Gas Prices Finally Ease After Thanksgiving Price Surge

Prices Turn Downward, Although Crude Remains Higher

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Gas prices across the United States continued to relax during the past week, this following a month-long price surge that peaked in the days immediately surrounding the Thanksgiving holiday. The average price of a gallon of regular unleaded gas, at the national level, is now $3.24, although drivers in some regions are enjoying $3.00 gas. The lowest official price, according to the weekly gas price survey from the Energy Information Administration, is $3.05, along the Gulf Coast.

Prices in the New England states and across the Central Atlantic actually rose by about a penny per gallon, according to this week’s EIA report. Prices in California and across the broader West Coast region were primarily flat, although some price declines were seen in scattered areas. The biggest price drops, during the past week, were in the Midwest and Gulf Coast, where prices were down by over 5¢ in each region.

For truckers, the news about this week’s diesel prices is more tempered. Diesel prices across the U.S. declined by about a penny in many regions, although for most drivers, prices were fairly flat, week over week. The price of a gallon of diesel, nationally,  fell from $3.88 last week to $3.87 this week. 

Prices Remain Above Seasonal Lows

For drivers nationwide, gas prices remain above their November 11 low, when the nationwide average had fallen to about $3.19 per gallon. In many regions, the price was well below $3.00, with the Gulf Coast enjoying the lowest prices of all regions, at $2.98. However, prices began ticking upward the following week, only to surge over the Thanksgiving holiday and in the days afterward.

CME Group

The Chicago Mercantile Exchange, where crude oil futures are traded. Prices for January delivery have soared in recent weeks.

The volatility in prices came from a number of sources, from geopolitical conflicts in Africa and the Middle East, to refinery issues in the United States. Futures prices jumped dramatically the week following Thanksgiving.

The price of West Texas Intermediate has slipped  from its high on December 10, when prices reached $98.67 per barrel, for January delivery. The WTI remained above $97 per barrel on Tuesday afternoon, and prices are well above their low of $92.36, on November 27.

Brent Light Sweet Crude, meanwhile, remains near $110 per barrel, having come off its early-December peak of $112.24, the highest it had been in 18 months. Brent, as a benchmark commodity, peaked about one week before dragging the WTI with it, in a speculative upturn driven by the lingering political instability in Libya and a dramatic decline in crude inventories at the start of the month.



Gas Prices Hold Steady, Officially, As Crude Keeps Rising

Prices Take A Breather, But It Could Be A Short Pause

Gas prices at Florida station

The price of regular unleaded jumped 10¢ in one day at this Florida station.

The price of consumer gasoline leveled off in most areas during the past week, although the Gulf Coast and Rocky Mountain regions experienced a decline in gas prices of two and four cents, respectively. Overall, however, the change in the price of unleaded gas was negligable, providing a cooling off period, of sorts, in the wake of heated price increases the previous week.

For the current survey period, the average price of a gallon of regular unleaded was flat, at $3.27, according to the latest weekly survey from the Energy Information Administration. The price of diesel was also flat, nationwide, while drivers on the West Coast did experience a slight dip in per gallon prices, about two cents.

Stability In Prices Not Likely To Last

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The relief from rising gas prices is not likely to endure, however, as crude oil prices continue to spike and refinery inventories shrink ahead of the Christmas holiday. October and early November’s trend toward seasonal and yearly low prices came to an about-face over the Thanksgiving weekend amid geopolitical problems in Libya, primarily a prolonged strike has prevented oil supplies from being loaded on transports. Word from political leaders in the North African nation Tuesday was that oil shipments could resume this weekend, perhaps on Sunday.

Crude Prices Up, Inventories Down

WTI Chart from CNBC

WTI crude oil futures have risen dramatically during the past ten days, closing in on $99 and narrowing a gap with Brent.

In the United States, a decline in crude oil inventories caught many industry analysts off guard, as inventories shrank by more than twice the expected rate during the past week, according to the American Petroleum Institute. The API report showed crude inventories dropped by about 7.5 million barrels during the week ending December 6; the forecast had been for a 3-million barrel decline.

Political instability abroad and declining crude supplies domestically have taken their toll on the futures markets, which reported last week had begun to spike. West Texas Intermediate has been the most volatile, falling to a low of about $93 per barrel the day before Thanksgiving, only to go ballistic last week. The price of WTI moved closer to $99 Tuesday afternoon, althoug the price remained under that threshold at $98.54. Meanwhile, Brent Light Sweet Crude came off its highs last week; Brent is currently at just under $110 per barrel.


