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Tag Archive | "GasBuddy"

Highest Thanksgiving gas prices since 2014 to hit motorists 


 

GasBuddy data shows national average gas price poised to see largest pre-Thanksgiving rise in a decade as travel increases over the holiday 

Gas prices in Cedar Springs were between $2.30 and $2.33 on Tuesday at press time. Photo by S. Reed.

GasBuddy, the only smartphone app connecting 70 million drivers with their perfect pit stop, projects that Thanksgiving will see the highest average gas prices since 2014 as the country prepares for the busiest traveling weekend of the year. Yet the average gas price in four of five U.S. states is lower than a week ago, coming as the number of Americans driving is expected to surge by 20 percent over last Thanksgiving according to GasBuddy’s Annual Holiday Travel Survey. 

GasBuddy projects the national average gas price this Thanksgiving will be $2.53 per gallon, the priciest Thanksgiving in three years (2014: $2.79), though not as high as the peak on Thanksgiving in 2012 ($3.44). Additionally, average gas prices have risen 9 cents in the last month, the largest pre-Thanksgiving Day increase since 2007, when average prices rose 26 cents in the 30 days leading up to the holiday. 

“This year has been unique at the pumps. Gas prices spent much of the time in the weeks approaching Thanksgiving by rising when typically, they would be on a sizeable downward trend,” said Patrick DeHaan, head of petroleum analysis at GasBuddy. “On average Americans are paying nearly 40 cents a gallon more than last year, which means collectively we’re spending $800 million more on fuel over the Thanksgiving travel period. Drivers should pay close attention to prices to avoid overpaying.” 

According to GasBuddy’s Annual Holiday Travel Survey, despite higher gas prices, travelers are driving longer distances. 2017 is expected to see a 4 percent increase in travelers driving for 10 or more hours over Thanksgiving compared to 2016. 

GasBuddy offers several tips to motorists on the road this holiday season: 

• Watch Out for State Lines. Because of differing state taxes, in some extreme cases, drivers can spend an extra $25 when refueling the tank if on the wrong side of the line according to a review GasBuddy study. 

• Avoid Gas Stations Near the Highway. Gas station on a long stretch of highway will usually be pricey. If possible, plan ahead or drive a little farther toward the nearest town to find a cheaper station. 

• Pay with GasBuddy. A free new payments service that offers 15 cents off per gallon on the first fill-up and 5 cents off per gallon on every fill-up after at over 100,000 stations nationwide. 

GasBuddy is the leading source for the most accurate, real-time fuel prices at more than 140,000 gas stations in the U.S., Canada and Australia.

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U.S. to see lowest average Independence Day gas prices since 2005


 

For first time in GasBuddy’s history, gas prices will be lower on July 4 than New Year’s Day but you could still overpay.

Motorists taking to the road for the July 4 holiday weekend will be benefitting from the lowest Independence Day gas prices since 2005, paying an average of $2.21 per gallon, well under the 10-year average of $3.14, according to GasBuddy, the smartphone app connecting more than 65 million drivers with their perfect pit stop.

In Cedar Springs, the price was $2.34 one week before July 4.

Although average gas prices are at historic lows, the price variance (or “spread” in industry parlance) in gas prices in any given city on July 4 will be at historic highs. This means there is a higher chance consumers will overpay at the pump over the holiday weekend. SUV drivers can save on average $11 per fill-up by stopping at the favorable end of the price spread while smaller cars can save $6. The spread between the nation’s lowest and highest priced gas stations stands at $1.29 per gallon, sharply higher than the 10-year average of 98 cents per gallon for this time of year. Among gas stations in the same state, the spread stands at 51 cents per gallon.

“It’s thrilling to see gas prices falling just in time for the most-traveled summer holiday. Perhaps we can finally get rid of the myth that gas prices go up for the holiday,” said Patrick DeHaan, GasBuddy senior petroleum analyst. “Most importantly, motorists are getting a well-deserved break at the pump after years of high summer gas prices. This is like Christmas in July, instead of seeing fireworks at the pumps like we saw just a few short years ago.”

While gasoline prices have fallen to new seasonal lows just ahead of July 4, that’s not the only record to talk about: for the first time in GasBuddy’s 17-year history of tracking fuel prices, the national average gas price is poised to be lower on July 4 than it was on New Year’s Day by 12 cents. Over the last decade, the national average has been as much as $1.04 per gallon higher on July 4 than New Year’s Day while the average year sees prices 47 cents higher on the holiday.

For more info, visit GasBuddy.com.

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Spring Sting: Farewell cheap gas, prices on the rise 


Gas in Cedar Springs was $2.34 on Wednesday, February 15. Photo by J. Reed.

Gas in Cedar Springs was $2.34 on Wednesday, February 15. Photo by J. Reed.

GasBuddy analysts call “bottom” on U.S. gas prices 

You’ve been warned. Gas prices are about to get pumped up, eventually climbing to the year’s highest levels as refineries across the nation are preparing for maintenance season and the seasonal switch to cleaner burning gasoline, a tradition despised by many.

The hikes are due to summer’s more expensive blend of gasoline, required by the Environmental Protection Agency (EPA) and the Clean Air Act, as well as refinery maintenance work lasting several months that causes gasoline production to drop, creating a pinch at the pump. Last year, the national average jumped 69 cents during this season, from a low of $1.69 to a high of $2.39; in 2015 we saw an even larger increase of 78 cent, from a low of $2.03 to a high of $2.81 per gallon.

Highlights of what’s to come at the pump across the nation:

  • Average gasoline prices will rise 35-75 cents between recent lows and peak prices, just in time for spring break travel plans. Gas prices will likely plateau in May.
  • America’s daily gasoline bill will swell from today’s $788 million to as much as $1.1 billion daily by Memorial Day. This is $312 million more spent every 24 hours.
  • Some of the nation’s largest cities will be $3 a gallon gasoline very soon, including Los Angeles, New York, Chicago, Washington, D.C. and Seattle, with other large cities possibly joining due to various stringent summer gasoline requirements.
  • Watch out for more gas price volatility in the Great Lakes and West Coast versus other areas, based on prior year outages at refineries in these areas. As a result, there may be temporary gas price spikes.

“While I remain optimistic this year will not bring a ‘running of the bulls,’ we’re likely to see some major increases at the gas pump as the seasonal transition and refinery maintenance get underway,” says Dan McTeague, senior petroleum analyst for GasBuddy. “Overall, most areas will see peak prices under $3 per gallon, and while that’s far under prices a few years ago, watching prices surge every spring certainly brings heartburn with it. If we were to add the 5-year average increase we see during the spring, the national average would be thrust to $2.85 per gallon around Memorial Day, a 59 cent rise from the $2.26 per gallon observed February 9.”

States observing the largest seasonal jump between mid-February and Memorial Day at the pump last year:

1. Michigan, up 95 cents per gallon

2. Ohio, up 92 cents per gallon

3. Illinois, up 92 cents per gallon

4. Indiana, up 90 cents per gallon

5. Wisconsin, up 86 cents per gallon

6. Minnesota, up 82 cents per gallon

7. Kansas, up 76 cents per gallon

8. Oklahoma, up 75 cents per gallon

9. Missouri, up 74 cents per gallon

10. Kentucky, up 73 cents per gallon

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Gas Prices drop as motorists gear up for Thanksgiving travel 


 

National average gas price on Thanksgiving projected to be third lowest in 11 years 

n-gas-prices-thankshistMotorists preparing to travel for Thanksgiving have something to be thankful for: falling gas prices. According to GasBuddy, prices in 44 of the 50 U.S. states are lower than a week ago, coming just in time for when millions of Americans will be hitting the road.

GasBuddy projects the national average gas price this Thanksgiving will be the third lowest in over a decade at $2.11 per gallon. Average prices have only been lower for Thanksgiving in 2015 ($2.05) and 2008 ($1.81). Monday’s national average price for a gallon of gasoline was $2.14, some 65 cents less than the average price on Thanksgiving merely two years ago ($2.79).

In Cedar Springs, gas was $2.11 Tuesday.

“Over the Thanksgiving travel period, Wednesday, Nov. 23, to Sunday, Nov. 27, motorists will be collectively spending nearly $1.7 billion less at the gas pump than the five-year average,” said Patrick DeHaan, senior petroleum analyst at GasBuddy. “This year will go down as the first in over a decade that no state—not even traditionally pricey Hawaii or California—has seen its average daily price breach $3 per gallon. We can thank global oil production that continues to outpace rising demand for the low prices.”

Consumers are taking advantage. According to GasBuddy’s 2016 Thanksgiving Travel survey, 52 percent of those traveling this year will be on the road for at least 4 hours; 20 percent of which will be driving 10-plus hours.

The survey also found that “running out of gas” is the third biggest fear when it comes to being on the road for the holidays this year, ranked behind 1) sitting in traffic and 2) needing to use the restroom but unsure where/when the next one will be available.

Additionally, travelers are on a mission. Fifty-five percent said they only make stops when absolutely necessary. When they do make stops, gas prices and location are the top deciding factors, followed by the cleanliness of the gas station convenience store.

“Travelers will be journeying a long distance this year. It is evident that consumers are looking to save time and make quick stops that can fulfill all their needs from affordable fuel, to clean restrooms, to good food,” said Michael DiLorenzo, vice president of marketing at GasBuddy. “The newly redesigned GasBuddy app is made to help with this journey. With enhanced search filters and station ratings, travelers will now be able to quickly and easily find what they want right in the palm of their hands

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Labor Day wraps up cheapest summer at pump in 12 years


 

N-GasPrices-chart$18.9 billion saved 

With summer drawing to a close, motorists have enjoyed the cheapest summer at the pump since 2004, saving $18.9 billion over its duration versus last summer, a sweet note as they take to the roads to celebrate Labor Day.

“As the holiday approaches, it’s true that gasoline prices have risen across the country due in part to rumors of production cuts from OPEC which could begin to correct the balance of supply and demand, but take note—it could be just the third time in a decade prices are rising ahead of Labor Day,” said Patrick DeHaan, senior petroleum analyst for GasBuddy. “While today’s trend may lead to some frustration, gas prices are likely to soon revert, leaving behind what has been the cheapest summer at the pump in over a decade.”

According to GasBuddy analysts, gasoline prices have remained low even in light of high gasoline demand due to rampant oil production, leading supply to outpace demand for several years, causing oil inventories to bulge and depressing oil prices.

In addition, as U.S. production has increased over the last several years, oil producing countries have been fighting to win back market share. Saudi Arabia was a key player in driving oil prices down by announcing a new strategy to pump as much as they could late in 2014. The downturn accelerated when sanctions on Iran were eased, leading Iran to boost production and fight for market share against Saudi Arabia and the United States.

The U.S. national average for a gallon of gasoline is likely to close out the summer driving season having averaged $2.24 per gallon compared to 2015’s summer average of $2.70 per gallon. For Labor Day, GasBuddy expects the national average to be $2.19 per gallon, a slight decrease versus the current national average of $2.21 per gallon and far lower than prices during the early part of the decade.

Interestingly, GasBuddy data shows that since 2005, gas prices between the end of August and Labor Day have dropped seven out of ten times, with prices averaging a 2-cent decline. The largest jump was in 2005 when gas prices shot up 20 cents as Hurricane Katrina hit the U.S. and oil rigs in the Gulf.

With the conclusion of Labor Day weekend comes the end of the summer driving season in the world’s largest gasoline consuming country, setting the stage for gasoline demand and prices to fall. In addition, EPA’s summer gasoline requirements end September 15 in much of the nation, opening the door for cheaper winter gasoline to return to pumps—a double whammy of downward pressure just in time for autumn—a yearly trend that’s unfazed by upcoming elections.

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Gas prices rise again


Post photo by L. Allen.

Post photo by L. Allen.

For a short time this week, Michigan had some of the lowest gas prices in the country.

Gas prices in the Grand Rapids and surrounding areas averaged $1.76/gallon as of Sunday, November 29, with prices in the Kalamazoo area as low as $1.68/gallon. The price in Grand Rapids at this time last year was $2.86/gallon.

The price was still $1.76 in Cedar Springs on Wednesday morning, but had risen to $1.89 by Wednesday afternoon.

“Gasoline prices over the weekend and holiday were certainly quite cheap compared to prior years and other holidays this year,” said Patrick DeHaan, GasBuddy senior petroleum analyst. “While some cities and states may see some slight bumps at the pump in the days ahead thanks to the fallout of the downing of a Russian fighter jet last week, we’re more focused on the upcoming OPEC meeting this coming weekend and the potential implications from any major change in oil production. There are expectations that OPEC will continue to kick the can down the road and not change production levels. If there are surprises either way, it could definitely be felt at the pump and into 2016,” he added.

