Pump Prices Headed to $3.62 per Gallon

Article written by Prieur du Plessis, editor of the Investment Postcards from Cape Town blog. This post is a guest contribution by Dian Chu, market analyst, trader and author of the EconMatters blog.

Bob van der Valk submits: The other shoe will drop in world oil markets this week after coalition forces headed by England, France, Canada and the U.S. attacked Libya over the weekend in an attempt to topple the Gaddafi regime. Crude oil prices may increase $10 a barrel and fuel prices by 25 cents per gallon. This is based on the possibilities Moammar Gaddafi will avenge the bombings with retaliatory terrorist acts on other countries’ oil fields.

By Doug Short: Here is my weekly gasoline chart update from the Energy Information Administration (EIA) data. Gasoline prices at the pump fell last week, returning to the downward trend that was slightly interrupted last week. Rounded to the penny, the average for Regular and Premium both fell four cents. Regular is up 17 and Premium 20 cents from their interim weekly lows in the December 19, 2011 EIA report.

NEW YORK (Reuters) - The average U.S. price for a gallon of regular gasoline took its biggest drop since 2008 in the past two weeks, due to lower crude oil prices, a big price drop in pump prices in California and Hurricane Sandy, according to a widely followed survey released on Sunday. Gasoline prices averaged $3.5454 per gallon on November 2, down 20.75 cents from October 19 when drivers were paying $3.7529 at the pump, Lundberg said. The decline was the biggest two-week price drop since the survey recorded a 21. ...

NEW YORK (Reuters) - The average U.S. price for a gallon of regular gasoline took its biggest drop since 2008 in the past two weeks, due to lower crude oil prices, a big price drop in pump prices in California and Hurricane Sandy, according to a widely followed survey released on Sunday. Gasoline prices averaged $3.5454 per gallon on November 2, down 20.75 cents from October 19 when drivers were paying $3.7529 at the pump, Lundberg said. The decline was the biggest two-week price drop since the survey recorded a 21. ...

The average price of a gallon of regular gasoline in California fell 15.7 cents to $3.498 over the last week, but that was still 24.8 cents a gallon higher than a year earlier and 6.9 cents above the old record for this week set in 2007.California motorists saw a steep drop in pump prices over the last week, but it wasn't enough to end a long run of record seasonal pain from fuel costs.