Gas prices falling faster in certain parts of Arkansas than othe

31 Dec 2014 | Author: | No comments yet »

As gas prices keep changing, Americans keep adjusting to the wild price swings.

Danny Martinez makes his living on the road. The free-fall in gasoline prices has notched another milestone — Missouri and Oklahoma are the first states since 2009 to report average prices below $2 a gallon, according to AAA.OKLAHOMA CITY (AP) — AAA Oklahoma says the state’s average price for a gallon of gasoline has dropped to $1.98 and is the second lowest price in the nation.

Across the Rio Grande Valley, average retail gasoline prices have fallen 7.7 cents per gallon in the past week, according to GasBuddy.com, which determined the average cost in Brownsville was $2.07 on Monday. The Exxon on Cantrell Road in Riverdale is selling regular unleaded gasoline for $2.19, matched by the other gas stations like E-Z Mart and Phillips 66 in the Riverdale neighborhood. “I’m totally jealous,” said Dom Sarnataro, while he filled the gas tank of his sport-utility-vehicle. “Why is that? They now average $1.89 on the Missouri side and a few cents higher on the Kansas side, although drivers can likely find better prices at certain locations. Nationally, gas prices averaged $2.27 with the highest state price in Hawaii at $3.53 followed by New York where motorists are paying an average of $2.80 a gallon. Iraq and Iran followed Saudi Arabia’s lead several weeks later. “In late September, they too were cutting crude oil prices,” DeHaan said. “Since then we’ve seen nothing but talk about how OPEC is suddenly OK with cheap oil.” “You can’t understate what a significant U-turn that is in their policy.

Gas prices in the U.S. have declined for 95 consecutive days, and November’s decision by OPEC to not reduce oil production has caused oil and gas prices to drop even faster. Several things contributed to the falling prices at the pump, with gas prices falling in areas like the Midwest where refineries had been in a crunch, restricting supplies, until about the time the fall began. It’s why places like Fayetteville, Jonesboro, Texarkana and other corners of the state are seeing prices dip below $2.00 per gallon, while motorists in the center of the state are still paying more than $2.15 a gallon. The odd occurrence made me think about how gas prices have changed in the last few years, and American motorists have become conditioned to paying whatever it takes. The gas stations in these border towns are directly competing with their border states’ prices. “I wouldn’t be too upset about it,” said Laskoski. “Arkansas’s still looking at a statewide average at $2.14 a gallon; that’s awfully good.

The state’s low gas taxes and access to plenty of fuel flowing from the Gulf Coast and regional refineries have combined to push prices to a nationwide best. Quoting Patrick DeHaan of GasBuddy, the Free Press says that the gas prices drop is likely in the “final two minutes of play” as they outpace the drop in oil prices. When the new policies go into affect, it will be difficult to predict how much gasoline will cost because both the cost of oil abroad and the carbon credit will be factors, she said. “There’s really no way to know how much the cost will increase, especially if oil costs continue to decrease, but I have seen reports that oil prices are going to increase a bit as well,” she said. Meanwhile, AAA is predicting that economic boons will come to the automotive industry, the travel industry, and more as low gas prices spur sales and travel.

Cap-and-trade revenues from fuel alone should bring in about $1.7 billion to California in 2015, said Severin Borenstein, professor of business administration and public policy at UC Berkeley’s Haas School of Business, in an August article. Steve Mosby, a partner in Admo Energy which helps fuel retailers buy fuel to resell, has never seen anything in his decades-long career as dramatic as the recent decline in fuel prices. GasBuddy says the largest price drops have been recorded in Michigan (down $1.85/gallon), Kentucky (-$1.66/g), Indiana (-$1.62/g), Ohio (-$1.61/g), and Illinois (-$1.60/g). Finished goods from factories that U.S. companies built overseas to take advantage of cheap labor and lower taxes wouldn’t get to market here or elsewhere.

According to a report on Torque News, the EIA shows how gasoline costs have risen and dropped in recent years while travel amounts and fuel use has remained relatively steady.

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