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Yahoo
14 hours ago
- Automotive
- Yahoo
High imports, soft summer demand weigh on US gasoline
By Nicole Jao and Shariq Khan NEW YORK (Reuters) -U.S. gasoline prices could fall below $3 a gallon this summer for the first time in over four years as a stretch of bad weather events dampens fuel demand and a jump in imports fills inventories. Gasoline prices have been in a lull in recent months, a boon for Americans traveling this summer. Consumers endured record prices at the pumps after Russia's 2022 invasion of Ukraine upended energy markets. Gasoline prices fell 8.3% over the 12-month period ended June, the latest Consumer Price Index report showed, as U.S. crude prices tumbled more than 20% amid concerns over lackluster demand and a trade war with China. Lower oil prices reduce the cost to refiners for producing motor fuels, with some of the savings typically passed on to consumers. U.S. President Donald Trump has promised to lower fuel prices, although analysts say presidents ultimately have little influence on pump prices. Fuel demand in the week ended July 4, typically among the periods of highest consumption, was down 2.5% from the same time last year. Analysts said the slowdown was likely due to extreme heat blanketing parts of the country, which may have discouraged some driving. The national average price of gasoline after the Independence Day holiday dipped to $3.14 per gallon, the lowest during summer months in four years, AAA data showed. Average gas prices across the U.S. have not fallen below $3 a gallon since May 2021. Summer is typically the peak season for gasoline consumption in the U.S., but gasoline product supplied, the U.S. Energy Information Administration's proxy for demand, has averaged 9.2 million barrels a day over the past four weeks, down by 1% from the same period last year. More fuel-efficient vehicles on the road and post-pandemic changes in driving patterns - particularly remote working - are expected to permanently reduce U.S. gasoline consumption from its peak of more than 9.3 million bpd in 2018. "As we head toward August, I think gasoline will see additional weakness," said Patrick De Haan, head of petroleum analysis at GasBuddy. "The national average has a good chance of falling below $3 per gallon in September," he added. That downward momentum could continue, De Haan said, as OPEC's decision to boost crude production by a larger-than-expected 548,000 bpd in August adds more pressure to oil prices. IMPORTS JUMP Imported gasoline flowing into the U.S. has also caused a surge in storage demand. Weekly U.S. gasoline imports peaked in mid-June at 100,700 bpd, the highest in over a year, government data shows, driven by an influx of shipments from Canada and Europe. Imports in June were up around 7% compared to the same period a year ago. In the U.S., demand for tanks to store gasoline has climbed since March, reaching a three-year high in June, according to data from storage broker The Tank Tiger. "If refiners are producing more gasoline, you need a place to park it if it's not being consumed," said Steven Barsamian, chief operating officer at The Tank Tiger. On the U.S. East Coast, which represents nearly a third of total U.S. consumption of refined products and relies heavily on imports to meet that demand, a steady stream of shipments helped pull gasoline prices about 5 cents a gallon under the national average, according to government data. Nigeria's Dangote oil refinery has ramped up production of gasoline that meets U.S. standards, boosting imports, and shipments from the 320,000-bpd Irving Oil refinery in New Brunswick have also landed at the New York Harbor consistently, GasBuddy's De Haan said. With limited pipeline and transportation capacity, the U.S. East Coast market typically gets oversupplied quicker than other markets in the U.S., The Tank Tiger's Barsamian said. An increase in flows on Colonial Pipeline's main gasoline artery, which delivers fuel from the U.S. Gulf Coast to East Coast markets, likely also contributed to larger flows of gasoline to the East Coast. Colonial Pipeline recently informed shippers it will boost capacity on Line 1 by 5% to 7% above typical summer volumes, according to a notice seen by Reuters. A Colonial spokesperson confirmed the pipeline volume increase. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
