The surge in supply and plummeting demand have had a key role in gasoline prices falling in 45 of the nation's 50 states during the last week. That's the third consecutive weekly decline, but compared with the same day a year ago, prices are 46.1 cents a gallon higher.
Lima was the only community to see an increase this week, with the average price up 1 cent to $2.45.
The price of gasoline nationally has now fallen 22 straight days, the longest streak since last summer, according to Patrick DeHaan, senior petroleum analyst for GasBuddy.
The Wheels Are Starting to Come Off, Bulls lose to Hawks But if sometime soon I think I need to finally speak up in that department and let him know we need to do this, sure, why not". He thinks the rest of the Bulls players don't care about the situation, and that this is causing too many losses.
AAA attributed the current run of price dips to seasonal trends -prices usually dip in January - and increased USA crude oil production.
The national average price of gas continues to decline as US oil production increases. Prices in much of the Mid-Atlantic and Northeast have followed the national average by dropping during the past week, according to AAA. "However, we may continue to see the national average moderate during the next week, with the exception of the Great Lakes, where a price adjustment of sorts is still expected".
During November, OPEC and non-OPEC countries struck an agreement to cut production collectively by 1.8 million barrels per day for the first six months of 2017. The increased United States production continues to offset OPEC's recent efforts to rebalance the global oil through production cuts. "The U.S. has been the only destination for Canadian crude oil for as long as Canadians have been producing crude oil". Dansville, which has had the lowest average price in the county for weeks, was down a penny from a week ago.
Demand estimates from the Energy Information Administration are eye-opening: gasoline demand down 7.7% so far in 2017 versus a year ago, barely making it past 8 million barrels per day, down almost 20% versus peak summer demand season.
Existing home sales close 2016 as best year in a decade
In spite of the decline at the end of year, 2016 has been the best sales year since 2006, noted TD Economics in a research report. The recent drop in home sales comes after a three month increase, so experts aren't too concerned about the latest numbers.
Boeing outlook brightens after earnings jump
Canada's Bombardier and Russian Federation and China are in various stages of delivering similar-sized, single-aisle jetliners. To recoup those losses, Boeing will need to drive its cash profit margin for 787 deliveries much higher in the next few years.