• 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
  • 39 mins China's Blueprint For Global Power
  • 3 hours Boring! See Ya Clowns, And Have Fun In Germany
  • 8 mins Bloomberg: shale slowing. Third wave of shale coming.
  • 27 mins ABC of Brexit, economy wise, where to find sites, links to articles ?
  • 8 hours Crazy Stories From Round The World
  • 2 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
  • 3 hours 5 Tweets That Change The World?
  • 6 hours the future
  • 2 hours USA Carried Out Secret Cyber Strike On Iran In Wake Of Saudi Oil Attack
  • 8 hours Climate Protesters Blocking Roads etc...
  • 2 hours Spain Is On The Edge...Clashes Between Catalonia And "Madrid"
  • 3 hours Leftists crying to make oil patch illegal friendly: 'Broken system' starves U.S. oil boom of immigrant workers: CONGRESS DO YOUR JOBS INSTEAD OF PANDERING!
Alt Text

Asian LNG Prices Continue To Tumble

LNG prices in Asia have…

Alt Text

Are Natural Gas Prices Set To Spike?

Natural gas inventories have plunged…

Alt Text

US Gas Prices Slump Despite Soaring Demand

The switch from coal to…

Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Premium Content

US Gas Prices Down on High Supply, Lower Demand

Average retail gas prices in the US fell slightly on Thursday, to $3.21 per gallon, according to the AAA, after falling four cents over the week.

Gas prices are set to reach their lowest level this year on high supply and lower demand, while wholesale gas markets dropped to 43.75 cents below futures.

In an interview with Bloomberg, Andy Lipow, president of Houston-based Lipow Oil Associates LLC, predicted that gas prices would dip to $3.15 by year’s end.

Related article: Lower Fuel Prices not Enough for U.S. Travelers

“We’re going to see significant increases in gasoline inventories the next few weeks,” Bloomberg quoted Lipow as saying. “Refiners will maintain their high rates of utilization while demand declines toward its seasonal low in January and February.”

The drop in prices is due to a combination of factors, including unseasonably cold weather, less driving, peak processing at refineries and an increase in gas inventories.

In the meantime, while the oil industry in the US is trying to convince the public that it could push gas prices down further if the ban on most crude exports was lifted, a Reuters poll shows that Americans remained concerned that the reverse would be true.

Fear of potentially higher gas prices is shaping an intensifying debate about lifting the ban on US crude oil exports. The US banned most oil exports after the Arab oil embargo of the 1970s.

While the Reuters poll found that on the topic of allowing crude oil exports, American voters are evenly divided—until gas prices are worked into the equation. The poll showed a large majority would oppose crude exports if they thought it would translate into higher prices at the gas pump, while a majority also thought gas exports should be restricted.

Related article: Why are Gas Prices Falling, and How Long will the Trend Last?

On Friday, oil prices eased after gaining 1% a day earlier on reduced stockpiles and signs of stronger demand, while benchmark US crude for February delivery was down 29 cents to $98.75 per barrel on the New York Mercantile Exchange.

Natural gas maintained a 29-month high of $4.46 per thousand cubic feet on Nymex, after climbing 5% the day before on the government’s announcement of a major draw in supplies because of the colder-than-normal weather.

By. Charles Kennedy of Oilprice.com




Download The Free Oilprice App Today

Back to homepage



Leave a comment
  • Raymond on March 14 2014 said:
    Funny everyone states that the gas prices are going lower? Question is... WHEN!
    Give the god forsaken lower gas prices. im willing to get rid of my car and buy a bike just to keep the gasn ad oil refineries occupied with less money I have to pay.
    If all the american people want lower gas prices, quit driving. They will lower the prices. im not paying some idiotic company for there gas whn they sit back and do nothing but raise prices.
    PERIOD!

Leave a comment




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