Gas Prices Level Off In Some Areas, Top Off In Others

Gas Prices Are Mixed As Diesel Prices Begin A New Surge

March 11, 2013 gas prices

Gas prices could be heading higher than government forecasters expect as Brent crude oil prices flirt with levels not seen since March 2012. Strikes in Libya and other supply disruptions have pushed Brent well past $112 per barrel, dragging WTI futures for January with it. WTI closed north of $96 per barrel Tuesday.

The recent upward turnaround in gas prices has begun to do another about-face, although the rise in fuel costs for some has continued past the Thanksgiving travel period. The lingering high prices and price increases continued to affect mainly the East Coast region, while most other areas saw prices level off or return to the declines that were enjoyed during October and the start of November. The declines may not last, however, if futures prices continue their unabashed escalation.

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The latest weekly survey from the U.S. Energy Information Administration shows the average price of a gallon of unleaded gas is now at $3.27, down from $3.29 last week but still six cents higher than the seasonal and yearly low that was enjoyed two weeks ago.

The average price of diesel continued upward, and at a more brisk pace, during the past week. The average price of a gallon of fuel is now costing truckers $3.88 at the national level, but regional prices are as high as $4.06. Drivers in New England, broadly, in the east and California, specifically, on the west coast were paying the highest prices. The lowest diesel prices were to be found on the Gulf Coast, but prices there are still averaging about $3.78 per gallon.

Crude Oil Could Be Grinch That Steals Christmas

The price of crude oil has been quite mixed lately, and Brent crude has been heavily influenced by supply problems originating in Libya. An EIA report issued just before the Thanksgiving holiday showed the continued strikes at loading ports have depressed Libyan crude supplies by about one million barrels per day. Indeed, the price of Brent has remained above $110 per barrel since November 21, peaking at prices not seen since August, when other supply disruptions in Libya affected the price of overseas crude.

Gas station sign in Breezewood

Breezewood, Pennsylvania in May 2012, two months after the Brent futures’ last mad dash into territory above $112.

However, the markets took a new turn Tuesday afternoon as when Brent crude closed significantly above $112 for the first time since early 2012. Tuesday trading at the New York Mercantile Exchange brought a fresh price levels and pressures as the benchmark commodity flirted with the $113 level before retreating some later in the day. Brent crude has only been that at that level or higher on three brief occasions in the past three years, with March 2012 being the last time the commodity has priced so high. The cost of gas at the pump, during the late spring of 2012, reflected that pricing pressure.

Domestic crude, West Texas Intermediate, has also been under price pressure of late, and Tuesday’s trading session pushed the WTI dramatically higher in the wake of Brent’s Monday and Tuesday closings. WTI for January delivery swelled well past $96. WTI had been on a longer-term downward trend, closing even as low as $91.77 per barrel the day before Thanksgiving.

The price of WTI on the New York Mercantile Exchange was at $96.12 per barrel on Tuesday afternoon, just at 4 p.m., the first time since Halloween prices have been so high, and an increase of $4.35 per barrel, or about 5%, in just three trading sessions since the holiday.

Nevertheless, the EIA has maintained its forecast that January 2014 prices will rise, but only as a short-term event as season supply and refinery adjustments are made. The longer-term forecast is for consumer prices of gas to continue sliding lower during 2014. However, prolonged supply issues in Libya and Europe could impel traders to drive futures further upward, which is not originally a part of the EIA forecast.

The price disruptions on the futures markets, as have happened in the past few days, are not likely to leave consumers unaffected. The questions only will be whether crude prices level off, and if they do not, will retailers hold off hiking prices until after the holiday season? If retail distributors and operators anticipate significant supply cost increases in January, they could begin raising prices weeks before January deliveries get underway.


Cost Of Driving Lurches Upward At Thanksgiving

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The price of traveling during the Thanksgiving Holidays surged during the past week, with the average price of a gallon of regular unleaded gas rising more than 7¢ per gallon, according to the latest weekly gas price survey from the U.S. Energy Information Administration. The price of fuel had been decling rapidly during most of October, but the increase in demand for petroleum products, in advance of the holiday, has helped contribute to rising prices. The current U.S. average is back up to $3.29 per gallon.


