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The usage and pricing of gasoline (or petrol) results from factors such as crude oil prices, processing and distribution costs, local demand, the strength of local currencies, local taxation or subsidy, and the availability of local sources of gasoline (supply). Since fuels are traded worldwide, the trade prices are similar.
Higher U.S. interest rates, more active U.S. oil rigs, higher U.S. crude production and lower expected worldwide demand did not cancel out proposed production cuts by OPEC nations, including definite plans by Saudi Arabia. [98] The same week, gas prices reached $2.37, the lowest in December in two years. [99]
During the Great Depression, both growing supply and falling demand caused the price of oil to decrease to about 66% between 1926 and 1931. [30] Toward the end of World War II, the automotive era settled rapidly, and the nation's demand of oil increased 12% between 1945 and 1947 while motor vehicle registrations did so by 22%. Around 1948 ...
Tight refining supply has kept the gap wide between wholesale gasoline futures and retail prices, currently at about $1.25 a gallon, far exceeding the average of 88 cents over the past five years.
"Gasoline demand has been weak," said the EIA's Barron. "Depending on which week you’re looking at it’s actually fallen below 2020 levels." A customer fills up at a gas station in Plains, Pa ...
U.S. gasoline prices are heading south and may hit $3 a gallon in many places in coming weeks with crude oil futures down $10 a barrel over economic fears and eroding demand. The drop in gasoline ...
The price of gas reached $3.63 but was not expected to go much higher. [76] Good economic news in the United States contributed to oil reaching its highest price since May on August 17, with Benchmark Crude reaching $96.01, while Brent crude fell slightly to $113.71. [77] In mid-December, gas prices reached $3.25, the lowest for 2012. [78]
"With gasoline inventories adequate to meet demand through Labor Day, I expect retail prices to remain steady at around $3.50 per gallon over the next few weeks and then decline as we get into ...