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Yahoo
2 days ago
- Business
- Yahoo
Canada's wildfires may impact gas prices: here's how
As the Canadian wildfires continue to rage, some oil production in the country, a U.S. supplier, has been forced to shut down, raising concerns national gas prices may rise. Around 95 fires were out of control in Canada on Monday afternoon, with more than half burning in the province of Alberta, according to the Canadian Interagency Forest Fire Centre. Bloomberg reports the fires in Alberta have shut down nearly 350,000 barrels of daily heavy crude oil production, roughly 7 percent of Canada's oil output. Patrick De Haan, head of petroleum analysis at GasBuddy, told The Independent that if the oil production shutdown continues, 'it could be a bit more problematic to [U.S.] refineries and it could be more impactful to things like gasoline.' Canada is the fourth-largest oil producer in the world and a major supplier to the U.S. The American Fuel & Petrochemical Manufacturers, a major trade association, said in a blog post from January that 25 percent of crude oil in U.S. refineries comes from Canada. Refineries need heavy crude oil to run and make petroleum products such as gasoline. The trade association said in another blog post, 'Nearly 70% of U.S. refining capacity runs most efficiently with heavier crude.' De Haan told MarketWatch in March, 'Canada's oil has always been there, and it's always been there at a discount.' The fires have displaced thousands and are causing air quality alerts in several U.S. states. The wildfires have now threatened the country's oil output, potentially affecting the national average gas price, which currently stands at $3.09 per gallon, according to GasBuddy. Cenovus Energy Inc., a Canadian oil producer, shut down output on May 29, according to Bloomberg. It said Sunday that it expects to resume operations in the 'near term.' Two other Canadian oil producers, MEG Energy Corp. and Canadian Natural Resources Ltd., have also temporarily ceased operations. De Hann explained in a phone interview with The Independent on Monday that much of the crude oil in U.S. refineries in the Midwest and Rocky Mountains comes from Canada. ' So, a shutdown in the flow of oil, or at least a partial shutdown in the flow of oil from Canada, could be impactful to refineries down in these regions,' he said. De Hann said refineries usually have at least several days of crude oil stored, 'but if this hit to Canadian oil production continues for potentially more than a week or two, and/or if it worsens in terms of the amount of oil shut in, it could be a bit more problematic to these refineries and it could be more impactful to things like gasoline.' ' I don't really see any impact to prices, but we will have to see,' the expert added. De Hann warned since there's less Canadian oil available, 'it's likely narrowing the Canadian crude oil discount that generally we see, but that's not really going to be too impactful to motorists.' The U.S. still makes 60 percent of its crude oil, according to American Fuel & Petrochemical Manufacturers, and it gets the other 17 percent of its oil from other countries. There were 189 active fires in Canada as of Monday afternoon, according to the Canadian Interagency Forest Fire Centre. Most are in British Columbia and Alberta. The fires have burned through roughly 1.7 million acres across Saskatchewan and Manitoba, The New York Times reported, citing the center. Two people were killed in a wildfire that burned through a small Manitoba town, the Times reported. CBS reported on Sunday that more than 25,000 residents have been evacuated over the fires and smoke was worsening air quality in Canada. The fires have also caused air quality alerts in Minnesota, Michigan and South Carolina, which remained in place Monday, per NBC News. Pollutants can cause health risks, especially for those with a respiratory disease such as asthma.
The Independent
3 days ago
- Business
- The Independent
Canada's wildfires may impact gas prices: here's how
As the Canadian wildfires continue to rage, some oil production in the country, a U.S. supplier, has been forced to shut down, raising concerns national gas prices may rise. Around 95 fires were out of control in Canada on Monday afternoon, with more than half burning in the province of Alberta, according to the Canadian Interagency Forest Fire Centre. Bloomberg reports the fires in Alberta have shut down nearly 350,000 barrels of daily heavy crude oil production, roughly 7 percent of Canada's oil output. Patrick De Haan, head of petroleum analysis at GasBuddy, told The Independent that if the oil production shutdown continues, 'it could be a bit more problematic to [U.S.] refineries and it could be more impactful to things like gasoline.' Canada is the fourth-largest oil producer in the world and a major supplier to the U.S. The American Fuel & Petrochemical Manufacturers, a major trade association, said in a blog post from January that 25 percent of crude oil in U.S. refineries comes from Canada. Refineries need heavy crude oil to run and make petroleum products such as gasoline. The trade association said in another blog post, 'Nearly 70% of U.S. refining capacity runs most efficiently with heavier crude.' De Haan told MarketWatch in March, 'Canada's oil has always been there, and it's always been there at a discount.' The fires have displaced thousands and are causing air quality alerts in several U.S. states. The wildfires have now threatened the country's oil