The average price of gas in the U.S. notched back up to $3.29 per gallon during the past week, although some regions enjoyed further price declines. In other areas, like Texas and Florida, the price of gas soared between 16¢ and 19¢ per gallon.

The week-over-week gains in gas prices did not affect the West Coast or California, where prices continued to drop during the past week. In fact, the average price of gas in California actually slipped behind New York state during the most recent survey, with drivers in the Golden State paying about $3.55 per gallon and New Yorkers paying an average of $3.57. Price declines in the Rocky Mountain region were the greatest, however, with an average 4¢ per gallon decline in fuel costs at the pump. The Rocky Mountain region has the second-lowest gas prices in the U.S., being only one cent higher in cost than the average price across the Gulf Coast.

City by city, drivers in Miami fared worse than nearly everywhere else during the past week, with gas prices surging a whopping 15¢ per gallon in South Florida, and prices in the Sunshine state up an astonishing 19¢ per gallon. In Texas, the only other state where gas prices surge so much, the price drivers are paying at the pump lurched upward by an average of 16¢. Drivers in Houston are paying about 17¢ per gallon more for gas, the only major city where prices jumped more than Miami.

The cost of diesel fuel finally reversed or halted its downward trend, as prices in nearly all regions increased by a penny or more during the past week. On average, truckers and diesel car drivers paied about 2¢ more per gallon during the past week, while drivers in the Midwest ended up paying as much as 4¢ more. Prices in California and the broader West Coast paid the same, with the average prices at the same levels as last week.

Year over year, most of us are paying less than we were at Thanksgiving time in 2012. However, that trend does not hold for Florida and Texas, the fourth and second largest states in the U.S., respectively, by population.

Regardless of the past two weeks’ trends of rising fuel costs, the EIA has not adjusted its December price forecast or its 2014 price projections. Fuel costs are expected to continue their downward slide through December and for most of 2014, with moderate price increases expected during peak travel times.


Gas Prices Slip Upward In States East Of Rocky Mountains

Price Declines In Recent Weeks Come To Abrupt Halt

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The price of gasoline, which has been going down for several weeks, did an about-face last week as the cost of filling up suddenly lurched upward a few cents. The Midwest, Central Atlantic and Lower Atlantic regions of the U.S. were hardest hit, with gas price increases of four and five cents per gallon, on average. The national average price of gas slipped upward to $3.22 per gallon of regular unleaded, according to the weekly gas price survey from the U.S. Energy Information Administration. Even the Gulf Coast, which enjoyed a week with official survey prices below the $3.00 threshold, found the average price of gasoline back to the 3-dollar mark, although many stations from Texas through the Florida panhandle have prices well below $3.00.

Despite the increase in gas prices in the eastern states, the West Coast region and the Rocky Mountain region of the U.S. enjoyed more relief from price pressures at the pump. The average price of gas in the Rockies and the broader West Coast regions fell an average four cents per gallon, with the price of unleaded ranging in average from $3.18 in Idaho and Montana to $3.47 in California.

Diesel pumps at the Pompano Beach Service Plaza

Diesel prices continued their slow decline during the past week, bucking a trend of higher fuel costs for other drivers.

Diesel prices also continued to decline during the past week, helping offset shipping costs related to fuel. The average price of a gallon of diesel was down to $3.82 across the nation, although trukcers in New England are still paying at or above $4.00 in some places. As with regular gas, the lowest costs for diesel are in the Gulf Coast region.

Gas Price Increases Not Expected To Endure

The uptick in prices for most regular drivers may be short lived. The EIA has long been forecasting continued declines in petroleum prices, with an expected upward turn in prices only expected in January. The EIA long-range forecasts show the price of fuel will keep falling through December, rise slightly in January, then continue declining for the remainder of 2014.

Service plaza near Warren, Ohio.

Gas prices are likely to continue their downward trend, despite last week’s cost increases.

The upward pressure on prices may have been the result of tighter gas supply stocks after the first week of November. The EIA’s weekly petroleum status report, which is separate from the gas price survey, shows the weekly motor gasoline stocks declined by about 8-million barrels from November 1 to November 9, and crude oil input to refineries also declined during the same period. The crude stocks dropped from a high of 14.95-million barrels per day on November 1 to only 14.73-million barrels per day on November 9. However, daily crude input to refineries can fluctute considerably from day to day.