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Motorists will enjoy cheapest summer gas prices in a decade 


N-gas-chartGasBuddy is projecting that this summer’s gasoline prices will bring the most affordable summer months since at least 2005.

While it may sound wild, GasBuddy projects that the summer driving season of 2015 (Memorial Day through Labor Day) will see the U.S. average price of gasoline come in around $2.35 per gal, a revision from its 2015 forecast it released last December. A recent Energy Information Administration projection pinned summer gasoline prices at $2.45/gal. Both numbers would represent the lowest summer prices in a decade.

“That means more Americans can afford to pack up and go enjoy a summer getaway because the cost of getting there will likely be the lowest since 2005,” said Patrick DeHaan, senior petroleum analyst with GasBuddy. “The latest data from the EIA showed the largest week-to-week buildup of crude oil (10.9 million barrels) since March 2001 and that underscores the downward pressure on fuel prices. So we’re confident in our projection; that the summer of 2015 will see the national average come in at a seasonal level we haven’t approached since 2005.”

“For consumers intent on saving the most no matter what part of the country they may be visiting, we suggest downloading GasBuddy’s free app because the average spread (the gap between the highest 5 percent and lowest 5 percent of gas prices) by state still averages out to 45 cents daily,” said Gregg Laskoski, another senior petroleum analyst with GasBuddy.

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Gas prices drop below $3


N-Gas-2.98Gas prices dropped to $2.98 per gallon Wednesday evening, the first time prices have been below $3 in three years.

Fill up now, GasBuddy says they will be spiking again soon.

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Cities with wildest gas price fluctuations


N-Gas-Decreases N-Gas-Increases N-Gas-Jumps

 

When gasoline prices go up in your neighborhood it’s hard to imagine that anyone else has it worse. Who’s got the worst price volatility in the country? Which markets see the steepest price hikes? Where do the gas stations and convenience stores change the prices most frequently? GasBuddy says they have found the answers.

“While major markets like LA, NY and Chicago get much of the attention and criticism, they’re not even in the top 20 among cities that see the steepest price hikes,” says Patrick DeHaan, senior petroleum analyst with GasBuddy. “The steep price hikes recorded in more than 25 cities in the Midwest dwarf the increases seen in the rest of the country.” He said no place is worse than Ft. Wayne, Indiana. So far this year, Fort Wayne has recorded the highest single day average price hike—34 cents per gallon—among its three highest daily changes. It is followed by: Indianapolis, (.32); Dayton, OH (.31); Columbus, OH (.30) and Toledo, OH (.28).

DeHaan emphasized that the figures represent the average of the three highest single-day price spikes and that Midwesterners have seen 30-plus cent increases often enough to know they’re not a statistical anomaly.

On the west coast, Bakersfield, CA had the largest increase in its single-day prices (taking the average of the highest three daily spikes) with a nine-cent gain. In the Rocky Mountains region, Colorado Springs led the list with an 11-cent single day spike. The Gulf Coast region’s highest single-day spike was recorded in Lubbock TX (14 cents per gal.) while on the East Coast it was Myrtle Beach, SC posting an 11-cent increase to lead that region.

GasBuddy examined frequency of price changes too and found that the Midwest and West Coast regions led the way with the number of days that prices changed a penny or more per gallon.

Nationwide, stations in Stockton, CA have posted 72 days of price changes over a penny per gallon since January 1, while Jackson, MS, Memphis, TN and New Haven CT have all recorded 67 increases of 1 cent or more. “While small cities lead the way among markets with the steepest price spikes, we saw some larger Midwestern cities like Chicago, Milwaukee and Detroit positioned prominently among the leaders for days with one cent or more price increases (see maps for more information), and that undoubtedly fuels consumer anxiety in places where there’s plenty already,” said Gregg Laskoski, another senior petroleum analyst with GasBuddy. “But when we look at the number of days with average price decreases of more than a penny, we see the Midwestern cities more than doubling every other region in the country,” DeHaan noted, “and it’s the downside of that rollercoaster ride that consumers easily forget. We complain about the higher highs, but we’re quiet when we benefit from the lower lows!”

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