July 2011

• July 13th, 2011
• Jackson Parker

Gasoline prices are rising again even though drivers in the U.S. have bought less gas for four months in a row. Gasoline is getting more expensive even though motorists continue to cut back. MasterCard SpendingPulse said Tuesday that gasoline consumption has dropped for 16 weeks in a row. SpendingPulse, which tracks credit card payments around the country, said the four-week average for gasoline demand fell by 1.1 percent last week compared to a year ago.

Demand even dropped over the July 4 weekend, usually a time for lots of road trips. MasterCard analyst Jason Gamel said motorists used 1.7 percent less this year than they did during last year’s holiday weekend.

Oil, which is used to make gasoline, is higher as well. On Tuesday. Benchmark West Texas Intermediate crude for August delivery gained $2.28, or 2.4 percent, to settle at $97.43 per barrel on the New York Mercantile Exchange. Brent crude, used to price many international oil varieties, rose 51 cents to settle at $117.75 per barrel on the ICE Futures exchange in London.

• July 11th, 2011
• Aurielle Destiche

Weeks of declining gas prices have come to an end. Gas prices are on the rise gain, slowly but surely.

A gallon of regular unleaded gasoline is currently $3.63, up seven cents from one week ago. Gas prices are up 92 cents from one year ago, according to the AAA Fuel Gauge Report.

Rising oil prices over the last few weeks are the main reason for this month’s increase in gasoline prices. Oil prices are fluctuating day to day, but seem to be on an upward climb week by week.

• July 11th, 2011
• Aurielle Destiche

Just when businesses and consumers thought they were in the clear – oil and gas prices have started to rise again. Gas prices certainly have come down in recent weeks, but they aren’t as low as last summer.

Two weeks after the U.S. and other 27 allies announced they were tapping domestic oil reserves (which temporarily knocked down the price of oil to almost $90 a barrel) oil is back around $100. And gas prices, which have been declining since May, are up over 4 cents since one week ago.

Oil is rising again as investors bet that the economies of many countries, including the U.S., will improve in the second half of the year, and global demand for petroleum will rise. While most experts agree that the world has plenty of oil, there are concerns that supplies could get tight as demand rises.

• July 2nd, 2011
• Aurielle Destiche

Gas prices are affecting people’s travel plans for this 4th of July holiday weekend. Five out of every six travelers will make their trips by automobile, according to AAA.

Fewer Americans will travel during the Independence day weekend, consistently one of the heaviest travel periods of the year. AAA said it expects fewer travelers to travel, as high gas prices are putting the squeeze on lower-income households. Although gas prices have been decreasing recently, they are still about $1 dollar higher than they were last year.

Between Thursday June 30 and Monday July 4, 39 million people will travel 50 miles or more from home, according to AAA Independence Day forecast. That is a 2.5 percent decrease from last year.