As for the crude oil prices, themselves, West Texas Intermedia continues flirting with levels below $93, although prices were up to $93.37 after the lunch hour Tuesday. Brent crude has also continued to remain well north of $100, and was trading near $107 per barrel late in the day Tuesday. The issue with crude, however, is two-fold. On one hand, current prices are for December delivery, although fuel suppliers, including gas retailers, use a last-in, first-out accounting method. On the other, foreign crude supplies account for only about 40% of U.S. oil consumption, leaving the WTI with greater influence on domestic fuel costs to drivers.


Pennsylvania Turnpike Tolls Going Up January 5

2014 Toll Increase In Keystone State Will Hit Cash Customers Hardest

The cost of driving the Pennsylvania Turnpike will be increasing again when tolls are raised on January 5, 2014. Tolls have gone up annually on the Penna Turnpike, in recent years, to help pay for roadway renovations, expansions and a massive service plaza upgrade program that is winding down in 2014.

download Download a copy of the new toll rates here (PDF).

Traffic on Pennsylvania Turnpike

Drivers on the Pennsylvania Turnpike are about to be hit with another annual price increase, and for cash customers, the increases are even higher than last year.

The rate hikes will hit cash customers hardest, as the average cash rate will surge by about 12%, according to the Pennsylvania Turnpike Commission, which announced the rate increase during the peak of the summer driving season. The increase was approved in mid July.

The PTC has been pushing more people to buy the electronic tolling device, E-ZPass, citing a lower cost of operation. Providing staff for toll booths is significantly reduced with the E-ZPass, and overall toll collection is anywhere from one-fifth to only one-tenth the cost of having to collect cash tolls, according to the PTC’s estimates. In fact, the 2014 cash price increase is 20% higher than 2013, while the E-ZPass rates are going up by the same percentage.

In fact, E-ZPass rates will only increase by about 2% on January 5, as opposed to the 12% for cash tolls. For short-distance travelers, the increase may not be little more than an irritation. The PTC reports the average cash toll on the Pennsylvania Turnpike is about $4.49, as opposed to $2.92 using the E-ZPass on the same trip.

Truckers To Face Steep New Travel Costs

However, the longer the distance traveled, the greater the pinch on the wallet. A traveler driving the full-length of the mainline, from Ohio to New Jersey, currently pays $39.15 in cash tolls, versus $30.77 for E-ZPass users. And those are only the lower rates, for passenger cars.

View of NJ turpike extension heading toward the Pennsylvania Turnpike at the Delaware River

Trucks coming into Pennsylvania will be even costlier for operators, as higher-weight and more axles add significantly to toll costs, particularly for long-distance haulers.

With such a dramatic price increase in the cash toll rate, the coming differential will certainly be felt for both commuters and long-distance travelers. However, it is truckers who will really be hard hit by the rate increase. Currently, a 5-axle truck hauling about 35,000 pounds of freight will incur $121.80 in cash tolls; after January 5, that figure will increase to $136.40. E-ZPass prices will be higher, but the rate will only go from the current $96.03 to $97.95.

And the bigger the truck or heavier the load, the higher the price will be. Tolls on the Pennsylvania Turnpike can run into the thousands of dollars for a trucker paying cash, and the 2014 price increase will ruther exacerbate those costs. In fact, the falling cost of diesel fuel will be lost in Pennsylvania, primarily offset by the coming turnpike toll increase.

The PTC has not announced whether it will continue raising rates on an annual basis and in perpetuity. However, regular drivers on Pennyslvania’s Turnpike and Northeast Extension have become accustomed to paying a new toll with the new year. For 2014, however, the rate increase comes a day earlier than it did in 2013.

The Pennsylvania Turnpike Commission news release, announcing the toll increases, may be downloaded here.


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Gas Prices Hit New Lows As Seasonal Migrations Flare Up

Prices Officially Slip Below $3.00 Per Gallon In Some Areas

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The cost of gasoline has hit another fresh low this week, with the average price of a gallon of regular unleaded now at just $3.19, a sharp drop of over 7¢ from last week. This week also marks the first time this season prices have dipped below $3.00 per gallon, according to the weekly gas price survey from the U.S. Energy Information Administration. Although most regional prices are not yet below the $3.00 level, drivers in states along the Gulf Coast are paying an average of $2.98 per gallon. In some areas, the price is much lower.

Gas prices under three dollars

Gas prices at some stations, like this one in near Austin, Texas, reflect a trend to prices under $3.00 for many areas.

