Gas prices for summer projected to hold steady, reflecting sufficient supply – the new york times

HOUSTON — Just a few years ago, American families faced uncertainties when planning their summer vacations, fearing that rising gasoline prices would blow their budgets. Gas cost estimator mapquest Then came the 2008-9 economic downturn, sending fuel prices lower.

This summer season, according to the Energy Department, average gasoline prices should actually be lower than current prices and close to or slightly below those of last summer.

Formula to calculate fuel cost per km The department’s Energy Information Administration projected on Tuesday that a gallon of regular gasoline would cost $3.57 on average nationally, down a penny from last summer.

“We have prices flat from last year and prices peaking in May,” said Tancred Lidderdale, an Energy Information Administration economist.

The average price of a gallon of regular gasoline nationwide on Tuesday was $3.59, according to the AAA’s Daily Fuel Gauge Report, about a dime higher than a month ago. How much gas would it cost to drive 1000 miles Gasoline prices typically rise this time of year as refineries undergo maintenance to switch from winter to summer grades of gasoline. Costco gas station hours houston Motor fuel prices have also been affected by a rising price of ethanol, which is blended into gasoline, because of transportation problems in recent weeks. Gas prices for canada But ethanol prices have eased the last few days and are expected to decline further in the coming weeks.

The remarkable stability in price for gasoline is a reflection of the stability in world oil prices in recent years because of a lucky balance of supply and demand. Fuel price per gallon uk Political unrest has caused interruptions of supplies from North Africa and the Middle East. Calculate monthly gas costs But even as shipments from places like Libya, Nigeria and Sudan have dropped for months at a time, Saudi Arabia and a few other Organization of the Petroleum Exporting Countries suppliers have bolstered production.

The United States has been the biggest contributor to increased global supplies because of a boom in shale drilling that has elevated production to the highest levels since the early 1970s. Calculate gas cost to drive Production from Canada is also growing at a steady pace.

Thank you for subscribing. How much does a gallon of gas cost in canada An error has occurred. Costco gasoline hours Please try again later. Trip cost calculator gas buddy You are already subscribed to this email.

In recent days, Libyan militias surrendered control of two oil export terminals, potentially enabling the country to increase its exports by more than 100,000 barrels in the coming days. Aa route planner estimated fuel cost Several other terminals may soon open as negotiations between the weak central government and regional militias continue, although oil experts remain skeptical that the country will return to its traditional export level of more than a million barrels a day anytime soon. Gas prices by state chart 2013 Meanwhile, Iraqi exports have surged in recent months to the highest level in more than 30 years despite persistent sectarian unrest.

At the same time, global growth in oil demand has been moderate because of a sluggish economy in Europe and easing demand growth in China. Aaa travel gas cost calculator The Energy Department said that in 2013, world consumption averaged 90.4 million barrels a day, 1.2 million barrels more than in 2012. Annual car fuel cost calculator The department expects global growth of 1.2 million barrels a day again in 2014 and 1.4 million more barrels a day in 2015.

Lower consumption is expected in Japan and Europe this year, according to the Energy Department. Costco gas station merced American oil consumption increased by 400,000 barrels a day in 2013 because of the improving economy, and it is expected to remain fairly flat in 2014 and then rise slightly in 2015. How much does gas cost in los angeles While Americans are driving more, their cars are becoming increasingly efficient, energy experts say.

The global Brent benchmark crude price has bounced around a narrow band in recent years, from about $100 to $112 a barrel. Mapquest driving directions with gas cost In 2013, it averaged $109 a barrel, and the Energy Department expects it to average $105 a barrel this year before declining further to $101 in 2015. How do you calculate gas cost With the surge in United States drilling, American benchmark prices are expected to stay a few dollars lower than Brent prices, giving American refineries a competitive advantage on world markets.

A version of this article appears in print on April 9, 2014, on Page B3 of the New York edition with the headline: Gas Prices for Summer Projected to Hold Steady, Reflecting Sufficient Supply. Cost of gas for a trip Order Reprints | Today’s Paper | Subscribe Continue reading the main story

Leave a Reply

Your email address will not be published. Required fields are marked *