Chris Graham: Is McDonnell’s point moot?
Republican voters continue to toy with the idea of nominating a social conservative to run for president this fall.
The GOP establishment, meanwhile, is trying to position itself to be able to take advantage of the only thing that may be working in their favor.
“I am extremely concerned by recent reports that oil and gasoline prices continue to rise and gas could reach an average of $4.25 a gallon by April,” Virginia Gov. Bob McDonnell said in a political statement released today. Continue reading “Chris Graham: Is McDonnell’s point moot?” »
AAA: Crude oil reaches six-week high
Prices at the pump surpassed the record annual average price established in 2011 ($3.51 gal) this week and have done so in record time.
In 2008, the year that saw the all-time high price for regular self-service gasoline ($4.11 gal) the $3.50 per gallon mark wasn’t topped until April 21. Last year, gasoline prices didn’t surpass $3.50 per gallon until March 8. This year, gasoline topped $3.50 per gallon on Saturday, Feb. 11. Continue reading “AAA: Crude oil reaches six-week high” »
AAA: Demand down, crude oil prices down, but prices continue upward tick
The cost of gas continued to rise to unseasonably high levels this week, despite decreases in the price of crude oil.
Reports show extremely weak gasoline demand, however refineries are responding to this decrease in demand by cutting back on production, resulting in some upward movement in prices at the pump.
Gas prices climbed to the highest price in more than four months this week, reaching $3.50 Friday, up 3 cents in the past week, up 13 cents in the past month and up 38 cents since this time last year. Yet, gas prices remain 61 cents below the all-time record high of $4.11 set in July 2008. Continue reading “AAA: Demand down, crude oil prices down, but prices continue upward tick” »
AAA: Gas prices holding steady
Gas prices for February have picked up right where they left off last month. In January, crude oil traded at record-high levels for the beginning of the year, translating to the highest gas prices ever for the month.
Gas prices averaged $3.37 per gallon nationally for the month of January, 27-cents higher per gallon than January 2011. The national average for regular grade gasoline climbed 8 this week to $3.47 per gallon Friday.
Prices are 18 cents above month ago prices and 35 cents above year ago prices, yet remain 64 cents below the all-time record high of $4.11 set three and a half years ago. Continue reading “AAA: Gas prices holding steady” »
AAA: Gas prices hold steady
Despite holding at historic highs for the month of January, gas prices have stabilized over the past few weeks, yet some wonder if this is just the calm before the storm for gas prices during the first half of the year.
The national average for regular grade gasoline inched up a penny this week to $3.39 per gallon Friday. Prices are 15 cents above month ago prices and 29 cents above year ago prices, yet remain 72 cents below the all-time record high of $4.11 set in July 2008. Continue reading “AAA: Gas prices hold steady” »
AAA: Gas prices stabilizing, still high
Three weeks into the new year gas prices stabilized somewhat, yet remain at historic highs for the month of January.
Despite U.S. demand for gasoline hovering at a multi-year low, high crude oil prices and reports of impending refinery shutdowns have fueled a 10-cent increase in the national gas price average since January 1. The national average for regular grade gasoline dropped a penny this week to $3.38 per gallon Friday. Prices are 17 cents above month ago prices and 26 cents above year ago prices, yet remain 73 cents below the all-time record high of $4.11 set three and a half years ago. Continue reading “AAA: Gas prices stabilizing, still high” »
AAA: Gas prices remain at historic highs for January
Gas prices remain at historic highs for early January, up by double-digits in many part of the country since the beginning of the year. Contributing to the increase was the repeal of the ethanol tax credit, causing gas prices to increase nearly 4.5 cents per gallon.
The national average for regular grade rose 4 cents this week (11 cents since January 1) to $3.39 per gallon Friday. Prices are 13 cents above month ago prices and 29 cents above year ago prices, yet remain 72 cents below the all-time record high of $4.11 set three and a half years ago. Continue reading “AAA: Gas prices remain at historic highs for January” »
AAA: Gas prices highest ever to start a new year
Average U.S. gasoline prices began 2012 just under $3.28 gal, the highest number ever to mark the beginning of a year and the fifth straight weekly increase in price.
Last year’s $3.07 per gallon high is now relegated to second place. The U.S. average price for regular self-service gasoline was $3.51 in 2011, the highest annual number of all time, and more than twice the price average seen in the first four years of the century. The national average for regular grade rose 8 cents this week to $3.35 per gallon Friday. Prices are 6 cents below month ago prices and 27 cents above year ago prices, yet remain 76 cents below the all-time record high of $4.11 set in July 2008. Continue reading “AAA: Gas prices highest ever to start a new year” »
AAA: Gas prices in 2011 highest ever
Motorists across the nation and in Virginia will have paid more, on average, for a gallon of self-serve regular gasoline in 2011 than ever before. With just three days left in the year, the national average price for gas in 2011 is close to $3.52 per gallon ,with Virginia’s average through today at a record high $3.41.
“As analysts look at everything from economic indicators and global developments to the most popular movies and photos of the year, motorists simply look at how they will continue to put gas in their cars in 2012,” said Martha Mitchell Meade, Manager of Public and Government Affairs for AAA Mid-Atlantic. “The average family in Virginia is predicted to have spent $4,544 on gas in 2011 as compared to $3,713 in 2010, an increase of $841 in just one year.”
While gas prices for the year are high, they have been dropping fairly steadily as the year draws to a close. Gas prices today in Virginia are 18 cents lower than they were on Nov. 1. Nationally prices are now 21 cents lower than the beginning of November.