The cheaper cost of driving comes at a fortuitous time for seasonal travelers, many of whom are heading to southern states, particularly Florida, to take up winter residency. The new price lows also come ahead of holiday traveling, which will begin picking up volume by late November with Thanksgiving.

While the lowest regional average was in the Gulf Coast, many other areas are enjoying very cheap gas. Drivers across the Midwestern states are enjoying an average $3.07 gas price, while travelers across the broader eastern seaboard are paying an average $3.24. California and West Coast drivers are still paying up to $3.51, on average, for regular unleaded.

Truckers Benefit From Lower Diesel Prices

The cost of operating a diesel rig or fleet of trucks has gone down, at least in terms of fuel costs. The price of the average gallon of diesel is now at $3.83, nationwide, and at a low of $3.75 for Gulf Coast truckers. However, prices at many stations near toll roads, like ones in Texas, are witness to prices well below their regional averages. At one station near Austin, close to the Texas 45 Toll Road, the price of diesel was only $3.59 per gallon.

Too Much Supply As WTI Heads Lower

Lower crude oil prices in recent weeks have contributed to the decline in fuel prices, but there is also a glut of supply at many refineries, even as refinery capacity is undergoing seasonal adjustments. As for the price of crude, West Texas Intermediate (WTI) closed Tuesday at $93.16, although it had traded as low as $92.86, intraday. Brent crude closed at $106.14, although it had been as low as $103.46 late last week.

The lower seasonal demand, despite spikes in traffic around certain holidays, is also another factor playing into the reduced price of gas. But there is a longer-term trend toward even lower prices, according to a recent forecast from the EIA. Gas prices are expected to continue decling through the holiday season and well into 2014, according to the report.


Gas Keeps Getting Cheaper, Making For Early Holiday Gift

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The price of gas continues to fall across the nation, although the declines are a bit smaller as November gets underway, according to this week’s report from the U.S. Energy Information Administration. The EIA report shows the price of a gallon of regular unleaded fell to a nationwide average of $3.27, which is about two cents less than last week. some regions, as usual, enjoyed a larger decline than others. The Rocky Mountain states had the biggest weekly drop in fuel costs, with the average price at the pump down by about 6¢ per gallon.

Gas prices in South Florida

The price of gas across many regions is now below $3.30, with some areas, like the Gulf Coast, close to $3.00. Picture taken Mon., Nov. 4 in Oakland Park, Florida.

The price of gas in the Gulf Coast states was nearly at $3.00 per gallon, the only region that is that close, officially, to having three-dollar gas. For most of us, the price is between $3.20 and $3.30 per gallon. Moreover, gas prices in most regions are now lower than at the start of 2013.

By mid summer, the cost of driving had gone so high, many drivers were paying near or just over $4.00 per gallon for fuel. The price of diesel was even higher, making a fill-up for a trucker a costly endeavor.

The price of diesel is down this week, as well, following the trend of regular gasoline. However, the cost of diesel is not declining as quickly as with regular unleaded. The average price of a gallon of diesel is down about a penny per gallon, although some parts of the West Coast and California are seeing declines of 2¢ and 3¢ per gallon, respectively.

The price of gas is expected to level off by mid-December, according to a recent forecast by the EIA. The projected price of gas near the height of the holiday season is expected to hover around $3.15 per gallon. If current trends are any indication, some regions will have gas prices lower than $3.00 gallon, particularly the Gulf Coast.

On the futures exchanges, the price of West Texas Intermediate (WTI) was down to a five-month low Tuesday evening, after closing in on $93 per barrel. Even Brent is down significantly, moving closer to $105 per barrel. Tuesday prices fell considerably for both WTI and Brent, with the U.S. crude futures having fallen five out of the past six sessions.

A report from Reuters states U.S. oil supplies are up, reducing demand for future deliveries. The report cites an increase of about 2-million barrels of oil at a stock yard in Cushing, Oklahoma, which is the largest increase in supply there since December 2012.

When the glut of supply is matched with reduced refinery demand, the combination gives a one-two punch to the price of oil futures, which translates into lower prices at the retail level. However, due to oil companies’ accounting practices, retail prices declines, due to lower crude prices, typically time to manifest.


Gas Prices Plummet, Fall To $3 In Some Areas

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The price of gas went into a near freefall during the past week, with many regions of the United States enjoying some of the lowest prices of the year. The biggest decline in prices came for the Midwest, where the average price of a gallon of unleaded plunged nearly 12¢ per gallon to just under $3.20. Across the Gulf Coast, the price of gas is near the $3.00 mark, the lowest regional average in the country. For the broader, nationwide average, the price of unleaded stands, officially, at about $3.29 per gallon, a drop of nearly 7¢ over last week, according to the latest survey from the Energy Information Administration.

