• 4 minutes China 2019 - Orwell was 35 years out
  • 7 minutes Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 11 minutes Trump will capitulate on the trade war
  • 14 minutes Glory to Hong Kong
  • 2 hours China's Blueprint For Global Power
  • 40 mins Here's your favourite girl, Tom!
  • 2 hours Brexit agreement
  • 37 mins Peaceful demonstration in Hong Kong again thwarted by brutality of police
  • 6 hours Australian Hydroelectric Plant Cost Overruns
  • 1 day Idiotic Environmental Predictions
  • 9 hours IMO 2020:
  • 10 hours Yesterday Angela Merkel stopped Trump technology war on China – the moral of the story is do not eavesdrop on ladies with high ethical standards
  • 4 hours The Problem Is The Economy, Not The Climate
  • 19 hours The Ultimate Heresy: Technology Can't Fix What's Broken
  • 1 day NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 2 hours 5 Tweets That Change The World?
  • 1 hour Bloomberg: shale slowing. Third wave of shale coming.
Alt Text

Are Asian LNG Prices About To Rally?

LNG spot prices rose last…

Alt Text

Canada’s Natural Gas Crisis Is Going Under The Radar

Canadian natural gas producers continue…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Premium Content

Gasoline Prices Begin To Fall As Demand Tapers Off

Gasoline prices in the United States are slowly falling after a Thanksgiving high, according to emerging data on the fuel’s price points. But drivers should enjoy the current falling prices—because they won’t be here for long.

On Monday, the national gallon of gasoline averaged $2.465, down 3.5 cents from the previous Monday. Demand for gasoline dropped after Thanksgiving as families returned to their homes, ending a yearly road-trip season—kicking off the season of lowered demand for the fuel.

Still, GasBuddy’s pre-Thanksgiving report pegs gas prices at their highest average since 2014, the year oil prices crashed from their highs of over $100 per barrel—so the fall in prices won’t be as much as many are accustomed to.

“With OPEC deciding last week to extend last year’s agreement on oil production cuts, the future for gasoline prices isn’t as rosy,” said Patrick DeHaan from Gasbuddy.com.

“While the short term may feature more modest price decreases is many areas, as we set our sights on the months ahead, 2018 is starting to look ominous as a result of OPEC’s extension. U.S. oil inventories are already 100 million barrels lower than where they were last year as a result of the belt tightening, leading 2017’s yearly average gas price to close out at the highest since 2014. Motorists should enjoy the falling prices now because it’s likely that prices may again rise approaching the New Year as oil prices continue to show strength.”

States in the upper-Midwest saw the biggest drop in gallon prices – up to ten cents in some places.

Oil prices have been on this rise this year as OPEC reduces output by 1.2 million barrels per day in order to close the supply glut in international markets. OPEC’s compliance to the cuts has remained above 90 percent through the life of the pact, encouraging market fundamentals to recover over the course of 11 months. Last week, the bloc decided to extend the cuts through the end of 2018, guaranteeing price growth as long as members and their Non-OPEC allies continue compliance.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage



Leave a comment
  • Ted on December 05 2017 said:
    As frack production expands OPEC can cut production more and more.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play