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Gas Prices Expected To Jump Again In Lexington Soon

Posted: May 24, 2011 2:44 PM

Motorists should be aware of the likelihood of rising gas prices in the next 48 hours and through the weekend in Lexington.

"I expect stations to increase prices to $3.89-$4.15 by weekend with a majority of stations starting to raise prices as early as tomorrow morning", says Patrick DeHaan, GasBuddy.com Senior Petroleum Analyst.

DeHaan tweeted that a price hike was likely in the Great Lakes area after ExxonMobil's Joliet, IL refinery was heard to have had yet another unexpected problem while restarting their facility, boosting concern about supply as the summer driving season is just days away. ExxonMobil's refinery in Joliet can process up to 238,000 barrels of oil per day.

DeHaan also said that prices outside the Great Lakes would likely continue to slowly fall as wholesale prices in other regions have only risen a few cents compared to the near 40-cent increase in wholesale prices in Michigan, Indiana, Illinois, Wisconsin, Ohio, and Kentucky.

Pump Prices Lower Ahead Of Memorial Day Weekend

Posted: May 26, 2011 12:30 PM


(AP) - Drivers getting an early start on the Memorial Day weekend are pulling out of gas stations with a little more cash in their pockets.

The national average for unleaded regular gasoline was $3.81 a gallon on Thursday. That's 9 cents less than it was a week ago, according to AAA, Wright Express and the Oil Price Information Service.

Most stations across the country are charging even less - about $3.70 a gallon. That's down 10 cents from Wednesday, according to Fred Rozell, retail pricing director for the OPIS.

Consumers in California, Washington, Illinois and five other states are paying the highest prices in a range between $3.91 and $4.28 a gallon. The cheapest prices - between $3.57 and $3.69 a gallon, can be found in Wyoming, Arizona, parts of the Midwest and the South.

Pump prices are expected to drift lower through the holiday weekend, reflecting lower oil prices, which are down about 12 percent since the beginning of May.

"There's a lot of room between what the retailers are charging and wholesale prices so we should see that continue to creep down," Rozell said.

AAA predicts nearly 35 million Americans will travel 50 miles or more from home this Memorial Day weekend, a slight increase from 2010. They are expected to spend less on things like hotel rooms and restaurants because of higher gas prices. Pump prices are the highest they've been since August, 2008.

In other trading, oil prices fell after the government offered fresh signs of slower economic growth. The Commerce Department confirmed that the economy grew at an annual rate of 1.8 percent in the first quarter. The government cited high gasoline prices, weaker-than-expected consumer spending and government budget cuts as reasons for the sluggishness. Consumer spending accounts for about 70 percent of all economic activity.

Also, the Labor Department reported that more people applied for unemployment benefits last week.

Tom Bentz, analyst at BNP Paribas Commodity Futures, said oil traders watch every report for evidence of how the economy is faring. If the news is good, oil prices tend to rise on hopes that demand will improve. If the news is disappointing, prices fall, he said.

Benchmark oil for July delivery fell $1.27 to $100.05 per barrel in midday trading on the New York Mercantile Exchange. In London, Brent crude lost 52 cents at $114.41 on the ICE Futures exchange.

Natural gas prices dropped after the Energy Department said supplies continued to grow, rising more than analysts expected last week. Gas held in underground storage in the lower 48 states totaled 2.024 trillion cubic feet for the week ended May 20. That was 1.3 percent below the five-year average.

Natural gas for July delivery fell 12 cents, or 2.8 percent, to $4.300 per 1,000 cubic feet on the Nymex.

In other Nymex trading heating oil was virtually unchanged at $2.9908 per gallon and gasoline gained 1 cent at $2.9995 per gallon.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

re3too wrote:It was $3.689 this PM in Somerset! Hope ya filled up this AM, slower!

FasterThanYou wrote:

re3too wrote:It was $3.689 this PM in Somerset! Hope ya filled up this AM, slower!

Nah, I have a half tank left. I'll be fine until they get over $4 by Saturday.

E_HILLMAN wrote:OMG! I just got diesel for under $3.99 I had just under 3/4 of a tank already but I went ahead and put some in because it was $3.70! For diesel.

Now if htey would drop that by a dollar a gallon I would actually be happy.

Gas Prices Continue To Drop

Posted: Dec 19, 2011 8:02 AM

Several Lexington gas stations advertised regular unleaded gas under $3 per gallon Monday morning.

Local average retail gasoline fell 11.9 cents per gallon over the past week, averaging $3.09 per Sunday. This compares with the national average that fell 4.3 cents per gallon in the last week to $3.23 per gallon, according to gasoline price website LexingtonGasPrices.com.

Prices Sunday stood 17.6 cents per gallon higher than the same day one year ago and 16.7 cents per gallon lower than a month ago. The national average decreased 13.4 cents per gallon during the last month and stands 26.4 cents per gallon higher than this day one year ago.

"Gas prices across much of the nation continue their downward move, bringing the national average for a gallon down to its lowest level since late February," GasBuddy.com Senior Petroleum Analyst Patrick DeHaan said. "While some motorists are thinking these falling gasoline prices are nice, I'll unpleasantly remind them that gasoline prices will still set record highs this Christmas across much of America. Motorists have never seen average prices this high on Christmas. As prices typically reach a low point during early winter, this sets up a troubling start to 2012 in terms of gasoline prices. Summer gasoline prices typically are 80-120 cents per gallon higher than where prices stand around Christmas."

Price Hike Warning for April 15, 2013
LexingtonGasPrices.com
Watch out! Gas prices could be jumping in Lexington! Warn your friends.
Pre-Hike Average
3.39
Projected Average
3.49 +/- 0.04


Warning Buddies, we suspect gasoline prices may be rising to 3.49 +/- 0.04 over the next 36.5 hours. We calculate the odds of this increase occurring to be 93%.

Thanks,

The Gasbuddy Team

E_HILLMAN wrote:
LexingtonGasPrices.com
Watch out! Gas prices could be jumping in Lexington! Warn your friends.
Pre-Hike Average
3.39
Projected Average
3.59 +/- 0.08


Warning Buddies, we suspect gasoline prices may be rising to 3.59 +/- 0.08 over the next 37 hours. We calculate the odds of this increase occurring to be 93%.

Thanks,

The Gasbuddy Team

E_ wrote:Maybe you should come have a late lunch with us tomorrow and waste some more gas. Lol