Where are U.S. gasoline prices heading?

September 29, 2008

Gasoline shortages in North Carolina, Georgia, Tennessee, and parts of Florida in the wake of Hurricane Ike have driven some consumers to desperate measures as they hunt for places to fill up. People were cutting in long lines, fighting at gas stations, and hoarding gas in multiple containers, according to local news reports.

Hurricane Ike shut 15 refineries in the Gulf Coast’s refinery row and shut several pipelines as well. The outages have driven U.S. gasoline inventories to their lowest levels since 1967, and refinery utilization rates have sunk to their lowest rates on record.

The disruptions have upended the traditional pecking order of gas prices: Less supply from Gulf Coast refineries has taken away the region’s traditional advantage in gasoline pricing. Motorists in California, meanwhile, have enjoyed a respite from paying the highest gasoline prices in the continental United States.

By Wednesday, 18 states still had higher gasoline prices than California — which normally has the highest pump prices because of tougher environmental fuel standards and a lack of access to supplies produced east of the Rockies.

With a slowing economy and seemingly routine disruptions in supply, it’s hard to know which way gas prices are heading. What do you think U.S. residents will be paying at the pump a month from now?

Vote in our poll below, or go to the news prediction site HubDub to place a virtual wager on gas prices.

 

 

Gasoline price poll

 

 

Photo

How much do you expect to pay for a gallon of gasoline a year from today?

less than $3

$3-5

more than $5

 

Show Results

How much will a gallon of gasoline cost in the U.S. on October 29?

Comments

Gas prices plummeted today, or so says the news reports. We should see lower prices any time now – they dropped a great deal

 

Don’t complaint about fuel price in the US, please! Just think about Europe (and particulary Italy). Now we’re paying more o less 1.4 € per liter (that’s about 8$ per gallon) and in past months we’ve paid till 1.6€ per liter…please send me some gallons at 5$!!!!!

Posted by marcello | Report as abusive
 

I don’t pay a quarter for gas. Telling the truth I don’t use gas, ’cause I ride a bicycle. And it is much better to my health and environment. You should try.

In my opinion, the fuels still are very cheap. Burn fossil fuels have so many consequences to environment that I think prices MUST raise much more.

 

My message is to all europeans who lost a historical battle between open market regulated economy meaning Capitalism and central government regulated one, which called Socialism . Don’t complain on the inflation
and near unstoppable rising prices on everything including,of course, prises for gasoline.
Americans are complayning on the gas prices spike because
we still fighting with socialism and we believe that
the prices artificially inflated with no regards to a supply demand balance. As a matter of fact the prices
already dropped sharply worldwide, but europeans will be supprised by the americans who will pay as low as $2.5-$3.0 per galon of gas in nearest 2-3 years when at the same token the europeans would pay 15% -25% higher than today.

Posted by Igor Mon | Report as abusive
 

No matter where the prices of gas go, you have to remember that how you pay for it (i.e. your credit cards, etc.) can also add to your fuel bill. Try searching Google and find one of those reward-based gas cards. That way, as long as you pay your bills on time, you can actually save money no matter where you buy gas. There are web articlesthat show that the average American driver can save over $175 per year on their gas purchases, while RV travelers can ratchet up savings of $100 on each and every cross country trip. (It think CNN has the articles if you are looking)

 

Post Your Comment

We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/