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Gas Prices Buckling, 49 of 50 States See Declines

Gas prices are falling rather quickly in the U.S., with 49 of 50 states seeing prices decline in the last week, according to price-tracker GasBuddy.com. The national average has fallen five cents in the last week to $2.15 per gallon, as prices now stand an average of 2 cents lower than a year ago."As oil prices have crumbled under the realization that supply continues to outpace demand, gasoline prices have fallen in tandem as we approach the holiday season. I'm sure that's music to the ears of millions of motorists," said Patrick DeHaan, senior petroleum analyst at GasBuddy.com. "While all eyes should remain on OPEC's reaction and coming meeting, motorists will likely continue to see the national average falling this week, catching up to the fall in oil prices, which now have taken oil to the lowest level since March."The only state not seeing a decline was Hawaii, where gas prices rose an average of 0.8 cents per gallon. Leading decliners was Indiana (15 cents), Ohio (12 cents), Michigan (12 cents), Illinois (9 cents) and Kentucky (9 cents). The Midwest region saw the nation's largest declines as gas prices there react quickly to market changes in both directions....

A month of uncertainty ahead for oil

Image by Sergio RussoThe historic election in the U.S. which saw not only the election of Donald Trump as President, but a Republican dominated Congress, sets the stage for an uncertain month as OPEC members and Russia move towards a crucial meeting a month's end.There's little doubt that should no limit in production be the outcome of the much anticipated gathering, oil will continue to founder and with it, the finances of many producing nations....

NACS Reflects on Trump Victory, What It Might Mean for Motorists

Jeff Lenard

Just after President-Elect Donald Trump’s historic victory, we had the opportunity to speak with Jeff Lenard, spokesman and vice president of strategic initiatives for the National Association of Convenience Stores (NACS), the nation’s gasoline retailers.

Does the election result change the outlook on energy or fuel prices? Jeff Lenard explains why today there are simply more questions than answers—but perhaps reason for optimism, too. Here are some highlights from our conversation:

“Let’s look at fuels and how that might play out.

...

Vehicles for Veterans

This Veterans Day, we at GasBuddy honor and give deep thanks to those who have served our country. There are many ways to thank our heroes for their service, but one of the most impactful ways is to donate your vehicle. Each tax-deductible donation helps provide critical services to our veterans—and it’s easy.

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A month of uncertainty for oil

Photo by Richard BH The historic election in the U.S. which saw not only the election of Donald Trump as President, but a Republican dominated Congress, sets the stage for an uncertain month as OPEC members and Russia move towards a meeting a month's end.There's little doubt that should no limit in production be the outcome of the much anticipated gathering, oil will continue to founder and with it, the finances of many producing nations....

New Jersey Voters Approve Measure to Secure Gas Tax Revenue

via Flickr

Despite the gas tax increase that went into effect Nov. 1, New Jersey voters had the last word on Election Day when they approved Amendment 2 to protect all of the revenue the state hopes to collect from the 23-cent gas tax increase.

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EIA report throws no curve balls, crude inventories rise, gasoline falls gently

The Energy Information Administration released its weekly report today on the status of petroleum inventories in the United States.Here are some highlights:CRUDE INVENTORIES:Crude oil inventories increased by 2.4 million barrels (MMbbl) to a total of 485.0 MMbbl. At 485.0 MMbbl, inventories are 30.2 MMbbl above last year (6.6%) and are at the upper limit of the average range for this time of year. Inventories at major delivery point Cushing, OK rose 0.0 MMbbl to a total of 58.5 million barrels.GASOLINE INVENTORIES:Gasoline inventories decreased by 2.8 million barrels to a total of 221.0 MMbbl. At 221.0 MMbbl, inventories are up 7.7 MMbbl, 3.6% higher than a year ago and are well above the upper limit of the average range for this time of year.Here's how individual regions and their gasoline inventory fared last week: East Coast (-5.4 MMbbl); Midwest (-0.8 MMbbl); Gulf Coast (+3.7 MMbbl); Rockies (+0.0 MMbbl); and West Coast (-0.2 MMbbl). It is important to note which regions saw increases/decreases as this information likely drives prices up (in the case of falling inventories), or down (in the case of rising inventories).DISTILLATE (diesel, heating oil) INVENTORIES:Distillate inventories decreased by 1.9 MMbbl to a total of 148.6 MMbbl. At 148.6 MMbbl, inventories are up 7.5 MMbbl, or 5.3% vs. a year ago....

Fascinating Fuel Stops

Have you ever heard of a gas station shaped like a tea kettle? What about a convenience store carved into a mountain? Better yet, have you ever been to a gas station only accessible by boat? We’ve searched far and wide to find the most fascinating fuel stops on the planet. Let us know if you’ve filled up at any of these stations in the comments! ...

Gas Price Politics: Swing States

Tomorrow is the US Presidential Election and as always, there has been a lot of talk in the news about the “swing” states: Arizona, Colorado, Florida, Georgia, Iowa, Michigan, North Carolina, New Hampshire, Nevada, Ohio, Pennsylvania, Virginia, and Wisconsin. Within these states there’s another type of a “swing” - gas prices. We decided to take a deeper dive of the “swinging” gas price data and give you the top things you may not know about these very important states....

Gas Prices Rise Gently on Colonial Pipeline Outage as Oil Fades

The national average for a gallon of regular gasoline has risen by half a penny in the last week to $2.21 per gallon, according to price-tracker GasBuddy.com. Meanwhile, average diesel prices fell 0.2 cents to $2.42 per gallon.The rise in gasoline prices was fueled by a major jump in New Jersey (24.9 cents per gallon) due to a rise in gasoline tax, as well as increases in states affected by the Colonial Pipeline outage: Georgia (7.9 cents), South Carolina (3.5 cents). Overall, 18 states saw average gasoline prices rise last week, while 32 saw decline.Oil price fell last week to their lowest since September 20, closing the week at $44.07 per barrel, a far cry from October 19, when a barrel of West Texas Intermediate crude oil closed at $51.60 per barrel. The fall comes as skepticism grows that OPEC won't be able to find solid ground to cut oil production as it previously had hoped. ...

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