output, potentially affecting the national average gas price, which currently stands at $3.09 per gallon, according to GasBuddy. Cenovus Energy Inc., a Canadian oil producer, shut down output on May 29, according to Bloomberg. It said Sunday that it expects to resume operations in the 'near term.' Two other Canadian oil producers, MEG Energy Corp. and Canadian Natural Resources Ltd., have also temporarily ceased operations. De Hann explained in a phone interview with The Independent on Monday that much of the crude oil in U.S. refineries in the Midwest and Rocky Mountains comes from Canada. ' So, a shutdown in the flow of oil, or at least a partial shutdown in the flow of oil from Canada, could be impactful to refineries down in these regions,' he said. De Hann said refineries usually have at least several days of crude oil stored, 'but if this hit to Canadian oil production continues for potentially more than a week or two, and/or if it worsens in terms of the amount of oil shut in, it could be a bit more problematic to these refineries and it could be more impactful to things like gasoline.' ' I don't really see any impact to prices, but we will have to see,' the expert added. De Hann warned since there's less Canadian oil available, 'it's likely narrowing the Canadian crude oil discount that generally we see, but that's not really going to be too impactful to motorists.' The U.S. still makes 60 percent of its crude oil, according to American Fuel & Petrochemical Manufacturers, and it gets the other 17 percent of its oil from other countries. What to know about the Canadian wildfires There were 189 active fires in Canada as of Monday afternoon, according to the Canadian Interagency Forest Fire Centre. Most are in British Columbia and Alberta. The fires have burned through roughly 1.7 million acres across Saskatchewan and Manitoba, The New York Times reported, citing the center. Two people were killed in a wildfire that burned through a small Manitoba town, the Times reported. CBS reported on Sunday that more than 25,000 residents have been evacuated over the fires and smoke was worsening air quality in Canada. The fires have also caused air quality alerts in Minnesota, Michigan and South Carolina, which remained in place Monday, per NBC News. Pollutants can cause health risks, especially for those with a respiratory disease such as asthma.
Yahoo
6 days ago
- Business
- Yahoo
8 Ways Smart People Save Money When Buying Gas
The average cost of a gallon of gasoline in the U.S. is $3.16 as of May 28, per AAA. Although prices may be different where you live, it never hurts to find ways to bring them down further. After all, gas can be expensive, especially if you drive a lot or have a ride with poor gas mileage. For You: Check Out: The good news is there are ways to save money when buying gas. You just need to be a little bit savvy. This might seem like a no-brainer, but you'd be surprised at how many people are creatures of habit and always choose the same gas station, even if it's not the most cost-effective. You can compare local gas stations using an app like GasBuddy or Google Maps. While you're at it, use a rewards card to boost your savings — and earnings — potential. 'Find the gas station in your area that consistently has the lowest gas price, and then see if there's a credit card for type of store with gas purchase rewards,' said Kathy Gilchrist, CEO of CFOKathy. 'For example, Costco usually has low gas prices, and the Costco credit card offers 4% rewards on gas purchases. But make sure to pay the credit card off every month so that you don't have to pay interest.' 'Many credit cards offer different rates of cashback for specific categories of purchases, and gas is a common one,' added Erika Kullberg, an attorney, personal finance expert and founder of 'If you drive a lot, you can consider opening a new credit card that heavily rewards gas purchases. You can then put the cashback you earn back into your bank account or can use it to pay off your credit card.' Up Next: You might not always have to pay for gas out of pocket. 'For young adults, I'm also a fan of asking for gas gift cards for the holidays or birthdays,' said Kullberg. 'It may seem like a boring gift, but these gift cards can be really helpful when you're young and on a super tight budget.' Whether it's a gas station or a grocery store, see if they have a loyalty program that lets you save at the pump. 'For example, with Shell Fuel Rewards you normally save at least 5 cents per gallon and can sometimes save up to 20 cents per gallon,' said Adam Schwartz, CEO of CouponSurfer, Inc. 'Warehouse club like Sam's or Costco will frequently have member only discounts on gas.' The same goes for certain grocery stores. 'Many of them also offer savings on gas,' said Schwartz. 'For example, Safeway offers 20 cents off per gallon at participating gas stations.' Sometimes, the same brand will sell gas at different prices just because of location. 'Don't assume certain brands always have low prices,' said Schwartz. 'For example, there are two Shell's near me. One is $2.99, and the other one is $3.59.' 'Most cars only need regular (87 octane). Check your owner's manual. If it recommends 89 or 91 octane, you can still use 87 octane with only a slight decrease in performance,' said Schwartz. 'If your owner's manual states that 89 or 91 octane is required, then you need to use 89 or 91 octane. Using 87 in place of premium can save you as much as 80 to 90 cents per gallon. While you're at it, consider mixing gas if it makes sense. 