Gasoline prices could tumble below $2 per gallon in some states, but drivers shouldn’t expect to see those deep discounts until the mid-fall when summer driving season ends, demand diminishes and expensive summer gasoline gets replaced with cheaper winter blends.
While the dive in crude oil prices from more than $100 in June 2014 to a little over $50 this month has meant the cheapest gasoline prices since 2009, consumer spending from that windfall hasn’t outpaced deep cuts to the oil and gas sector.
Cheap gasoline prices are causing more drivers to take to the highways, with an estimated 41.9 million people expected to travel more than 50 miles this Independence Day, the highest total since 2007, according to AAA.
While the sponsorship has raised the profile of ethanol among race fans, it’s done little to quiet a decade-old debate about whether ethanol is a renewable-fuels godsend or a government-subsidized mistake.
The 2007 renewable fuels law was intended to address global warming, reduce dependence on foreign oil and bolster the rural economy by requiring a steady increase in the overall amount of renewable fuels such as ethanol blended into gasoline over time.
FuelFix.com is your daily must-read source for news and analysis on the energy business. Anchored by business reporters at the Houston Chronicle and other Hearst Newspapers, Fuel Fix incorporates blogs by energy experts, market updates, useful data and a real-time summary of the top ideas, hottest stories and latest news in the oil, gas and energy industries.
Browse previous blog posts by month and year of entry. You'll see all the posts for that time period.