Tags: US | Oil | Prices

Post-Holiday Pump Prices Should Slide

Tuesday, 07 Sep 2010 12:52 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

Motorists should see pump prices slide again after they spending a little more to fill their tanks over the Labor Day weekend.

The national average for a gallon of unleaded regular was $2.682 Tuesday, according to AAA, Wright Express and Oil Price Information Service. That's 0.5 cent higher than a week ago and 9.9 cents higher than a year ago.

Drivers in the West, Illinois and New York state saw the highest prices over the weekend, ranging from $2.794 to $3.525 a gallon. The lowest prices were in Texas, parts of the Midwest and the South.

Analysts expect retail prices to fall now that the summer driving season has ended with plentiful supplies still in storage. In addition, consumers are watching their dollars carefully as unemployment remains high.

"Demand probably did pick up a little bit going up into the holiday, which probably kept the prices up there," PFGBest analyst Phil Flynn said.

The price of crude and other energy products retreated as fears about the global economy resurfaced following reports that European banks may have more risky government debt on their books than previously thought.

Benchmark crude for October delivery fell $1.56 to $73.04 a barrel in morning trading on the New York Mercantile Exchange.

The Wall Street Journal reported that EU stress tests of 91 banks in July understated some lenders' holdings of potentially risky debt. The Financial Times said Germany's top 10 banks will have to raise as much as $135 billion to meet new capital requirements.

Abundant supplies of oil will pull prices down over the next two months, with fewer drivers on the road and the winter heating season still to come, MF Global analyst Andrew Lebow said.

In other Nymex trading in October contracts, heating oil fell 1.34 cents to $2.0439 a gallon, gasoline dropped 2.56 cents to $1.8839 a gallon and natural gas lost 5.5 cents to $3.884 per 1,000 cubic feet.

In London, Brent crude slipped down 49 cents at $76.38 on the ICE Futures exchange.

——

Associated Press writers Pablo Gorondi in Hungary and Alex Kennedy in Singapore contributed to this report.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Report: Obamacare Could Leave 2M Uninsured via Glitch

Monday, 22 Sep 2014 18:14 PM

Nearly 2 million adults and children could be left uninsured by an "odd and particularly problematic side-effect" of Oba . . .

Forecaster: Expect Colder Temperatures, More Snow This Winter

Monday, 22 Sep 2014 17:34 PM

Mother Nature is gearing up to clobber the United States with much colder temperatures this winter, according to Joe Bas . . .

North Dakota Tops US Income Gains Thanks to Fracking Boom

Monday, 22 Sep 2014 17:27 PM

North Dakota leads the nation in personal income growth. No other state even comes close. From 2008 to 2012, North Dakot . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved