originally appeared on CNBC:
More travelers will take to the roads and skies this holiday season and spend a little more on travel than a year ago, AAA said in a new forecast released Thursday. (Read more: America's Most Popular Holiday Destination Is... ?)
AAA projects 93.3 million Americans will travel 50 miles or more from home during the year-end holiday period defined as December 22 to January 1. That's up 1.6 percent from the 91.8 million people who traveled during the same time last year.
Primary economic indicators all show modest improvement from last year and AAA is projecting an increase in the number of Americans stuffing their stockings with airline tickets and hotel reservations, said AAA's President and in a prepared statement.
Highlights From AAA's 2012-2013 Year-End Holiday Travel Forecast
Ninety percent of travelers (84.4 million) will travel by car, representing 26.7 percent of the total U.S. population, or one in four Americans.
Holiday air travel is forecast to rise 4.5 percent to 5.6 million travelers from 5.4 million in 2011.
Median spending is expected to increase about 6 percent to $759, compared to $718 in 2011 with transportation costs consuming about 29 cents of every travel dollar.
Average distance traveled is expected to increase to 760 miles round-trip from 726 miles
The national average price of gasoline, meanwhile, is forecast to slowly drop through the end of the year and average between $3.20-3.40 a gallon by New Year's Day. While AAA does not expect gas prices to have a major impact on travel volume, fuel-cost savings could mean consumers have more money to spend on holiday shopping, dining and entertainment if prices drop through December as expected.
Airfares Down, Hotel Rates Rise
Those traveling by air will find lower airfares this holiday season, according to AAA. For the year-end holiday period, the average lowest round-trip rate is $203 for the top 40 U.S. air routes, a 3 percent decline from last year's rate of about $209.28.
Hotel rates for AAA Three Diamond properties are expected to increase 2 percent from a year ago — $129 per night compared to $126 last year. AAA Two Diamond hotels will be 3 percent higher, or an average of $95 per night compared to about $92.23 in 2011.
Showing posts with label Gas Prices. Show all posts
Showing posts with label Gas Prices. Show all posts
Friday, December 14, 2012
Thursday, August 9, 2012
Refinery Fire Expected to Boost Gas Prices
Story first reported from USA Today
Motorists in West Coast states are about to see a big spike in gas prices, the fallout from a fire that cut production at one of the region's largest oil refineries.
Gasoline prices, now averaging $3.88 a gallon in California, $3.72 in Washington and $3.69 in Oregon, could surge to $4.15 to $4.25 a gallon over the next week to 10 days following Monday's partial shutdown of a Chevron refinery in Richmond, Calif.
Nationally, gasoline prices have climbed 27 cents a gallon in the past month. While the refinery fire will drive prices along the West Coast, it will also lift the national average — now $3.65 a gallon — above year-ago levels.
"August looks like a very touch-and-go month for the entire country," says Oil Price Information Service energy analyst Tom Kloza, who expects price relief after Labor Day. For the year to date, gasoline has averaged $3.61 a gallon — 10 cents more than 2011's full year average, the most expensive year ever, he says.
Patrick DeHaan, senior oil analyst for gasbuddy.com, expects California, Oregon and western Washington state to experience price spikes like the ones that hit major parts of the Midwest in June, when an Illinois refinery shut down and three others in the state cut production. Oil and gas consultants say that the price hikes are unavoidable.
"The West Coast is on the launch pad waiting for takeoff," DeHaan says. "We're talking over $4 a gallon, easily. It's not going to be good for motorists."
Prices in Illinois, Indiana, Michigan, Wisconsin and Minnesota remain up to 39 cents a gallon higher than the national average of $3.65 a gallon, according to the Oil Price Information Service. "The infection is going to spread from the Midwest to the West Coast," DeHaan says.
Wholesale prices in San Francisco and Los Angeles have already spiked more than 30 cents a gallon, some of the biggest one-day jumps ever. Those prices have yet to fully pass through at the pump, but are expected to continue pushing prices up through mid-August.
The Richmond refinery supplies about 140,000 barrels of gasoline a day, about 15% of northern California's daily consumption, Kloza says. Regional inventories were already low compared with the rest of the nation, he says.
Crude oil is up sharply since bottoming near $77 a barrel June 28. Wednesday, benchmark West Intermediate traded at nearly $95 before settling off 32 cents to $93.35 on news that weekly U.S. demand eased for the first time since June.
Monday's refinery fire caused billowing smoke for miles, prompting hundreds of nearby residents to seek medical care for eye irritation and breathing issues.
The blaze in the refinery's No. 4 Crude Unit was contained in about five hours, Chevron said, although there was a minor flareup Wednesday. Three employees suffered minor injuries.
The five-hour refinery fire caused billowing smoke for miles. Doctors Medical Center in nearby San Pablo said more than 300 people sought help, complaining of eye irritation and breathing problems. And Kaiser Permanente's Richmond Medical Center said it treated more than 350 people with respiratory concerns.
Carol Bluitt, who lives blocks from the refinery, says she was traumatized by the blaze. "You could clearly tell there was something toxic in the air," she says. "My eyes were really, really red and running."
Motorists in West Coast states are about to see a big spike in gas prices, the fallout from a fire that cut production at one of the region's largest oil refineries.
Gasoline prices, now averaging $3.88 a gallon in California, $3.72 in Washington and $3.69 in Oregon, could surge to $4.15 to $4.25 a gallon over the next week to 10 days following Monday's partial shutdown of a Chevron refinery in Richmond, Calif.
Nationally, gasoline prices have climbed 27 cents a gallon in the past month. While the refinery fire will drive prices along the West Coast, it will also lift the national average — now $3.65 a gallon — above year-ago levels.
"August looks like a very touch-and-go month for the entire country," says Oil Price Information Service energy analyst Tom Kloza, who expects price relief after Labor Day. For the year to date, gasoline has averaged $3.61 a gallon — 10 cents more than 2011's full year average, the most expensive year ever, he says.
Patrick DeHaan, senior oil analyst for gasbuddy.com, expects California, Oregon and western Washington state to experience price spikes like the ones that hit major parts of the Midwest in June, when an Illinois refinery shut down and three others in the state cut production. Oil and gas consultants say that the price hikes are unavoidable.
"The West Coast is on the launch pad waiting for takeoff," DeHaan says. "We're talking over $4 a gallon, easily. It's not going to be good for motorists."
Prices in Illinois, Indiana, Michigan, Wisconsin and Minnesota remain up to 39 cents a gallon higher than the national average of $3.65 a gallon, according to the Oil Price Information Service. "The infection is going to spread from the Midwest to the West Coast," DeHaan says.
Wholesale prices in San Francisco and Los Angeles have already spiked more than 30 cents a gallon, some of the biggest one-day jumps ever. Those prices have yet to fully pass through at the pump, but are expected to continue pushing prices up through mid-August.
The Richmond refinery supplies about 140,000 barrels of gasoline a day, about 15% of northern California's daily consumption, Kloza says. Regional inventories were already low compared with the rest of the nation, he says.
Crude oil is up sharply since bottoming near $77 a barrel June 28. Wednesday, benchmark West Intermediate traded at nearly $95 before settling off 32 cents to $93.35 on news that weekly U.S. demand eased for the first time since June.
Monday's refinery fire caused billowing smoke for miles, prompting hundreds of nearby residents to seek medical care for eye irritation and breathing issues.
The blaze in the refinery's No. 4 Crude Unit was contained in about five hours, Chevron said, although there was a minor flareup Wednesday. Three employees suffered minor injuries.
The five-hour refinery fire caused billowing smoke for miles. Doctors Medical Center in nearby San Pablo said more than 300 people sought help, complaining of eye irritation and breathing problems. And Kaiser Permanente's Richmond Medical Center said it treated more than 350 people with respiratory concerns.
Carol Bluitt, who lives blocks from the refinery, says she was traumatized by the blaze. "You could clearly tell there was something toxic in the air," she says. "My eyes were really, really red and running."
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Monday, May 23, 2011
GASOLINE PRICES FALL
It is anticipated that the average price for gas is going to fall this week. Oil prices have dropped considerably from the high of $115 a barrel in early May. Oil refineries are working harder making gasoline, however, we using less fuel than last May.
This is all good news for American drivers. The average price for regular unleaded gasoline has been falling to around $3.90 per gallon, yet many of us are paying above average prices.
More than a third of Americans live in just five states; California, Texas, New York, Florida and Illinois. According to AAA, the average price of regular gasoline for drivers in those states remains more than $4 per gallon. In Michigan, a gallon of regular hovered just below $4 Friday, at $3.96, down from $4.19 a week before.
There are 10 U.S. cities with over 1 million residents each. Gasoline prices in seven of those 10 cities remain over $4 a gallon. It's most expensive in Chicago. It's the cheapest in Houston and San Antonio. All three have gasoline refineries close by, so it's not solely a matter of gasoline supplies that have driven prices up.
Although average gas prices at the pumps are falling, many can plan on continuing to pay above average prices.
This is all good news for American drivers. The average price for regular unleaded gasoline has been falling to around $3.90 per gallon, yet many of us are paying above average prices.
More than a third of Americans live in just five states; California, Texas, New York, Florida and Illinois. According to AAA, the average price of regular gasoline for drivers in those states remains more than $4 per gallon. In Michigan, a gallon of regular hovered just below $4 Friday, at $3.96, down from $4.19 a week before.
There are 10 U.S. cities with over 1 million residents each. Gasoline prices in seven of those 10 cities remain over $4 a gallon. It's most expensive in Chicago. It's the cheapest in Houston and San Antonio. All three have gasoline refineries close by, so it's not solely a matter of gasoline supplies that have driven prices up.
Although average gas prices at the pumps are falling, many can plan on continuing to pay above average prices.
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