Analyst Tom Kloza, chief oil analyst for the Oil Price Information Service, predicts that current lower prices will continue through the year’s end and into January when they will likely hit their lowest when demand is typically low. Kloza, however, predicts that prices could go up a full $1.00 from the lows in January as we head towards spring.
AAA: Gas prices highest ever at Christmas
The cost of gas is the lump of coal in motorists’ Christmas stockings this year, and although pump prices have declined of recent, consumers will still end up paying the highest ever price for gas at Christmas in history. The national average for regular grade dropped 4 cents from last week to $3.25 per gallon Friday. Prices are 15 cents below month ago prices. Just before Christmas 2010, the average price was $2.98 (27 cents lower) and $2.59 (66 cents lower) per gallon two Christmases ago in 2009.
Crude oil plunged to its lowest level in six weeks this week as industrial production declined for the first time since April in the U.S., the world’s largest oil-consuming country, and the strength of the U.S. dollar against the euro as the euro region’s ability to manage its debt troubles mounted. A strong U.S. dollar will suppress crude oil prices. Prices are down 5.3 percent since December 9, heading for a second weekly decline and the biggest since September 23. Crude is 3.1 percent higher this year after climbing 15 percent in 2010. Some analysts cautioned there could be further losses in store for crude, which would help to push gas prices further down. Crude oil closed down for the second straight week at $93.53 Friday. Continue reading “AAA: Gas prices highest ever at Christmas” »
AAA: Gas prices at 10-month low
Gas prices remain stable two weeks ahead of the year-end holiday travel period, which is welcome news for cash-strapped motorists juggling holiday shopping and travel plans in the coming weeks.
U.S. gasoline prices today are lower than they have been since day 10 of the Libyan civil war (Feb. 24, 2011). The national average for regular grade gasoline remained unchanged over last week at $3.29 per gallon Friday. Prices are 14 cents below month ago prices and 31 cents above year-ago prices, yet 82 cents below the all-time high of $4.11 per gallon set in July 2008.
In fact, in a strange statistical coincidence, the year-on-year premium for motor fuel has slipped to its smallest increment since Dec. 6, 2010. Gasoline today costs 32.41cts/gal more than it did on this day last year, and on this day last year, gasoline cost 31.8cts/gal more than it fetched on December 6, 2009.
Crude oil spent seven consecutive days trading above the $100 per barrel mark before reversing its upward climb below the triple-digit threshold by week’s end. After trading as high as $102 per barrel, the commodity dropped to $98 Thursday, taking aim at its biggest weekly decline since September. Continue reading “AAA: Gas prices at 10-month low” »
AAA: Gas prices might be on decline through end of year
Despite reaching the highest level ever for a Thanksgiving holiday weekend (averaging $3.31), gas prices continue their decline that began in mid-October and will likely continue in the week ahead, if not through the remainder of the year. Thenational average for regular grade gasoline dropped 2 cents this week to $3.29 Friday. Prices are 14 cents below month ago prices and 41 cents above year-ago prices, yet 82 cents below the all-time high of $4.11 per gallon set over three year ago.
Crude oil began the month of December above the $100 per barrel mark for just the third time since June. One contributing factor to oil’s advance – U.S. retail sales jumped to a record $52.4 billion during the Thanksgiving holiday weekend, a signal of economic growth in the world’s biggest crude-consuming country. There was also optimism that European countries are participating in discussions to fortify the tenuous sovereign debt situation in the euro zone as a reason for optimism that, rather than split apart, the European Union (EU) may be moving to strengthen ties. In addition, concern for tension betweenIran and European governments will disrupt oil exports from theMiddle East supported crude oil’s rise. By week’s end crude oil dipped slightly, but not below $100, following signs of economic slowdown in Europe, a weaker factory sector inChina and new applications for unemployment in theU.S. rose for the second straight week, their highest level since late October. Yet the commodity saw its first weekly gain in three weeks, closing at $100.96 Friday.
The U.S. Energy Information Administration’s (EIA) weekly report showed crude stocks rose 3.9 million barrels to 334.7 million barrels. Gasoline stocks rose 213,000 barrels to 209.8 million barrels. Petroleum demand continues to be poor at 17.946 million barrels per day (bpd), the poorest week for demand since June 19, 2009, when theU.S. economy was in the thick of the Great Recession. More important, prior to the June 2009 dip, this week marks the first time since September 2001 demand has been so feeble. Gasoline demand saw a slight upswing, rising 177,000 bpd last week, leading some to believe year-on-year deficits may be smaller than the 4 percent declines seen recently.
“Pump prices continue to decline, despite recent crude oil increases, which is welcome news for motorists who paid the highest prices ever for gasoline during the month of November,” said Martha M. Meade, Manager of Public and Government Affairs for AAA Mid-Atlantic. “As the year-end holidays approach, motorists wonder if the downward trend will continue and the good news, according to analysts, is gas prices will continue to level off in the coming weeks before reaching a price bottom at some point during the winter when demand is typically low.”
The last 35 days of 2011 might get close to the performance of the first 35 days when gasoline prices were barely above $3.00 per gallon, according to Tom Kloza, chief oil analysts for OPIS. Kloza also suggests gas prices will average $3.25 per gallon through year’s end. Somewhere between Black Friday and Ground Hog Day prices will bottom out, with January as the likely month for the price bottom, which will become the launch pad for a spring rally that could potentially add another $1.00 to wherever the bottom occurs.
