gasoline and diesel fuel price update

gasoline and diesel fuel price update
gasoline and diesel fuel price update
source: EIA

 gasoline and diesel fuel update

Gasoline prices have been on the rise for months now. The price per gallon has increased by nearly 50 cents and more since last year, and experts predict that gas will continue to climb through the summer. But why is this happening? And how can we stop it?

How much will gas cost next week?

The reason behind rising gas prices is simple: supply and demand. As oil production continues to decline, there is less available to meet the growing global demand for energy. This means that the price of oil must go up to make up for the shortfall.

How can I save money when filling up?

There are several things you can do to help reduce the cost of filling up your car. First, fill up at off-peak times. If you fill up during peak hours, you will pay more than if you filled up at an off-peak time. Second, use the right type of fuel. Premium unleaded fuels are usually more expensive than regular unleaded fuels. Third, consider using a credit card with cashback rewards. You might also find cheaper rates by shopping around online. Finally, check out the AAA Fuel Gauge Report to see how much you can save by driving less.

The reason behind the rise in gas prices

The main reason behind the recent rise in gas prices is that oil prices have been rising due to geopolitical tensions between Russia and Ukraine. In addition, there has been a shortage of crude oil supplies as a result of Hurricane Harvey.

What should I expect from my local station?

Most stations offer discounts for buying multiple gallons at once. Also, check with your favorite station to see if there are any special offers available.

source: GasBuddy

oil price us

For the 4th straight week, the country’s typical gas cost has actually decreased, falling 3.8 cents from a week ago to $4.06 per gallon today according to GasBuddy information put together from more than 11 million specific cost reports covering over 150,000 gasoline stations throughout the nation. The nationwide average is down 21.1 cents from a month earlier and $1.21 per gallon higher than a year back. The nationwide typical rate of diesel has actually fallen 1.2 cents recently and stands at $5.02 per gallon.

” We’ve now seen the nationwide typical rate of fuel decrease every week for the last month, an accomplishment we most likely would not have actually anticipated ahead of the summer season and provided the ongoing turns in Russia’s war on Ukraine. The slump might slow or might even reverse in the days ahead of the rally in oil costs continues,” stated Patrick De Haan, head of petroleum analysis at GasBuddy.

OIL PRICES

why oil price go up

The rate of a barrel of West Texas Intermediate unrefined oil rose from its week-ago level as the EU signified it might move forward with sanctions on Russian energy, and China worked to resume some cities shut down due to Covid. Brent unrefined oil was likewise 58 cents higher in early trade to $112.28 per barrel, likewise up dramatically from last week’s $98.46 level.

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According to Baker Hughes, recently’s U.S. rig count was up 4 rigs to 693, and was 254 rigs higher than a year earlier. The Canadian rig count was down by 8 to 103, or 47 more than a year earlier.

OIL AND REFINED PRODUCT INVENTORIES

Unrefined oil stocks rose last week as refiners saw usage rates plunge to 90.0%, a 2.5 portion point drop, while fine-tuned item stocks were the movers, publishing high decreases due to the downturn at refiners. Gas stocks fell 3.6 million barrels and are down 3% from the average for this time of year, while extract stocks fell 2.9 million barrels and are 17% listed below the average for this time of year.

FUEL DEMAND

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According to GasBuddy need information-driven by its Pay with GasBuddy card, U.S. retail gas needs saw an increase recently (Sun-Sat). Nationally, weekly gas need increased 1.0% from the previous week, while need increased 1.6% in PADD 1, increased 2.3% in PADD 2, fell 2.0% in PADD 3, increased 1.1% in PADD 4, and fell 0.9% in PADD 5.

GAS PRICE TRENDS

The most typical U.S. gas cost experienced by drivers stood at $3.79 per gallon, down 20 cents from recently, followed by $3.89, $3.99, $3.69, and $3.59 completing the 5 most typical costs.
The average U.S. rate is $3.87 per gallon, down 2 cents from recently and about 19 cents lower than the nationwide average.
The leading 10% of stations in the nation are typical $4.55/ gal, while the bottom 10% are typical $3.49/ gal.
The states with the most affordable typical rates: are Kansas ($3.67), Arkansas ($3.68), and Oklahoma ($3.68).
The states with the greatest costs: are California ($5.69), Hawaii ($5.18), and Nevada ($5.07).

 

In conclusion, with gas prices expected to go up again, now is the perfect time to start saving money by making smarter choices when filling up.

If you’re looking for ways to save money at the pump, here are some tips to help you out:
• Don’t fill up before you need to. This will help you avoid paying more than necessary.
• Avoid driving during rush hour. It’s better to wait until later in the day to make your trip.
• Fill up your tank when it’s less crowded. You’ll pay less for gas.

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