14 hours ago
- Automotive
- Reuters
High imports, soft summer demand weigh on US gasoline
NEW YORK, July 22 (Reuters) - U.S. gasoline prices could fall below $3 a gallon this summer for the first time in over four years as a stretch of bad weather events dampens fuel demand and a jump in imports fills inventories. Gasoline prices have been in a lull in recent months, a boon for Americans traveling this summer. Consumers endured record prices at the pumps after Russia's 2022 invasion of Ukraine upended energy markets. Gasoline prices fell 8.3% over the 12-month period ended June, the latest Consumer Price Index report showed, as U.S. crude prices tumbled more than 20% amid concerns over lackluster demand and a trade war with China. Lower oil prices reduce the cost to refiners for producing motor fuels, with some of the savings typically passed on to consumers. U.S. President Donald Trump has promised to lower fuel prices, although analysts say presidents ultimately have little influence on pump prices. Fuel demand in the week ended July 4, typically among the periods of highest consumption, was down 2.5% from the same time last year. Analysts said the slowdown was likely due to extreme heat blanketing parts of the country, which may have discouraged some driving. The national average price of gasoline after the Independence Day holiday dipped to $3.14 per gallon, the lowest during summer months in four years, AAA data showed. Average gas prices across the U.S. have not fallen below $3 a gallon since May 2021. Summer is typically the peak season for gasoline consumption in the U.S., but gasoline product supplied, the U.S. Energy Information Administration's proxy for demand, has averaged 9.2 million barrels a day over the past four weeks, down by 1% from the same period last year. More fuel-efficient vehicles on the road and post-pandemic changes in driving patterns - particularly remote working - are expected to permanently reduce U.S. gasoline consumption from its peak of more than 9.3 million bpd in 2018. "As we head toward August, I think gasoline will see additional weakness," said Patrick De Haan, head of petroleum analysis at GasBuddy. "The national average has a good chance of falling below $3 per gallon in September," he added. That downward momentum could continue, De Haan said, as OPEC's decision to boost crude production by a larger-than-expected 548,000 bpd in August adds more pressure to oil prices. Imported gasoline flowing into the U.S. has also caused a surge in storage demand. Weekly U.S. gasoline imports peaked in mid-June at 100,700 bpd, the highest in over a year, government data shows, driven by an influx of shipments from Canada and Europe. Imports in June were up around 7% compared to the same period a year ago. In the U.S., demand for tanks to store gasoline has climbed since March, reaching a three-year high in June, according to data from storage broker The Tank Tiger. "If refiners are producing more gasoline, you need a place to park it if it's not being consumed," said Steven Barsamian, chief operating officer at The Tank Tiger. On the U.S. East Coast, which represents nearly a third of total U.S. consumption of refined products and relies heavily on imports to meet that demand, a steady stream of shipments helped pull gasoline prices about 5 cents a gallon under the national average, according to government data. Nigeria's Dangote oil refinery has ramped up production of gasoline that meets U.S. standards, boosting imports, and shipments from the 320,000-bpd Irving Oil refinery in New Brunswick have also landed at the New York Harbor consistently, GasBuddy's De Haan said. With limited pipeline and transportation capacity, the U.S. East Coast market typically gets oversupplied quicker than other markets in the U.S., The Tank Tiger's Barsamian said. An increase in flows on Colonial Pipeline's [RIC:RIC: main gasoline artery, which delivers fuel from the U.S. Gulf Coast to East Coast markets, likely also contributed to larger flows of gasoline to the East Coast. Colonial Pipeline recently informed shippers it will boost capacity on Line 1 by 5% to 7% above typical summer volumes, according to a notice seen by Reuters. A Colonial spokesperson confirmed the pipeline volume increase.
