Fuel Prices To Rise in September But Boom Can’t Last
The national average of $3.62 per gallon is almost $1 per gallon more than a year ago.
by Staff
September 2, 2011
WEXIndex Retail Fuel Price Index is a monthly publication produced by Wright Express with market insights provided by OPIS Energy Group.
2 min to read
Wright Express Monthly Fuel Price Index Report August 2011 — Retail prices have risen in the past week and are expected to edge higher in the first half of September. The national average of $3.62 per gallon is almost $1 per gallon more than a year ago.
Refinery issues have had an impact on the market, with the Midwest and West Coast being the hardest hit. Summer fuel, which is still mandated to be used by the EPA, is in short supply and that will keep prices strong. Once stations are able to reduce prices on the summer production in order to make the winter supply, prices should start to slide. Offshore refineries that specifically produce winter fuel blends will begin shipping fuel to the U.S.
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Recent reports by the Department of Energy have shown demand to be very poor, or lower than anticipated by as much as 3 percent. Most economists expect this trend in demand to continue into winter. Income spent on gas is currently averaging 8.4 percent – a record high so far. Last year it was only 6.7 percent. Increased disposable income spent on fuel costs means less is available to be spent on other goods and services, and that consumers are cutting back on driving.
WEXIndex Retail Fuel Price Index is a monthly publication produced by Wright Express with market insights provided by OPIS Energy Group.
Diesel prices will likely follow the same path with a stronger first half of the month and a drop toward the end. While diesel is currently $3.89 per gallon, it is an increase over the $2.24 per gallon at this time last year.
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