The EIA, which is part of the U.S. Energy Department, expects the decline in retail gasoline prices to continue this fall and through the remainder of this year, he said.
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“Crude oil prices are down dramatically, and U.S. refiners are putting out gasoline at near-maximum rates”, she said. Some people said that it’s hard to keep food on their table without worrying about keeping gas in their tank and prices are up average of 20 cents. BP shut down the refinery for “unexpected repairs”, according to a news release.
“One refinery can go down, and prices will be higher until it gets back online”, said Brian Youngberg, an analyst at St. Louis-based Edward D. Jones & Co. who focuses on oil companies.
On August 12, the price of West Texas Intermediate crude oil hovered around the $43 per barrel mark. Nationally, drivers are paying an average of $2.62, which is the same as last week and 85 cents less than a year ago.
The average price of gasoline in Wisconsin rose to $2.80 a gallon Friday, a 13-cent increase from Thursday and the second double-digit increase in as many days, according to AAA.
Crude oil prices may continue to remain soft. Harker Heights had two retailers – an H-E-B, 601 Indian Trail, and a Murphy USA, 2010 Heights Drive – crack second place with four other retailers around the state, selling gas for $2.08. And if the pending nuclear deal with Iran leads to that country resuming oil exports, the additional supplies could push prices down even more.
“The demand response we’ve seen from the American consumer has been really strong”, Jenkins said.
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Gasoline futures RBU5, -1.63% jumped almost 4% this week to $1.6869 a gallon, the biggest weekly rise since mid-June.