Indianapolis Star
a day ago
- Entertainment
- Indianapolis Star
How to save money at the 2025 Indiana State Fair. Discounts on tickets, parking, food and more
The two-week run of the 2025 Indiana State Fair starts Aug. 1; and there are actual several ways to save some money if you're planning to visit the fairgrounds. The fair is keeping budget-conscious guests in mind, announcing the return of $2 Tuesdays and other discounts and free events. There are opportunities for $2 bites and even free admission (via IndyStar). Here's all the deals and discounts for the 2025 Indiana State Fair. Aug. 5 and Aug. 12 Aug. 6 First responders, current and former Military, and their families receive free admission with valid ID presented at the gate. Aug. 7 $8 gate admission with printed or digital voucher from Aug. 13 Check the IndyStar on Aug. 12, for a free ticket, redeemable at the gates only on Farmers' Day, Aug. 14. Story continues after photo gallery. Aug. 14 AAA cardholders receive free admission with a valid AAA membership card presented at the gate. One valid card per person. Through July 31 Purchase your tickets, parking pass and midway wristband in advance and save – 20% off gate admission and parking; 38% off midway wristbands for individuals and 30% off a Family Four Pack or the new Foodie Family Four Packs (a parking pass, four admission tickets and $50 Fair Bucks). Advance discounts are available at now through July 31 at 11:59 p.m. Aug. 1-17 From Empress of Soul Gladys Knight to rock legend Lita Fod to gospel great Yolanda Adams, the stage will deliver plenty of music. Find the lineup at The $5 Value Menu lists state fair vendors offering food and drinks for $5 or less. Aug. 1-17 The 2025 Indiana State Fair takes place Aug. 1-17 (closed on Mondays). 🎡: Everything you need to know about the 2025 Indiana State Fair. Discount tickets are on sale now. Find a complete list of state fair events and attractions and purchase tickets at Contact IndyStar reporter Cheryl V. Jackson at or 317-444-6264. Follow her on X: @cherylvjackson.
Yahoo
a day ago
- Automotive
- Yahoo
Gas prices $0.45 less per gallon in Georgia than last year, AAA says
The latest gas prices in Georgia remain lower than the year before, and are still going down even compared to the last month. AAA's gas price tracker shows that in Georgia, the state average gas price remained the same, a full five cents lower than in June. Compared to last year, AAA said prices in Georgia were 45 cents less than in 2024. 'Gas prices remain low across the country in many states, providing some relief for drivers; however, with hurricane season in full swing, any significant storms could disrupt supply and lead to higher prices at the pump,' Montrae Waiters, AAA-The Auto Club Group spokeswoman, said in a statement. 'It's a good time for drivers to consider fuel-saving strategies to prepare for potential fluctuations.' [DOWNLOAD: Free WSB-TV News app for alerts as news breaks] TRENDING STORIES: Delta pilot forced to make 'aggressive maneuver' to avoid mid-air collision with B-52 bomber Blasting, construction to begin this week on I-285/I-20 project could impact traffic State walks back proposal impacting students with special needs and the homebound As for prices at the pump, AAA said Georgia drivers are still paying about $7 less to fill up a 15-gallon tank than a year ago. In Atlanta, gas prices are averaging $2.91 per gallon, the organization said. Here's where AAA said gas was most expensive in the state: Savannah - $3.01 per gallon Hinesville-Fort Stewart - $2.95 per gallon Macon - $2.94 per gallon Here's where the organization said prices were cheapest: Dalton - $2.84 per gallon Catoosa-Dade-Walker - $2.82 per gallon Rome - $2.79 per gallon [SIGN UP: WSB-TV Daily Headlines Newsletter] Solve the daily Crossword
CBS News
a day ago
- Automotive
- CBS News
Gas prices in Michigan decline 12 cents this week
Gas prices in Michigan declined 12 cents this week, with drivers paying an average $3.15 a gallon for regular unleaded gasoline, AAA-the Auto Club reported. That price is 15 cents less than this time last month, and 50 cents less than this time last year. At that price point, motorists will pay an average $47 for a 15-gallon tank of gasoline. The most expensive gas price averages this week are in Ann Arbor ($3.22), Metro Detroit ($3.20) and Jackson ($3.14). The last least expensive gas price averages this week are in Marquette ($3.02), Benton Harbor ($3.06) and Flint ($3.07).
