Is Gas Prices Going Up Or Down – The national average for gas is down nearly 40 cents from its peak in June, AAA said. How long can we expect prices to drop?
Charlotte, NC – As gas prices continue to drop from record highs in North Carolina and South Carolina, drivers are finally getting a break at the pump.
Is Gas Prices Going Up Or Down
Some drivers have seen prices as low as $4 or less per trip. gallon, which is down significantly from where it was a few weeks ago in many areas. Experts said that the price of gas will continue to fall depending on some factors. How long will the price go down and how far do we expect it to go?
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After several months, the price at the pump has gone up and the price of fuel is slowly going down. According to AAA, national gas prices fell below 40 cents last month after a historic spike in June.
The average gas price in North Carolina is currently $4.25, while drivers in South Carolina pay an average of $4.11.
The price of oil dropped below $100 a barrel last week. The barrel started for the first time in May.
Drivers may see gas prices drop below $4 next week. GasBuddy experts say the Carolinas, along with many other southern states, will see the biggest price cuts.
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Barring unexpected outages or disruptions in oil production, such as major hurricanes, officials said the national average could drop another 25 to 50 cents.
This can result in huge savings for those who have no choice but to walk to work or school.
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All Charlotte podcasts are free and available for streaming and download. Now you can listen on Android, iPhone, Amazon and other devices connected to the Internet. Join us on tour in North Carolina, South Carolina or anywhere. A gas pump with a sticker of President Biden shows the current price of gas at a gas station in Arlington on March 16. The sticker says “I did it” – but the president is not responsible for the price going up then or the price going down now.
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But wherever the price goes – and wherever it goes – oil prices have nothing to do with those in charge.
Governments have some limited tools to adjust prices. President Joe Biden’s announcement earlier this year that oil would be largely released from the Strategic Petroleum Reserve spurred the market — temporarily.
But in general, the law of supply and demand determines the price. Here’s what you need to know.
One is to improve sanitation conditions. Last month, outages at refineries, particularly in the West and Great Lakes regions, pushed up prices in some areas.
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“Every day we see gas prices going up 10, 15, sometimes 20 cents a gallon,” said Anlleyn Venegas, a spokeswoman for AAA in San Diego.
Now that refineries are coming back online and gasoline supplies are increasing, pushing prices back.
Meanwhile, autumn has arrived. That means, like clockwork, pumpkin spice has taken over the grocery aisle, colorful leaves have taken over Instagram — and demand for gasoline has begun to wane. Americans drive less when it’s cold, and gas prices are always lower this time of year.
This announcement is an update to a major release announced in the spring; These new barrels are oil free.
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“This is not a new announcement,” said Patrick de Haan of price-tracking app Gasbuddy. “The market expected … it didn’t move the needle much.”
The White House certainly tried to lower the price. In addition to this revision of SPR products, he also promised to replenish the strategic reserve if the price falls, an attempt to encourage domestic oil producers to pump more oil by giving them reliable buyers. .
In the past, oil has tried to use diplomacy and persuade Saudi Arabia to increase production. But the Saudis and their allies did the opposite with major production cuts earlier this month.
The Biden administration has threatened oil companies with export sanctions, saying there is not enough oil in storage. (The industry warns that such restrictions will backfire.)
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It’s a permanent disappointment for someone in the White House; When politicians are responsible for gas prices, they have very few tools to actually affect those prices, and the tools they have don’t work very well.
What about White House climate policy? Does it play a role in raising the price?
The White House says oil is needed in the short term to meet energy needs, but less oil is needed in the long term to reduce the effects of climate change. Oil officials do not like this news, they say it complicates investment plans.
But as the White House has pointed out, current federal policy is not hindering manufacturing. There are no barriers to drilling.
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Why is American production so low? There is a conflict between incentives to drill for more oil and incentives to fracking less. On the “top oil” side, you have the profit a company makes from each new barrel it produces. On the “little oil” side, you have supply chain problems, labor shortages, investors profiting from high oil prices and fears of a recession, and potential long-term climate policy implications.
Some governments around the world have oil production within their borders and set oil prices for their citizens regardless of the market price. Think of Venezuela or Iran. The American economy is set up differently on purpose.
But in Europe – and many countries with economies like the US – governments are currently debating unprecedented intervention in the energy market. The war in Ukraine threatens the price of natural gas. Politicians are very worried about the availability of heat, electricity and fuel. And they’re looking at wind taxes to recoup profits from energy companies and rebates and price caps to keep costs down for consumers. These proposals are intended to have a direct impact on the energy prices paid by consumers in Europe.
It is too early to tell whether these interventions will be successful. Today, however, a similar plan is not gaining traction in Washington, D.C.
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Three major greenhouse gas emissions reached atmospheric levels last year, the United Nations Meteorological Agency said on Wednesday, an ominous sign.
Oregon gas prices rose 50 cents per gallon. gallons last week – the sharpest increase in all states in the country. When you make a purchase through a link on our site, we may earn an affiliate commission. That’s how it works.
After holding steady for most of the spring and early summer, gasoline prices are on the rise. The national average for regular unleaded hit $3.73 a gallon, up 20 cents from a month ago. The ever-increasing demand and rising fuel prices have already filtered through to the gas stations, and it looks like pump prices will continue to rise in the coming weeks. The national average should stay below $4 unless some kind of supply shortage causes a sudden increase. But local prices in many western states are already close to or above $4. In fact, California is on par with $5 gas. Meanwhile, diesel rose to $3.97, up from a month ago. It’s not cheap, but at least it’s not as expensive as last year when the price of diesel reached $5.34.
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Trading continues with fluctuations in oil prices. Recently, West Texas Intermediate dropped below $70 a barrel. barrel. But strong global oil demand and concerns about oil reserves pushed the West Texas Intermediate to about $80 a barrel. barrel. We are looking for a slight pullback, especially given the weakness of the Chinese economy. But the price of oil continues to rise and cannot stay in a long trading range.
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The biggest surprise in the energy market this year has been the low price of US natural gas. After British thermal units rose to $10 million last year, the benchmark gas futures contract has steadily declined and is now close to $2.60 a barrel. MMBtu, despite high demand from power plants amid the widespread heat wave. Last winter’s mild weather left oil reserves low. Today, even though the power plant’s 24-hour-a-day burners are burning a lot of gas, the amount is 24% higher than last year. stored gas. IF
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