Opinion

U.S. Average Gasoline Prices This Thanksgiving are Higher than the Previous Two Years


graph of U.S. average Thanksgiving price for regular retail gasoline, as explained in the article text

Source: U.S. Energy Information Administration, Gasoline and Diesel Fuel Update

Heading into the Thanksgiving holiday weekend, U.S. retail regular-grade gasoline averaged $2.57 per gallon (gal), up 41 cents/gal from the same time last year. Although gasoline prices are higher than in both 2015 and 2016, the Thanksgiving 2017 gasoline price is still the third-lowest since 2008.

The Thanksgiving holiday weekend is one of the heaviest travel times of the year. AAA forecasts 50.9 million people will be traveling 50 miles or more for the holiday this year, 1.6 million more travelers than last year and the most since 2005. Of the 50.9 million total travelers, AAA expects that 45.5 million of them will drive, an increase of nearly 1.5 million over last year.

Gasoline prices across the country reflect differences in taxes, fuel specifications, and regional market supply and demand balances. Based on data for the selected major metropolitan areas surveyed in EIA's Gasoline and Diesel Fuel Update, retail gasoline prices as of November 20 range from a low of $2.18/gal in Houston, Texas, to a high of $3.26/gal in San Francisco, California.

graph of regular retail gasoline price by region, as explained in the article text
Source: U.S. Energy Information Administration, Gasoline and Diesel Fuel Update

In 2017, retail gasoline prices as a whole remained relatively stable until significant refinery operations were interrupted because of Hurricane Harvey in late August. In the wake of that hurricane's landfall, the U.S. average regular retail gasoline price increased 28 cents per gallon, from $2.40/gal on August 28 to $2.68/gal on September 4, based on weekly data collected in EIA's Gasoline and Diesel Fuel Update.

Gasoline prices continue to be closely linked to crude oil prices. The spot price for Brent, a key global crude oil benchmark, was $62.94 per barrel as of November 13, more than $21 per barrel higher than the price from the same time last year.

EIA's November Short-Term Energy Outlook forecasts that both crude oil and gasoline prices will decrease in the coming months, with U.S. average gasoline prices reaching a low of $2.31/gal in January 2018. Retail gasoline prices are forecast to average $2.45/gal in 2018, compared to $2.40/gal in 2017.

Principal contributors: Matt French, Hannah Breul


Visit source site

https://eia.gov/todayinenergy/detail.php?id=33852&...

EIAEnergy Information Administration EIAUnited StatesGasoline

More items from oilvoice


Chevron Announces $20 Billion Capital and Exploratory Budget for 2019

SAN RAMON, Calif.--(BUSINESS WIRE)--Dec. 6, 2018-- Chevron Corporation (NYSE:CVX) today announced a 2019 organic capital and exploratory spending program of $20 billion. “Our 2019 budget supports a robust portfolio of upstream and downstream investments, highlighted by our world-class Permian Basi ...

OilVoice Press - OilVoice


Posted 5 days agoPress > ChevroncapitalBudget +5

Royal Dutch Shell PLC Third Quarter 2018 Euro and GBP Equivalent Dividend Payments

The Hague, December 6, 2018 - The Board of Royal Dutch Shell plc (“RDS”) today announced the pounds sterling and euro equivalent dividend payments in respect of the third quarter 2018 interim dividend, which was announced on November 1, 2018 at US$0.47 per A ordinary share (“A Share”) and B ordinar ...

OilVoice Press - OilVoice


Posted 5 days agoPress > ShellRoyal Dutch ShellEarnings +2

Equinor: Boosting Vigdis

Vigdis subsea installation. (Photo: André Osmundsen) The subsea field Vigdis has been producing oil through the Snorre field for more than 20 years. Field production will now be boosted by almost 11 million barrels. Equinor and its partners have decided to invest some NOK 1.4 billi ...

OilVoice Press - OilVoice


Posted 5 days agoPress > EquinorEquinor EnergyOffshore +4

Rystad Energy: All Eyes on Vienna

The OPEC + countries must cut 2019 supply growth by 1.5 million bpd if they want oil prices back above $70 next year. US production at $50 WTI levels would remove only 0.4 million bpd of the looming 1.5 million bpd surplus in the balances that Rystad Energy forecasts for 2019 in a status quo scena ...

OilVoice Press - OilVoice


Posted 5 days agoOpinion > Rystad EnergyOPECVienna +2

Shell’s Sale of Draugen and Gjøa Fields a Sign of Shifting Times in the Region, says GlobalData

Following the news (Friday 30 November) of Royal Dutch Shell subsidiary A/S Norske Shell completing a deal to exit its operated interest (44.56%) in the Draugen oil field and its non-operated interest (12%) in the Gjøa gas field, offshore Norway, further signifies portfolio rebalancing and divestme ...

OilVoice Press - OilVoice


Posted 7 days agoOpinion > ShellRoyal Dutch ShellDraugen +7
All posts from oilvoice