That was 3 cents lower than a week ago, 29 cents lower than a month ago and 5 cents lower than a year ago. Fueling the slump: oil's slide amid concerns about the economy and a glut of petroleum production. The U. Gas is likely to continue heading downward as the holiday travel season approaches. More Money: Why is the stock market dropping? Dow sheds 90 points on trade, Brexit concerns. Gasoline prices tend to increase when the available supply of gasoline decreases relative to real or expected gasoline demand or consumption.
Gasoline prices can change rapidly if something disrupts crude oil supplies, refinery operations, or gasoline pipeline deliveries.
Even when crude oil prices are stable, gasoline prices fluctuate because of seasonal changes in demand and in gasoline specifications. World crude oil prices reached record levels in as a result of high worldwide oil demand relative to supply. Significant growth in demand in China, the Middle East, and Latin America, combined with market uncertainty in world supply, contributed to the run-up in oil prices and, in turn, to record-high gasoline prices in the United States.
Historically, retail gasoline prices tend to gradually rise in the spring and peak in late summer when people drive more frequently. Gasoline prices are generally lower in winter months. Gasoline specifications and formulations also change seasonally. Environmental regulations require that gasoline sold in the summer be less prone to evaporate during warm weather. This requirement means that refiners must replace cheaper but more evaporative gasoline components with less evaporative but more expensive components.
In through , the average monthly price of U. The supply of gasoline is largely driven by crude oil supply and refining, imports of gasoline, and gasoline inventories stocks. Stocks are the cushion between major short-term supply and demand imbalances, and stock levels can have a significant impact on gasoline prices. If refinery or pipeline problems or reductions in imports cause unexpected declines in supply, gasoline stocks may drop rapidly.
This drop in inventories may cause wholesalers to bid higher for available supply over concern that future supplies may not be adequate. Imbalances may also occur when a region changes from one gasoline formulation to another, and refiners, distributors, and marketers adjust supply for the new product. Gasoline explained Gasoline price fluctuations.
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Exclusive Corporate feature. Corporate Account. Statista Accounts: Access All Statistics. Basic Account. The ideal entry-level account for individual users. Corporate solution including all features. Statistics on " Gasoline and diesel market in the U. The most important statistics. Further related statistics. Motor fuel - retail prices in Wisconsin Motor fuel - retail prices in Wyoming Ethanol share in gasoline by Canadian province Italy: gasoline price variation , by month Monthly petrol consumption in Italy Sources of U.
Further Content: You might find this interesting as well. Statistics Motor fuel - retail prices in Wisconsin Motor fuel - retail prices in Wyoming Ethanol share in gasoline by Canadian province Italy: gasoline price variation , by month Monthly petrol consumption in Italy Sources of U. Topics Oil and gasoline prices. Learn more about how Statista can support your business. January 11, Retail price of regular gasoline in the United States from to in U.
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