Monday, June 11, 2012

You are always a break at the pump this summer

Joe Radle / Getty Images

Over the Memorial Day holiday, fuel prices lower about 27 cents as their national Summit appeared on approximately $3.65 per gallon, early April.

By Paul A. Eisenstein, the Detroit Bureau
It was not too long ago that American drivers have been with shrill headlines forecast $4, even $5 per gallon gas summer is welcomed.

It seemed quite plausible after quick runup in late winter and spring, prices at the pump comes back within a few cents of the record in July 2008. But a funny thing happened as well as the traditional driving season come on: fuel prices began to fall, and the downward trend may well through the summer.

About the Memorial Day holiday, which, the different tracking services showed that fuel prices to approximately $3.65 is popped, lower a gallon about 27 cents as their national summit in early April.

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"Had me in January when the national average would have been that low on Memorial Day, I probably laughed would have," said Patrick DeHaan, a senior analyst at We look forward, he told, "prices could go either way," according to a number of factors, but now the trend seems to be to down to.

The tracking service shows that only since the holiday pump slip prices further: today to a national average of $3.646, down from $3.807 early May. In fact, rather than see a record high, figures driver now less than even a year ago, when the price of a gallon unleaded regular on average $3.779 at self-service pumps.

"I'm not sure who to thank, but I'll take it," laughed driver Jerry Benjamin after filling up his large Chevrolet Suburban at sunny's Sunoco in pleasant Ridge, MI "if I can save a quarter per gallon on a tank such as these, the $5, $10 per week extra for me and the family."

Who - thanks before - such as the blame for spring is a complex issue.

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You might be tempted, the finger at Washington, and certainly, President Barack Obama came under fire, as fuel prices began just before the $4 per gallon. His challenger for the White House, Mitt Romney, has in the past month, that the President "gets full credit or blame for what this economy has happened and what has happened to gasoline prices under his watch."

GasBuddy DeHaan proposed in reality, was responsible the White House for the this year's run-up in fuel prices, nor its decline. To name a few, he and other analysts of the factors:

A fire in a refinery in Washington State last mix led to short supplies of gas, especially on the West Coast, a situation that deteriorated scheduled maintenance as other refineries or loss of production during the annual switch to summer fuels to reduce emissions during hot weather; Demand in China, India and other emerging economies stretching thin global oil supply lines, and refinery capacity has been way ahead; the nascent economic recovery in the United States led oil dealer beat up fuel prices even further.
But the recovery slower than expected, downward pressure on prices, is already. And so has the fact that Americans are not only less, but migrate to fuel efficient vehicles. A study by the Brookings Institution shows that the average vehicle about drove the same as in 1997 only 9,500 km by 2011.

Then, there is the economic crisis in Europe. With Spain's economy in free fall, and with a view to the view that the common currency of the value of the euro to leave Greece has against the dollar was tumbling. "And that is driving oil prices down," according to analyst DeHaan.

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As of Wednesday morning, benchmark crude oil below $90 a barrel had on the New York Mercantile Exchange, largely because of concerns over Europe, a decrease of 15% in just four weeks mark appeared.

"The fear of infection on Spanish and Greek debt and economic issues continue to force downward revision in the growth of the world economy and thus oil demand," wrote energy trader and consultant Knight Bush and associates in a new report.

"Volatility increases constantly," which warns report, but offers a long list of factors that could see again hammered driver: the unresolved problems of Iran's nuclear programme; the possibility of a positive solution in Greece; Further increase in demand from China and other emerging markets; and a significant upturn in the US economy.

First data indicate that American drivers long their good fortunes from climbing behind the wheel over the weekend of memorial day celebrated. The AAA estimated that 30.7 million people travel need took more than 50 kilometers, an increase of 400,000, this year. Meanwhile reported the American Petroleum Institute, that the demand for gasoline 0.9 percent in April 0.3 per cent for the year as a whole compared to proposed use could increase rapidly.

But now, at least motorists are always for a much-needed break, according to Tom Kloza, the Chief oil analyst at the oil price information service, and each talk about record gas prices is likely well into the future.

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