Gas prices in West Bend and Washington County have jumped from $1.99 to $2.05 to $2.15 and now $2.19 within just the last week.
Below is a portion of an article from the New York Times.
The oil industry, with its history of booms and busts, is in its deepest downturn since the 1990s, if not earlier.
Earnings are down for companies that made record profits in recent years, leading them to decommission more than two-thirds of their rigs and sharply cut investment in exploration and production. Scores of companies have gone bankrupt and an estimated 250,000 oil workers have lost their jobs.
The cause is the plunging price of a barrel of oil, which has fallen more than 70 percent since June 2014.
Prices recovered a few times over the last year, but the cost of a barrel of oil has already sunk this year to levels not seen since 2003 as an oil glut has taken hold.
Also contributing to the glut was Iran’s return to the international oil market after sanctions were lifted against the country under an international agreement with major world powers to restrict its nuclear work that took effect in January.
Executives think it will be years before oil returns to $90 or $100 a barrel, a price that was pretty much the norm over the last decade.
How much will gasoline cost tomorrow? Should you buy gas at today’s price, or would you save money by holding off until tomorrow and paying a lower future gas price?
Gas Price Prediction for April 14, 2016
Posted to the Web April 12, 2016, 5:33 PM EST.
Change in Futures (Avg.): -0.007
Change in 2nd-Lowest Retail (Avg.): +0.013
Pressure: (Avg.): +0.046
Trend for tomorrow: Up
Trend for next 2-3 days: Up
Recommendation for tonight: Buy gas tonight.
- Average pressure is very weakly upward, but things are much more complicated locally across the U.S. There’s not much of a regional pattern, as all kinds of pressures can be found in all parts of the country. It has more to do with how retail prices moved today. If retail pirces rose sharply in your town today, you might see a bit of a price cut tomorrow, but if prices have held steady, they might rise tomorrow. Check your local prediction, but on average, keep your tank full tonight
- We have mixed pressure tonight. Seven cities in our national model have upward pressure, three have steady pressure for tomorrow with upward pressure for the next 2 to 3 days, and two have downward pressure. Although the numerical average pressure is very weakly upward, it is still possible for the average retail price to move downward tomorrow. Today’s average price among our 12 cities is $2.090 per gallon, and our predicted price range for tomorrow is 2.084 – 2.121. We will call this a successful prediction if the average price moves upward (regardless of how much) or if it moves down as far as $2.084.
Check back after 5:30 PM EDT Thursday, 04/14/2016 for our next National prediction.