At a national average of $2.81 a gallon, Thanksgiving gasoline prices haven’t been this low since 2009, according to the AAA, which says that could trigger more than a 4 percent increase in people driving over the holiday, FuelFix reports.
The recent drop in gasoline prices appears set to continue into the Thanksgiving holiday weekend, potentially falling to the lowest level in five years, back in 2009 when the national average was $2.63 a gallon, according to AAA, FuelFix reports.
A survey from the National Association of Convenience Stores found that while two-thirds of Americans plan to maintain last year's holiday shopping levels, 14 percent plan to spend more due partly to lower gasoline prices, FuelFix reports.
NEW YORK (AP) — The average price of gasoline will be below $3 a gallon in 2015, the Energy Department predicted Wednesday. If the sharply lower estimate holds true, U.S. consumers will save $61 billion on gas compared with this year.
Economists say lower gasoline prices act like a tax cut, leaving more money for consumers to spend on other things. Consumer spending is 70 percent of the U.S. economy.
Drivers across the U.S. lack confidence that gasoline prices – which averaged under $3 a gallon this week for the first time in four years – will stay at their current levels, The Washington Post reports.
DETROIT (AP) — Falling gas prices improved buyers' moods and boosted sales of SUVs and trucks in October.
GM, Toyota, Chrysler, Nissan, Volkswagen and Honda all reported sales gains last month. Only Ford's sales fell 2 percent as it cut back on F-Series pickup sales ahead of the launch of a new F-150 later this year.
DETROIT (AP) — Nissan's U.S. sales rose more than 13 percent in October, a sign that auto sales continue to be strong.
The Japanese automaker said its Nissan and Infiniti brands sold just over 113,000 cars and trucks last month. Nissan sales rose almost 15 percent while Infiniti was down 1 percent.
Nissan says high consumer confidence and low gas prices raised sales of everything from small cars to SUVs. Marketing chief Fred Diaz says he expects the same factors to boost sales in November and December.
Even as the Obama administration is shutting some doors to drilling in Alaska, it plans to open up the Atlantic, with an announcement expected from the Interior Department soon, sources tell National Journal.
The industry practice of drillers using a trade secret designation to avoid disclosing which chemicals they use in fracking will get new restrictions, under a legal settlement agreed in Wyoming between environmental groups, state regulators and oilfield services company Halliburton, the Casper Star-Tribune reports.
The capital and exploration budget for Hess Corp. will drop by 16 percent to $4.7 billion in its 2015 outlay, the company said, adding that the number of rigs it plans to operate will drop by nearly half to an average of 9.5, FuelFix reports.
Oil gained in trading early Monday but failed to shoot up substantially despite a prediction from OPEC’s Secretary General that prices could end up as high as $200 a barrel. West Texas Intermediate crude for March delivery rose 13 cents to $45.28 a barrel in electronic trading on the Nymex, while in London Brent increased 27 cents to $48.43, Bloomberg reports.
The drop in rig count that has followed the slide in oil prices won’t dent U.S. crude production too much in 2015, assuming that prices begin to recover in the later part of the year, according to statistics from the Energy Information Administration, The Hill reports.
Companies may be cutting back their exploration and drilling this year as a result of the drop in oil and gas prices, but those who are well positioned will likely be looking to pick off rivals instead, which could lead to an upsurge in mergers and acquisitions, the Pittsburgh Post-Gazette reports.
Former BP executive David Rainey has seen his request to have the U.S. Supreme Court hear his appeal in an obstruction of Congress case rejected: He stands accused of lying to lawmakers about the severity of the Deepwater Horizon disaster in 2010, Reuters reports.
The coal trade in January will be affected by winter weather, as a trade association official told Platts that at least one barge in Lake Superior was unable to load its cargo as a result of icing, and others were likely delayed.
Having spent $305 million five years ago to purchase the San Francisco-based solar company Recurrent Energy, Sharp Corp. reportedly has found a buyer for the unit above the initial purchase price, sources tell Bloomberg.
In a fresh tilt at net metering, Hawaii Electric has applied to the state’s Public Utilities Commission to phase out the existing program of issuing credits to customers with solar panels who supply electricity back to the grid, as the utility claims they are not paying their fair share of grid maintenance, E&E reports.