Clipper Oil: Latest Fuel News - US Gasoline Prices Continue to Slide Toward USD4.00/gallon

Latest Fuel News

August 2022

US Gasoline Prices Continue to Slide Toward USD4.00/Gallon

The national average for a gallon of gasoline in the United States fell again on Monday to $4.212, according to AAA data.

US gasoline prices are down 14.3 cents from last week, and 63 cents from a month ago when gasoline was trading at $4.842. A year ago, gasoline prices were just $3.173 per gallon—meaning that while gasoline prices have come down substantially in recent weeks, the average is still $1.039 more than what it was a year ago.

According to GasBuddy’s head of petroleum analysis, Patrick De Haan, gasoline prices have eased for the seventh straight week, falling 15.9 cents a week ago to an average of $4.17 per gallon on Monday. Continue reading here (Source: OilPrice).

Crude Oil Prices Fall Sharply on Weak Global Manufacturing Reports

Sep WTI crude oil (CLU22) today is sharply lower by -4.980 (-4.97%), and Sep RBOB gasoline (RBU22) is down -0.1540 (-4.95%).

Crude oil and gasoline prices are sharply lower after the weekend Chinese PMI figures sparked increased concern about weaker Chinese economic growth and energy demand. China’s July manufacturing PMI, reported on Saturday, fell -1.2 points to 49.0, which was weaker than expectations for a slight +0.1 point increase to 50.3. China’s July non-manufacturing PMI fell by -0.9 points to 53.8, which was slightly weaker than expectations for a -0.8 point decline to 53.9. Meanwhile, today's July U.S. ISM manufacturing index fell -0.2 to a 2-year low of 52.8, although that was at least stronger than expectations of a -1.0 point decline to 52.0.

Sep natural gas prices (NGU22) are down -0.311 (-3.78%) on expectations for some relief from the recent scorching U.S. weather and on news that U.S. nat-gas production rose to a new record weekly high. Continue reading here (Source: Barchart).

Rising Gas Prices: The True Cost of Going Electric

Gas prices reached record highs in early March, with an average price of $4.33 per gallon. And although prices have since taken a dip, experts warn that a combination of seasonal demand and rising oil prices could see gas prices make another surge in the near future, USA Today reported. With little hope for relief at the pump, you may be considering making the switch to an electric vehicle.

Currently, less than 1% of the 250 million cars, trucks and SUVs on the road in the United States are electric, according to Reuters. With only 17 million new cars sold each year, the road to phasing out gasoline will not be a short one. For those considering making the switch, that should leave plenty of time to learn about the many cost considerations that come with going electric. Here's a look at the most important among them. Continue reading here (Source: Yahoo).

A Handful of States Are Driving Nearly All US Electric Car Adoption

California — no surprise — leads the U.S. in electric vehicle ownership, accounting for 39% of all EVs registered nationwide.

Continue reading here (Source: Axois).

September Natural Gas Futures Find Path Forward Amid Blazing Heat

Natural gas futures fluctuated again Friday but ultimately forged ahead as weather forecasts pointed to above-average cooling demand in August. The September Nymex gas futures contract gained 9.5 cents day/day and settled at $8.229/MMBtu. It had shed 42.0 cents in its debut as the prompt month a day earlier, when price swings also defined trading.

The October futures contract rose 9.0 cents to $8.208 on Friday.

NGI’s Spot Gas National Avg. ticked up 3.5 cents to $8.330, with notable gains in the West. Continue reading here (Source: Natural Gas Intel).