EIA: Lowest Thanksgiving gasoline prices since 2010

Regular-grade gasoline prices this week average $3.29/gal, 14¢ lower than a year ago, and the lowest level heading into a Thanksgiving holiday since 2010, according to the US Energy Information Administration.

During the 2013 Thanksgiving holiday weekend, Nov. 27-Dec. 1, more than 38 million people in US will travel more than 50 miles from home by automobile, the American Automobile Association estimates.

EIA’s November 2013 Short-Term Energy Outlook forecasts the US average retail price of regular gasoline to be $3.24/gal in the fourth quarter, rising to average $3.33/gal in first-quarter 2014. The 2013 annual average retail gasoline price is forecast at $3.50/gal and the 2014 average at $3.39/gal.

“Lower costs of crude oil are the major reason that gasoline prices are down in recent months,” EIA said. From Sept. 3 to Nov. 25, Brent crude oil spot prices dropped by $4.66/bbl and West Texas Intermediate crude oil fell by $14.81/bbl, partly driven by lower demand for crude oil due to seasonal refinery maintenance.

EIA’s November 2013 STEO forecasts Brent and WTI prices to decline further to $105/bbl and less than $94/bbl, respectively, in December, and down to $101 and $93 by the end of 2014.

Related Articles

EIA: China exceeds US as the largest net petroleum importer

03/26/2014 In September 2013, China’s net imports of petroleum and other liquids exceeded those of the US on a monthly basis, making it the world’s largest ne...

EIA: Tight oil production pushes US supply to more than 10% of world’s total

03/26/2014 US tight oil production averaged 3.22 million b/d in the fourth quarter of 2013, pushing overall US crude oil production to more than 10% of the wo...

MARKET WATCH: NYMEX oil futures drop with HSC partially reopened

03/26/2014 Crude oil prices fluctuated but ended the New York trading session down modestly Mar. 25 after the US Coast Guard reopened the Houston Ship Channel...

Total, InterOil close Papua New Guinea deal

03/26/2014 InterOil and Total SA have finalized a revised sales and purchase agreement for the Elk-Antelope gas-condensate field in petroleum retention licenc...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected