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fuel prices

Gas Prices Look to Ease for Upcoming Fourth of July Weekend

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Gas prices look to remain steady through the Fourth of July weekend
It appears gas prices are beginning to ease a bit with the Fourth of July weekend quickly approaching, but that isn’t likely going to be much of a consolation to those who are out driving for the holiday. Oil prices ended the week on a steady note, and the latest information from AAA is that prices are beginning to ease.

The price of gasoline currently sits at $3.68 per gallon, according to AAA Fuel Gauge report, but is actually down a bit from Friday. At the end of the week, the average price for a gallon of regular unleaded gas sat at $3.681, but today it’s slightly receded to $3.678.

While it appears that the price has crested for the month, and the price will begin to ease back a bit as we head into the Fourth of July weekend (barring any unexpected geopolitical news), drivers are still going to be paying significantly more than they were last year at this time. A gallon of gas was $0.18 a gallon less expensive a year ago, making current gas prices the highest they have been at this time of the year since 2006.

It’s been an unexpected month, and gas prices have risen much more than expected in June. Gas prices traditionally fall in June, and that is what the prediction was for how June 2014 would unfold. That all changed when unrest in Iraq spooked traders into wondering if Iraq’s oil supplies were in peril. That shot oil prices up with the result of keeping gas prices from taking their normal June dip. Now that the Iraq oil supply fears have eased, it looks like prices are ready to begin easing a bit as they should have done earlier. Of course, there are still plenty of unknowns which could quickly change the course of gas prices, especially if increased unrest hits Iraq.

While those looking to take a road trip over the upcoming Fourth of July weekend are going to be paying far more than usual to fill their tanks, it seems that they aren’t going to have to pay more than they are today, and they will likely be able to pay a few cents less.

(Photo courtesy of Steven Damron)

Oil and Gas Prices Hold Steady on Calm Trading Day

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Oil and gas prices end the week steady on easing Iraq fears
It appears as if gas prices might be set to ease just a bit with the Fourth of July weekend quickly approaching. Both oil and gas prices held steady on Friday on what was overall a quiet day for the energy markets. That’s good news where geopolitical unrest has moved the market upward in the preceding weeks.

US benchmark crude oil closed at $105.74 a barrel in New York for August delivery, $0.10 lower than it began the day. There was a slight uptick in the price of Brent crude, which closed at $113.30 a barrel in London, up $0.09 for the day. Brent crude is a benchmark for international oils which are used by many US refineries. Even with the slight increase on Friday, international oils have overall fallen in price over the last few days, and both international and US oils have receded from their all-time highs in 2014. This could be an indication that traders are calming about the geopolitical unrest in Iraq, and don’t have as much fear the conflict will spread to southern Iraq, where much of the oil is produced.

At the same time, the price of gasoline remained at $3.68 per gallon, the same price that held yesterday, according to AAA. While this is $0.20 higher per gallon than it was at the same time last year, it appears it won’t go much higher with the calming oil markets. Still, there isn’t much chance the prices will fall much for the Fourth of July weekend, making gas prices the most expensive they have been since 2006 over this holiday. Traditionally, gas prices fall in June, but this trend was disrupted with unrest in Iraq this year.

There is still a lot of unknowns which could quickly change this current steadiness, especially if unrest escalates in Iraq again. At least for the time being, it appears we may see both oil and gas prices ease and begin to fall in the coming weeks if no other major changes in outlook occur.

(Photo courtesy of Patrick Emerson)

Gas Prices Inch toward $4 a Gallon: Ways to Save

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Gas prices inch toward $4 a gallon
Gas prices continue to inch toward $4.00 a gallon, although the increases have leveled off over the past week. According to AAA, gas prices have reached a national average of $3.67 a gallon. That’s an increase of three cents from last week, $.15 from last month, and also $.15 above what gasoline retailed for at the same time last year. While this is the national average, prices are well above $4.00 a gallon in some areas of the country. California currently has an average price of $4.22 a gallon. AAA reports that gasoline prices are showing signs of stabilization over the weekend after a run of more than 20 days of price increases.

Gas prices usually peak sometime during spring. Over the past few years, prices have peaked in February 2013, April 2012 and May 2011. It appears that gas prices will peak this year some time in late April or early May. The current trend shows that there may be some relief for motorists at the pumps over the next couple of weeks, as long as there aren’t any major geopolitical conflicts or weather-related problems that arise.

One wildcard that might throw a wrench into gas prices stabilizing that experts are closely watching is the tension between Russia and the Ukraine. This tension has continued to place pressure on the price of oil. There are still concerns that continued sanctions imposed by Western nations could have an impact on exports from Russia. If this were to happen, there could be a spike in oil prices.

For those who are looking for ways to save money on gasoline, be sure not to waste money when you think you’re saving by doing common gas saving myths. Here are a few tips that can help you save money:

Remove Racks & Clean

If you placed racks on your car for winter sports such as skiing or snowboarding, it’s time to take them off. The extra wind resistance that they create while driving will reduce your gas mileage. While you’re at it, it’s also a good time to clean out the trunk and back seat of your vehicle of any items that don’t need to be there. Any extra weight that your car carries around while you drive reduces its gas mileage.

Check that Air Filter

If you haven’t checked your car’s air filter in a while, it’s time to do it. It’s estimated that as many as one in four cars on the road needs to have their air filter replaced. Depending on how dirty the air filter is in your car, it can decrease your gas mileage by as much as 10%. While it will cost you a bit of money to replace the air filter, it will quickly pay for itself with increased gas mileage, and not having to fill up your car as often.

Avoid Idling

When you let your car idle for long periods of time, all you’re doing is wasting gas. If you are stopped for more than 15 to 20 seconds, it’s more fuel-efficient to turn off the car and start it again rather than to let it idle. That means that you’ll save money if you turn off your car instead of letting it idle when you run to the ATM to take out money, while you’re waiting for someone, when you get stopped at railroad tracks, or if you find yourself in a traffic jam.

Walk & Bike

One of the most effective ways to save money on gasoline is to reduce your consumption by driving less. This is actually a lot easier than most people think, but it does require you to make an extra effort. For those errands that are nearby, instead of just jumping into your car and driving, consider alternative ways to get there such as walking or biking. For weekend trips, choose activities that are closer to home rather than longer trips to places farther away. Taking the time to plan trips more effectively and to use alternative ways of getting there when the errands are close by, you can reduce consumption by quite a bit.

Combine Errands

When you’re ready to do your daily errands, plan them in such a way that you can do them all at the same time rather than taking multiple trips during the day. By taking a single trip rather than making several, you’ll end up saving both time and gas. It does take a bit more planning, but the payoff is less gas wasted and more time for yourself during the day.

Regularly Rotate Tires

Get into the habit of rotating your tires on a regular basis. A good way to remind yourself to do this is to have it done when you have your oil changed. Rotating your tires will allow them to wear more evenly, which will help your car get better gas mileage. An added benefit is that the tires will also last longer so that you don’t have to replace them as often, therefore saving even more money.

Check Tire Pressure

Although you’ve probably heard this gas saving tip a million times, it’s one that many people still don’t do. Tires that are under-inflated waste gas and wear out the tires more quickly. An easy way to remember to check your tire pressure on a regular basis is to purchase a tire air pressure gauge that can fit in the area by your gas. Each time you go to fill up your car, the tire gauge will be there to remind you to check the pressure, and make sure that your tires are properly inflated.