QUICK LINKS: Videos  |  Micromarkets |

Redemption Report




Buy a Classified Ad


Editorial Calendars


Circulation Data






Date Book


Bookmark this site

Issue Date: Vol. 51, No. 5, May 2011, Posted On: 4/16/2011

Gas Prices Could Increase Even More

by Staff Reporter
vending, vending machine business, vending operator fleet, amusement industry fleet, gas prices, Beth Mosher, Energy Information Administration, small business news, coin-op news, fleet operator

WASHINGTON -- Gas prices have now topped $4 a gallon in many areas, and there's no end in sight to how high they'll go. Surpassing the $4-a-gallon mark for the first time since August 2008, the latest price surge is blamed on unrest in the Middle East and North Africa. The U.S. Energy Information Administration said the price of gas reached its highest level since the agency began tracking weekly data in 1990.

"Gas prices have risen 81¢ since the beginning of this year alone, and with the summer-demand season upon us, there's no relief in sight," predicted Beth Mosher, director of public affairs at AAA Chicago.

Hawaii's average price for a gallon of regular unleaded gasoline hit a nation-leading $4.46 on April 14 -- 28¢ higher than second-place California. The national average reached $3.81, according to AAA data. Wyoming had the cheapest gas in the country at $3.53.

Initial studies by industry analysts suggest that consumers have reacted to the sustained pain at the pump by purchasing less gas, which typically signals an eventual drop in prices.

For vending and coin-op fleet operators, the $4 mark harkens back to the summer of 2008, when oil rose to $147 a barrel and gas prices topped out at $4.11 a gallon before the economy went into a tailspin.

EIA's latest short-term forecast predicts that nationwide prices during the summer driving season (April 1-Sept. 30) will average $3.86 a gallon nationwide, but could climb above $4 by July. "Current market prices of futures and options contracts for gasoline suggest a 33% probability that the national monthly average retail price for regular gasoline could exceed $4 per gallon during July 2011," the EIA reports.

vending route

Topic: Small Business News

  • Convenience Store Industry Issues Optimistic Forecast For 2017
  • National Gas Average Increases To Highest Price Since June, AAA Reports
  • Gas Prices Jump Above $2 A Gallon; Are More Increases On The Way?
  • Free ATM Anti-Fraud, Anti-Skimming White Paper Now Available
  • FBI Issues Warning On Vehicle Hacking

Copyright © 2017 Vending Times Inc. All rights reserved. 
P: (516) 442-1850 | F: (516) 442-1849 | subscriptions@vendingtimes.net
55 Maple Ave. - Ste. 304, Rockville Centre, NY 11570