'If your car requires 89 Octane, you can usually save money by mixing 87 Octane and 93 Octane. For example, if you are getting 15 gallons, you could get 10 gallons of 87 and then 5 gallons of 93,' said Schwartz. He gave an example to show how mixing gas could save you money. If, he said, one gas station sells 87 for $2.99, 89 for $3.59, and 93 for $3.79, it would cost $48.85 rather than $53.85. That's about $5 in savings every time you fill up a 15-gallon tank. Explore More: Credit cards might be convenient, but they can sometimes cost more than cash. 'If you pay by credit card, be sure to compare the 'credit' price,' said Schwartz. 'Some gas stations charge the same for cash or credit, while other may charge up to 10 or even 15 cents a gallon more.' The truly savvy consumer will also check their tire pressure as it can impact their gas costs. 'Low tire pressure can decrease fuel economy as much as 9%,' said Schwartz. 'Tire pressure generally decreases over time and as outdoor temperatures go down. 'See your owner's manual for the correct tire pressure. You should monitor your tire pressure at least once per month.' If you're trying to really cut costs at the pump, don't warm up your car before heading out. 'Unless it's extremely cold, most modern cars do not need to be warmed up,' said Schwartz. 'In fact your car will warm up faster with you driving it. Thirty seconds of idling uses more fuel than stopping and restarting the engine.' More From GOBankingRates Surprising Items People Are Stocking Up On Before Tariff Pains Hit: Is It Smart? 10 Genius Things Warren Buffett Says To Do With Your Money This article originally appeared on 8 Ways Smart People Save Money When Buying Gas
Yahoo
28-05-2025
- Business
- Yahoo
Gas prices in area decline slightly over past week
Gas prices at Meadville-area pumps dipped by about 4 cents per gallon over the past week to average $3.56 on Tuesday. While prices decreased in the area, the average price in the state went unchanged in the last week. Prices in Pennsylvania averaged $3.28, according to GasBuddy's survey of 5,269 stations. Prices in Pennsylvania are 5.4 cents per gallon lower than a month ago and 47.8 cents per gallon lower than a year ago. According to price reports, the station in Pennsylvania with the cheapest gas had it priced at $2.79 while the most expensive was $4.39. The national average price of gasoline also was unchanged in the last week, averaging $3.13. The national average is up 3.1 cents per gallon from a month ago and is 43 cents per gallon lower than a year ago. 'While the national average didn't fall quite as far as anticipated for Memorial Day, it was still one of the most affordable since 2021 — and, when adjusted for inflation, among the cheapest in nearly a decade,' said Patrick De Haan, head of petroleum analysis at GasBuddy. 'As we move into the heart of summer, I believe we're likely to see a relatively stable stretch for gas prices as refinery maintenance wraps up. Don't expect the national average to rise above $3.30 per gallon, nor drop much below $3 for now. While refining issues on the West Coast are beginning to ease, several factors could still influence prices in the weeks ahead — including growing uncertainty around the upcoming hurricane season.' Prices from around the region: • Andover, Ohio: Average price is $3.06 per gallon. • Ashtabula, Ohio: Prices as low as $2.94 per gallon. • Conneaut Lake: Average price is $3.55 per gallon. • Edinboro: Average price is $3.59 per gallon. • Erie: Average price is $3.31 per gallon, with prices as low as $3.09. • Mercer: Average price is $3.50 per gallon. • New Castle: Average price is $3.40 per gallon. • Oil City: Average price is $3.56 per gallon. • Pittsburgh: Average price is $3.49 per gallon. • Warren: Average price is $3.70 per gallon. • Waterford: Prices as low as $3.09 per gallon.
Yahoo
27-05-2025
- Business
- Yahoo
Atlanta gas prices unchanged after Memorial Day weekend
The average gas price in the Atlanta area stayed the same as of Monday, according to GasBuddy. The company tracks gas prices across the United States, and found that in Atlanta, prices are staying the same even after the Memorial Day weekend. So, in terms of what drivers are seeing at the pump, GasBuddy said the average cost of gasoline in the past week was $2.90. That's nearly three cents lower than last month and a full 44.9 cents less than last year, according to the company. [DOWNLOAD: Free WSB-TV News app for alerts as news breaks] TRENDING STORIES: Atlanta to be first city to ride on Lime's newest e-bike model Owners unveil new restaurant replacing the Ivy Buckhead Nearly 30 BUIs issued, 4 injured in boating accidents over Memorial Day weekend Nationally, gas prices are also unchanged compared to the past week, though the average is higher at $3.13 per gallon, a 3.1 cent increase per gallon from last month. Still, lower gas prices than the year before aren't restricted to Atlanta, with national prices 43 cents lower than the year before. Statewide, Georgia drivers are seeing an average price at the pump of $2.87, according to GasBuddy. 'While the national average didn't fall quite as far as anticipated for Memorial Day, it was still one of the most affordable since 2021— and, when adjusted for inflation, among the cheapest in nearly a decade,' Patrick De Haan, head of petroleum analysis at GasBuddy, said. De Haan said he expected prices to stay stable through the summer and that he did not foresee prices dropping far below a $3 average for now. [SIGN UP: WSB-TV Daily Headlines Newsletter]
