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


Empyrean Energy: Dempsey 1-15 Well (Onshore California) 2nd Zone to be Placed on Production Pending Stimulation

Empyrean Energy (EME: AIM), the oil and gas development company with interests in China, Indonesia and the United States, is pleased to announce that it has been informed by Sacgasco Limited (ASX: SGC) (“Sacgasco”), the operator of the Dempsey 1-15 well in the Sacramento Basin, onshore California, ...

OilVoice Press - OilVoice


Posted 1 day agoPress > CaliforniaUnited StatesEmpyrean Energy +4

Royal Dutch Shell Plc Third Quarter 2017 Euro and GBP Equivalent Dividend Payments

The Board of Royal Dutch Shell plc (“RDS”) has announced the pounds sterling and euro equivalent dividend payments in respect of the third quarter 2017 interim dividend, which was announced on November 2, 2017 at US$0.47 per A ordinary share (“A Share”) and B ordinary share (“B Share”). Dividends ...

OilVoice Press - OilVoice


Posted 1 day agoPress > Royal Dutch ShellShellDividend +1

U.S. Liquefied Natural Gas Exports Have Increased As New Facilities Come Online

Source: U.S. Energy Information Administration, Natural Gas Monthly (data for October and November 2017 are EIA estimates based on tanker loads) In August 2017, total U.S. natural gas liquefaction capacity in the Lower 48 states increased to 2.8 billion cubic feet per day (Bcf/d) following ...

OilVoice Press - OilVoice


Posted 1 day agoOpinion > United StatesLNGgas +3

Total U.S. Rig Count Rose in November to 1,053: S&P Global Platts Analytics

S&P Global Platts Analytics, today announced the U.S. rig count for November 2017 was 1,053, up 20 (+2%) from October 2017, and up 373 (+55%) from November 2016. This rig count includes U.S. onshore, U.S. inland waters, and U.S. offshore Gulf of Mexico drilling rigs. November U.S. land rig coun ...

OilVoice Press - OilVoice


Posted 2 days agoPress > S&P Global PlattsRig CountUnited States +1

Faroe Petroleum: Update on the Incident at Tambar Field

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway, the UK and Atlantic Margin, notes the further press release provided below by Aker BP, the operator, regarding the incident reported yesterday at the Tambar fi ...

OilVoice Press - OilVoice


Posted 2 days agoPress > Faroe PetroleumTambar FieldAker BP
All posts from oilvoice