One area where drivers are still experiencing higher gas prices is across the West Coast and California. Gas price averages in some areas are more than 30¢ above the national average, with a trip up the Pacific Coast Highway likely to set you back about $3.61 per gallon. Most Westerners, however, are paying about $3.42 per gallon; drivers across the Rocky Mountain states are divvying up slightly less, at $3.37 per gallon, on average.

The price of shipping goods over land has also become a little less expensive, with the price of diesel fuel dropping about 2¢ per gallon during the pas week. Overall, however, diesel prices are lagging regular gasoline in price declines. The average price of diesel remains in the high $3.80’s, with prices in some areas across the West Coast still well north of $4.00 per gallon, particularly in California.

However, the current price trend is likely to continue, and that will bring further relief to regular drivers as well as truckers, going forward. As the price of crude  oil continues falling, the retail price at the pump will follow suit, typically within a couple of months. However, crude prices have been mixed in recent weeks. West Texas Intermediate (WTI) is now well off it’s yearly highs, closing Tuesday at $97.46 for December delivery. However, Brent Light Sweet Crude remained well above the 100-dollar threshhold, primarly because of unreast in Libya this week. That political instability has shaken markets, but it has not caused a run-up in fuel prices like investors witnessed in August, when concerns in both Libya and Syria drove speculation of supply disruptions.

Even so, the EIA has predicted the winter driving season will begin with gas prices at their lowest levels of the year. The EIA is further forecasting gasoline prices to continue falling into 2014, with a brief uptick in January, which is normal for the start of a calendar year.

Gas price projections for 2014

Perhaps the best news for 2014 projections is for the truckers. Diesel prices, which have hovered near or above $4.00 per gallon for the past two years, are projected to finally fall to around $3.76 per gallon, on average, in the coming calendar year. However, those projections are subject to considerable fluctuations due to supply and demand issues, particularly where it concerns refinery capacity and the potential for supply disruptions during the winter.

EIA diesel price projections for 2014


Gas Prices

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Gas prices across the U.S. slipped upward about a penny per gallon during the recent week, according to the latest survey from the U.S. Energy Information Administration. The EIA report shows the average price of a gallon of unleaded gas is now about $3.36 per gallon, although many areas are enjoying substantially lower prices, particularly the Gulf Coast states, where the price of gas is about $3.12 per gallon.

The slight uptick in prices goes against the longer-term seasonal trend of lower prices, overall, for most U.S. drivers, and it is not expected to continue, according to a report this week in USA Today. That trend is being driven largely by lower futures prices, which fell below $100 per gallon this week.

Futures prices have been slipping considerably in recent weeks, although periodic price disruptions have caused spikes in futures trades, particularly where it concerns North African and Middle Eastern supplies. But the production of oil elsewhere, particularly in the United States, has helped offset those scares. Refineries are also now producing cheaper grades of gasoline for winter driving, which also contributes to the lower cost of fuel.

For drivers nationwide, the price of gas did, in fact, fall in a number of regions during the past week, including the West Coast and California, the Rocky Mountain states and for drivers in the Central and Lower Atlantic states. The cost of fuel dipped by about 4¢ per gallon across the West Coast, and about 3¢ per gallon across the Rocky Mountain states and New England, regions where the price of gasoline is still hoveing closer to $3.50 per gallon.

For truckers and other drivers of diesel-powered vehicles, the price of fuel was basically flat during the past week. The average U.S. price of diesel fuel was flat this past week, with some regions showing a penny per gallon increase in prices and others showing a dip of a penny. Overall, the average price of diesel is about $3.89 per gallon, which is identical to last week.

Year over year prices continue to provide a longer-term view that augurs great news for drivers in the weeks to come. Some analysits believe the price of gasoline is likely to continue falling through the winter months, driving the price of gas to the lowest levels drivers have enjoyed since 2010. However, that prediction could prove folly if a frigid prediction by Farmer’s Almanac proves true.

Farmer’s Alamanac predicts an especially frigid and wet winter season in the coming months, which means heating oil and natural gas supplies are likely to be strained under heavy demand. If home heating oil demand spikes, the prices in related, broader energy markets could come under pressure to increase.