Oil Prices Down, but Gas Not Quick to Follow
- 10.11.2008
- Article Number: 6
| Even though it takes some time for gas prices to reflect the deep decline in the price for oil, experts say sometimes up to six weeks, already we are feeling some significant relief at the pump.
And there's even more good news about the near future too.
They aren't grimacing.. They're actually smiling at the gas pump.
"It's great for everyone."
"I'm surprised that it's low. That it's this low."
"You know, we used to laugh and say 'oh as long as it doesn't go over $2.50. If we'd see three dollars, that'd be great."
In less than a month, the average price of gas in Wisconsin has dropped by about 40 cents to $3.33.
Here in Grand Chute today the price is as low as $3.19 a gallon.
"Right now because of the economic situation going on, people are traveling less," says Kathy Le Blanc with AAA Wisconsin. "They're cutting back on their driving so there is a lower demand and that brings prices down."
But while the news about the gas prices is good now. According to AAA, it will get even better. They say gas prices are expected to drop below three dollars a gallon by Thanksgiving, barring of course any catastrophes.
"As long as again there is no world situation be it weather or some type of conflict comes up, yeah they should continue to drop for awhile," says Le Blanc.
Everyone says what's happening now is a good start.
It's hard for people to live nowadays. Any little break we can get, we need."
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Gas Prices See 15-Cent Drop
- 10.06.2008
- Article Number: 5
| BOSTON -- Gas prices have dropped 15 cents in Massachusetts during the last week, leaving prices at their lowest point locally in nearly six months, according to AAA Southern New England.
Falling oil prices are leading to the rapidly falling prices at the pumps. AAA's Oct. 6 survey of prices in Massachusetts found self-serve, regular unleaded averaging $3.32 per gallon. Prices haven't been this low since the middle of April.
Massachusetts is currently 18 cents below the national average for regular unleaded of $3.50. A year ago at this time the average price in Massachusetts was $2.67.
The range in prices in the latest AAA survey for unleaded regular is 76 cents, from a low of $3.09 to a high of $3.85. Diesel fell 12 cents last week to $4.06.
Copyright 2008 by TheBostonChannel.com. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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Weakening demand sends area gas prices down
- 10.06.2008
- Article Number: 4
| Wichita gas prices have dropped again, to $3.03 a gallon at many stations on Sunday.
Prices have been steadily decreasing the past few weeks.
A year ago, drivers were paying an average of $2.69 a gallon in Wichita. A month ago, they were paying an average of $3.61.
If the price trend holds up, Wichita soon could see gas prices below $3 a gallon, which hasn't happened since the beginning of the year.
The highest price paid in Wichita was $3.90 on July 15.
The latest report from the Energy Information Administration says that oil producing facilities in the Gulf of Mexico and coastal refineries have been moving back to normal production rates since Hurricane Ike.
"As a result of improving supplies and continued weakness in demand, wholesale (spot) gasoline prices are down about 91 cents per gallon from the peak levels of last July," the EIA report says.
The report says that prices have dropped for the second week in a row in all regions. The U.S. average price fell 8.6 cents to $3.63 per gallon -- more than 48 cents below the all-time high set July 7.
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Oil prices hit eight-month lows under 90$
- 10.06.2008
- Article Number: 3
| LONDON (AFP) - Crude oil prices slumped to eight month low points below 90 dollars a barrel on Monday as worsening financial turmoil triggered fears about slowing demand for energy, traders said.
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Prices have slumped almost 40 percent in three months since they struck record highs of above 147 dollars in July.
Brent North Sea crude for delivery in November tumbled 3.54 dollars to 86.71 dollars a barrel in electronic deals.
New York's main contract, light sweet crude for November, shed 3.96 dollars to 89.92 dollars a barrel.
"The drops are down to concerns about growth in the world economy," said Damien Cox, senior energy analyst at John Hall Associates.
"There is a lot of concern what the impact of a slowdown will have on demand in the US, Europe and elsewhere."
Since striking their record highs, oil prices have fallen sharply on concerns that demand is slowing during the global financial crisis.
"A feature of ongoing tensions in the financial sector and increased concerns over the real economy impact is yet further sharp falls in the oil price," said Nick Matthews, an analyst at Barclays Capital in London.
On Sunday, French bank BNP Paribas announced it was taking control of ailing finance group Fortis' operations in Belgium and Luxembourg, in a deal that would make Belgium the largest shareholder in the French bank.
Germany also sealed a public-private rescue plan for the country's fourth biggest bank Hypo Real Estate as the government extended a blanket guarantee for all personal bank deposits to avert panic withdrawals.
The announcements came on the eve of a meeting of European finance ministers in Luxembourg. They were due on Monday to flesh out broad plans for restoring confidence in the crisis-struck banking system, agreed to over the weekend by Europe's biggest economic powers.
"The risks of a severe international economic slowdown, possibly extending to a recession in some developed economies, have increased as a result of the recent strains in the international financial system," said David Moore, a commodity strategist with the Commonwealth Bank of Australia in Sydney.
"If there is a severe downturn in the international economy, oil prices could prove weaker than forecast," he said.
The oil market was also following developments in Nigeria, a major exporter of crude.
Militants behind a recent "oil war" in the country's Delta region freed on Sunday 19 local hostages but said they were detaining two Britons and a Ukrainian "for security reasons."
The rebels belong to the Movement for the Emancipation of the Niger Delta (MEND), which since its emergence in early 2006 has multiplied attacks, kidnappings of foreign oil workers and sabotage at oil installations on land and offshore.
It has caused Nigeria to lose one quarter of its oil production, recently ceding its place as the biggest crude oil producer in Africa to Angola.
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Fifth blast hits Canada gas pipeline: police (AFP via Yahoo! News)
A gas leak at a pipeline owned by EnCana in Canada's western British Columbia province was caused by a blast that police said Thursday is the fifth act of sabotage in the region since October 2008.
Thu, 02 Jul 2009 21:56:09 GMT
Police probe possible gas pipeline sabotage (Reuters via Yahoo! News)
Canadian police investigated on Thursday if a leak at a natural gas pipeline in northeast British Columbia was linked to incidents of sabotage on energy facilities in the area last year.
Thu, 02 Jul 2009 16:57:49 GMT
PetroChina to More Than Triple Sulige Gas Output in Six Years (Bloomberg)
July 3 (Bloomberg) -- PetroChina Co. , the nation’s largest oil and gas producer, plans to more than triple its annual natural gas output from the Sulige field in northern China in six years as demand for the cleaner-burning fuel rises.
Fri, 03 Jul 2009 02:03:49 GMT
Hawaii gas prices surge (AP via Yahoo! Finance)
Hawaii gas prices jumped by double digits this week, adding as much as 14 cents per gallon in the state that already had the most expensive fuel in the nation.
Fri, 03 Jul 2009 01:00:09 GMT
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