantees at the moment but sees reasons for optimism.

“That is a long time from now, and in between we have a Hurricane season and we have yet to see the impact of the European Union phased in ban of Russian oil purchases. But there is some reason for optimism,” Lipow explained.

A recent wave of high prices has dragged down gasoline consumption across the nation in recent weeks. The data shared by Energy Information Administration show a five percent year-on-year decline in gas demand. If the trend continues, there is no reason for prices not to continue downward trajectory.

Gas prices have surged past $5 in June, but things have been going for the better since early July. At the moment, a gallon is priced at $4.382 on average.

The post Experts Predict Gas Will Dip Under $4 Per Gallon by October appeared first on theprimarymarket.com.

The average gasoline price across the nation was $4.721 per gallon on Friday, which is 3.1 cents down from the $4.752 average the day before. This marks the biggest daily drop since 2008. According to the data from American Automobile Association (AAA), gas prices have been declining for the past 24 days, which is the longest streak since early 2020.

As expected, the dip in prices wasn’t reflected in all the states equally, as some had it better than others. For example, drivers in South Carolina and Georgia are paying $4.230 and $4.231 per gallon on average. On the other hand, car owners in California are still paying $6.145 for a gallon of gas.

Despite the positives, the experts predict that the challenging times are far from over. The prices of gasoline are still $1.58 higher than they were a year ago. The supply is also at its lowest seasonal level in seven years, and the expectations are that the problem will continue to persist in the coming months.

The post U.S. Gasoline Prices Record the Biggest Daily Drop Since 2008 appeared first on theprimarymarket.com.

Tom Kloza, global head of energy analysis at OPIS, expects prices to ease as the use of winter-grade gasoline, which is cheaper to make, rises. Andy Lipow of Lipow Oil Associates supported this view, claiming, “In the next five days I expect gasoline prices to tick on up a few cents, but afterwards consumers east of the Rockies will benefit from the lower priced winter-grade gasoline and we should see about a $0.10 per gallon decline in those markets.”

Still, Lipow warned that Californian gas prices may be the exception, given that winter-grade gasoline does not enter the distribution system until November 1. Currently, California’s gas price is hovering around $5.52 per gallon.

The post Experts Believe Gas Prices for 2023 are Peaking appeared first on theprimarymarket.com.

There are several factors driving the price of gasoline up again, with the most significant being the recent decision by OPEC+, an intergovernmental organization of oil-producing countries, to decrease their oil production. This will further limit the oil supply on the international market, resulting in higher prices.

Reportedly, the U.S. government is already looking into ways to keep the gasoline market in the nation under control and stop the expected surge in prices. One of them might be a ban on gasoline export, although this decision is considered controversial and viewed as a last resort.

Back in June, gasoline prices in the U.S. surpassed $5 per gallon on average for the first time in the country’s history. The price of gas was even higher in some states, with drivers in California paying well above $6 per gallon on average.

The prices started coming back on Earth in July as a result of weaker demand and the government’s decision to tap into their oil reserves in attempt to stabilize the market.

The post U.S. Gasoline Prices Are on the Rise Again appeared first on theprimarymarket.com.

Although U.S. gas prices are expected to peak in the summer and only decline around Labor Day, this has not been the case in 2022, with the White House taking several measures to reduce prices in the wake of the surge that followed the outbreak of the Russia-Ukraine conflict. In June, US gas prices skyrocketed to a peak of $5.02.

“More work remains, but prices are coming down, and the President will continue to call on domestic and international oil producers to increase output so that they can continue to come down,” White House spokesperson Karine Jean-Pierre remarked on the government’s efforts to suppress gasoline price hikes.

The White House plans to release 180 million barrels of crude oil from the U.S. Strategic Petroleum Reserve. Crude oil remains one of the main drivers of gas prices and is thus expected to assist in the suppression of high prices.

The price of crude oil on Wednesday was $92; a sharp decline from its peak price of $139.

The post U.S. Gasoline Drops Beneath $4 For The First Time Since March appeared first on theprimarymarket.com.

GasBuddy’s head of petroleum analysis Patrick De Haan believes the trend of price drops should continue in many parts of the U.S. in the future.

“We’re seeing big declines across many areas of the country, and that should continue,” De Haan said.

Andy Lipow, the founder of consulting firm Lipow Oil Associates, thinks there are too many unknowns to make any guarantees at the moment but sees reasons for optimism.

“That is a long time from now, and in between we have a Hurricane season and we have yet to see the impact of the European Union phased in ban of Russian oil purchases. But there is some reason for optimism,” Lipow explained.

A recent wave of high prices has dragged down gasoline consumption across the nation in recent weeks. The data shared by Energy Information Administration show a five percent year-on-year decline in gas demand. If the trend continues, there is no reason for prices not to continue downward trajectory.

Gas prices have surged past $5 in June, but things have been going for the better since early July. At the moment, a gallon is priced at $4.382 on average.

The post Experts Predict Gas Will Dip Under $4 Per Gallon by October appeared first on theprimarymarket.com.

The average gasoline price across the nation was $4.721 per gallon on Friday, which is 3.1 cents down from the $4.752 average the day before. This marks the biggest daily drop since 2008. According to the data from American Automobile Association (AAA), gas prices have been declining for the past 24 days, which is the longest streak since early 2020.

As expected, the dip in prices wasn’t reflected in all the states equally, as some had it better than others. For example, drivers in South Carolina and Georgia are paying $4.230 and $4.231 per gallon on average. On the other hand, car owners in California are still paying $6.145 for a gallon of gas.

Despite the positives, the experts predict that the challenging times are far from over. The prices of gasoline are still $1.58 higher than they were a year ago. The supply is also at its lowest seasonal level in seven years, and the expectations are that the problem will continue to persist in the coming months.

The post U.S. Gasoline Prices Record the Biggest Daily Drop Since 2008 appeared first on theprimarymarket.com.