Can Gas Prices Keep Falling While Oil Prices Surge?
10.16.2023 By Tank Terminals - NEWS

October 16, 2023 [The Street]- U.S. gasoline prices continued to slide into the weekend, despite an abrupt upturn in oil prices on Friday. That was a reaction to continued violence in Israel and the Gaza Strip in the Middle East.

 

What’s not clear is if the price at the pump will follow oil prices higher in the week ahead.

The U.S. national average gas price was $3.601 per gallon on Sunday, the American Automobile Association said, down slightly from Saturday’s $3.609 a gallon and 28 cents, or 7.2%, from $3.881 on Sept. 18. That was the highest price this year.

Sunday’s decline was the 17th decline in a row and the 25th in the 26 days since Sept. 18. The AAA national average has fallen 28 cents a gallon, or 7.2%, in that time. For comparison, on October 15, 2022, the national average was $3.892 a gallon.

The gas-price decline has mirrored the trend of crude oil prices. West Texas intermediate, the benchmark U.S. crude, had a closing peak of $93.68 a 42-gallon barrel on Sept. 27. That was a 16.7% gain on the year.

But crude crude then fell 11.5% through Thursday.

On Friday, however, oil markets abruptly surged, with WTI closing up 5.8% to $87.69. Clearly, the price jump was a reaction to worries about escalating violence between Hamas and Israel.

Oil markets don’t trade between Friday’s close and the start of Monday trading at 6 p.m. ET on Sundays. AAA’s Sunday price was available early Sunday.

The most expensive state for gasoline was California at $5.627 a gallon. Mono County has the highest retail price at $6.772 a gallon. Georgia had the lowest state-wide price: $3.070. The lowest county price was Ware County, at $2.761 per gallon.

 

Pro Trial: Access 12,600 Tank Terminal and Production Facilities

12,600 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

Pakistan, China Likely to Sign MoU on Petrochemical Refinery Next Month
05.18.2024 - NEWS
May 18, 2024 [Geo News]- During Prime Minister Shehbaz Sharif’s visit to Beijing in June, the g... Read More
Stena Oil’s New Terminal in Frederikshavn Officially Opened
05.18.2024 - NEWS
May 18, 2024 [Stena Oil]- On Tuesday, May 14th, Stena Oil’s new terminal in Frederikshavn was i... Read More
Axalta to Acquire the CoverFlexx Group, a Leading Aftermarket Coatings Business Focused on Economy Customers in North America
05.17.2024 - NEWS
May 17, 2024 [Axalta]- Axalta Coating Systems (NYSE: AXTA), a leading global coatings company, to... Read More
Airport Operator Groupe ADP Invests $20 Million in Sustainable Aviation Fuel Provider LanzaJet
05.17.2024 - NEWS
May 17, 2024 [ESG Today]- Sustainable aviation fuel (SAF) technology and production company Lanza... Read More