• 3 minutes Looming European Gas Crisis in Winter and North African Factor - a must read by Cyril Widdershoven
  • 7 minutes "Biden Targets Another US Pipeline For Shutdown After 'Begging' Saudis For More Oil" - Zero Hedge Monday Nov 8th
  • 12 minutes "UN-Backed Banker Alliance Announces “Green” Plan to Transform the Global Financial System" by Whitney Webb
  • 5 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days China's aggression is changing the nature of sovereignty.
  • 4 days Building A $2 Billion Subsea Solar Power Cable From Chile To China
  • 1 day Ukrainian Maidan after 8 years
  • 3 days OPEC+ Expects Large Oil Glut In Early 2022
  • 2 days Delta variant in European Union
  • 2 days Hunter Biden Helped China Gain Control of Cobalt Mines in Africa
  • 9 hours Communist China Declared War on the US Long Ago Part 1 of the 2-part series: The CCP's War on America
  • 3 days Forecasts for Natural Gas
  • 3 days Microbes can provide sustainable hydrocarbons for the petrochemical industry
  • 42 mins President Biden’s Nuclear Option Against OPEC+ - Waste of Time
  • 13 hours Сryptocurrency predictions
  • 2 days NordStream2
  • 2 days CO2 Electrolysis to CO (Carbon Monoxide) and then to Graphite
  • 3 days Big Bounce: Russian gas amid market tightness - new report by Oxford Institute for Energy Studies

U.S. Gasoline Prices Set To Dip

U.S. retail gasoline prices have started to decline in recent days and could drop even further, according to fuel-savings app GasBuddy.

"If you don't need gas, my suggestion is wait," Patrick De Haan, head of petroleum analysis for GasBuddy, tweeted on Wednesday when international crude oil prices crashed by 4%.

"*LARGE* declines in spot #gasprices coast to coast today will trigger falling retail prices," De Haan noted.

As of November 4, the national average price of a gallon of regular gasoline is $3.415, according to data from AAA. The national average gasoline price is 21 cents more than a month ago, $1.27 higher compared to a year ago, and 79 cents more than at this time of the year in 2019.

The crude price rally, the still strong U.S. gasoline demand even after Labor Day, and the falling gasoline inventories across the country have pushed U.S. gasoline prices to a 7-year high in recent weeks.

Over the past week to November 1, the national average price for a gallon of gas rose to $3.40, but the two-cent increase over the previous week was the smallest weekly increase in a month, AAA said on Monday.

"News that Iranian oil, which has not been sold globally in large quantities since 2018, may return to the world market coupled with an OPEC+ meeting on November 4 via videoconference, is increasing market volatility, but slowing pump price increases, at least for now," according to AAA.

"We have finally seen a little dip in domestic demand for gasoline, which may signal that the seasonal post-Labor Day easing was a little delayed this year," AAA spokesperson Andrew Gross commented. "And if the recent steady increase in crude oil prices takes a breather too, consumers may benefit at the pump with smaller price hikes," Gross added.

The crude price rally did take a breather earlier this week, dragged down by expectations of the Fed's start of tapering of asset purchases and estimates of increasing U.S. crude oil inventories and higher U.S. oil production. Oil prices dipped on Wednesday after the EIA reported an oil inventory build of 3.3 million barrels for the week to October 29 and the Fed said it would start tapering asset purchases later in November.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • George Doolittle on November 04 2021 said:
    The USA excluding refinery inputs only consumes around about 8-9 million barrels of oil per day. As Ford now Toyota so incredibly fuel efficient Commercial Trucks are now entering the US market and the US market for daily drivers some not needing any gasoline.

    October sales are in at goodcarbadcar.com and so far so good as Toyota gets hammered but Hyundai-Kia stays rock steady and $f Ford Motor Company recovers quite nicely.

    Steel prices have absolutely collapsed now as already true with iron ore, lumber, rebar, palladium with i think many more resource plays to follow as "The China Trade" implodes.

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News