Latest Gasoline Prices

Latest Gasoline Prices

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Latest Gasoline Prices

Fluctuation in the prices of gasoline depends on its production capacity. Low or falling surplus production capacity leads to a tight market and firming prices. Conversely, a high and rising surplus production capacity leads to a loose market and weakening prices. The OPEC generally holds most of the world’s available surplus crude oil production capacity, with the ability to manipulate production levels to influence oil prices and orchestrate market conditions.

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Tightening market conditions forced OPEC to reduce surplus production capacity from 5 million barrels per day in 2002 to about 1 million barrels per day by mid 2008. This put upward pressure on prices. This period was characterized by an unprecedented sharp and steady rise in crude oil prices from $26 per barrel to over $140 per barrel.

The average national price for regular gasoline increased more than 16 cents to $2.24 per gallon, which was $1.48 less than a year ago and $1.87 below the all time high in July 2008.

Following several weeks of strong gains, propane inventories moved up to 0.7 million barrels last week and settled at an estimated 46.2 million barrels as of May 8, 2009. Price in the regional areas remained mixed with a small drop of 0.1 million barrels in East Coast, but with the Midwest reporting gains of 0.5 million barrels. The West Coast remained unchanged during this time.

Gasoline retail prices in early May of 2009 inched up from the previous month, with Vietnam raising pump rates on Friday for the third time in just over a month as oil prices rose above $57 a barrel. American motorists are now paying less when they refuel than their counterparts in China, India and Vietnam.

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  • Why Is Gas So Expensive ?

The most visible of all consumer prices are the gasoline prices. They are prominently displayed by all the gas station. As a result, consumers are highly sensitive to changes in price. Such changes translate into anxiety when the price rises. It is important for a layperson to understand the causes of price fluctuations. More..