Gas prices continue slow decline in San Marcos area
Gas prices continue to decline slowly across Texas, including a 5-cent drop in the Austin-San Marcos region over the last week, according to AAA Texas.[San Marcos, TX] [Hays County news] News San Marcos News, San Marcos Record [Texas State]
sanmarcosrecord.comUS gasoline prices rise again on talk of banning Russian oil
Gasoline prices are pushing even farther above $4 a gallon, the highest price that American motorists have faced since July 2008, as calls grow to ban imports of Russian oil.Prices at the pump were ri[San Marcos, TX] [Hays County news] News San Marcos News, San Marcos Record [Texas State]
sanmarcosrecord.comJustice Department Requires Substantial Divestitures and Waiver of a Non-Compete for S&P to Proceed with its Merger with IHS Markit
The Department of Justice announced today that it will require S&P Global Inc. (S&P) to divest three of IHS Markit Ltd.’s (IHSM) price reporting agency (PRA) businesses to resolve antitrust concerns arising from their proposed $44 billion merger. The divestitures of Oil Price Information Services (OPIS), Coals, Metals, and Mining (CMM), and PetrochemWire (PCW) will maintain competition in PRA services and protect customer access to essential pricing information. This non-compete has effectively prevented GasBuddy — a company well positioned to enter the retail gas price data market — from launching a data service that would compete with OPIS. In these markets, PRA price assessments are often used as a price term in supply agreements and as the basis for settling hedging instruments like futures contracts. The waiver of this horizontal restraint will remove a barrier that has prevented healthy competition in the sale of retail gas price data.
justice.govGasoline demand rebounds to nearly normal March levels, according to latest GasBuddy data
U.S. gasoline demand is approaching normal levels as Americans once again hit the road amid the economic recovery and the Covid-19 vaccine rollout. Demand is just about at normal March levels and continues to tick higher, according to the latest data from GasBuddy. Thursday's demand was 17.5% higher than the average of the four prior Thursdays. There are many factors that drive gas demand, of course, one of which could be people driving long distances for Covid-19 vaccines. "It's still March, meaning as the economy recovers and we get closer to summer, all signs are for higher demand than I think almost anyone anticipated just a few months ago," De Haan added.
cnbc.comHow to cut costs at the pump as gas prices keep rising
You may already have noticed that you're spending more to fill your car's gas tank. Now, a big contributor will be rising demand amid lower oil production and elevated prices for crude — which accounts for more than half the price of gas. That's $1 more than the $1.74 tallied in April 2020, when the pandemic first took hold and demand plummeted, GasBuddy data shows. The states with the lowest average prices include Mississippi ($2.35), Louisiana ($2.37) and Texas ($2.39), while those with the highest averages are California $(3.67), Hawaii ($3.41) and Washington ($3.08). The cost per gallon also tends to rise in the spring as demand increases and stations switch to cleaner and more environmentally friendly gas for the summer.
cnbc.comHere’s what you need to know about gas availability amid Texas winter storm
According to GasBuddy’s head of petroleum analysis Patrick De Haan, there are three issues leading to the lack of gas availability:Stations without power don’t have working pumps. New fuel deliveries are delayed due to icy roads. While there currently is not a shortage, the threat could arise if refineries don’t get back up soon, De Hann said. With GasBuddy’s new “Gas Tracker” feature, Texans can help each other find operating gas stations nearby by reporting information such as fuel availability and prices within the app. AdHow long could it be until new fuel deliveries are made?
GasBuddy expects recovery in fuel spending in U.S. after Covid caused $100 billion decline
U.S. spending on gas this year should see a modest recovery after a nearly $100 billion decline in 2020 due to the coronavirus pandemic, according to GasBuddy. The fuel data company is forecasting U.S. gasoline spending this year to rise to $325.6 billion, up 16.3% from $280 billion in 2020 – the lowest spending since at least 2004. That included crude prices, which are linked to gasoline prices, falling into negative territory for the first time ever as the coronavirus spread across the U.S. causing lockdowns last spring. The higher spending this year is expected to get a boost from a 27-cent-per-gallon average increase in gas prices nationally, according to GasBuddy, which collects data from more than 150,000 gas stations in North America. More Americans are also commuting for work instead of using public transportation or driving instead of flying, De Haan said.
cnbc.comAs summer driving season kicks off, it's unclear just how many people will take to the road
Getty ImagesThe upcoming Memorial Day weekend could be a test for the gasoline market, depending on whether drivers in reopening states hit the road and then keep on driving. Summer driving seasonThe summer driving season traditionally kicks off on Memorial Day weekend, but this year it will be far from normal. "I think Memorial Day is going to be the future litmus test for human behavior," said Tran. it's rally societal behavior, not state level policies that are driving gasoline demand. Commuting to and from work had accounted for as much as 28% of gasoline demand, prior to the shutdowns.
cnbc.comBuc-ee's is No. 1: Texas chain's mega gas stations have highest-rated coffee in Texas, U.S.
HOUSTON - Texas-based Buc-ee's takes the top spot not only in Texas for the best cup of gas station coffee, but is the highest-rated cup of joe in the entire country, according to a study released by the GasBuddy app. "Gas station convenience store brands across the country have been quick to include offerings that are competitive with national coffee brands, including sourcing premium coffee beans and making handcrafted espresso beverages," said Frank Beard, convenience store and retail trends analyst at GasBuddy. "Given the recent surge in on-demand, convenience-driven retail, it's clear that the one-stop-shop for gas and a fresh cup of coffee is appealing to American drivers." In neighboring states, Chevron's coffee ranks highest in New Mexico, Quiktrip takes Oklahoma, Kum & Go wins in Arkansas and RaceTrac reigns in Louisiana. GasBuddy says its rankings are based on analysis of more than 2 million gas station coffee ratings from more than 150,000 retail locations where gas is sold in the app from April 2016 to August 2019.
Gas prices will climb following the Saudi attacks
Crude oil prices are rising after attacks on oil fields in Saudi Arabia over the weekend. Gas prices probably won't climb high enough to substantially hurt the US economy. The sudden jump in oil prices above $60 a barrel means gas prices are expected to start rising within a few days, she said. Spike in gas prices at end of year is uncommonAny increase in gas prices at this time of the year is relatively uncommon, according to Patrick DeHaan, head of petroleum analysis for GasBuddy, a firm that has an app that helps people track gas prices at individual stations in real time. So far, oil prices and by extension gas prices remain at reasonable levels.