by John Keller | Dec 15, 2010 | Fuel Price Management, Industry News
According to the US Energy Information Administration today, retail fuel prices across the US rose again this week.
The U.S. average retail fuel price for a gallon of gasoline increased for the second straight week, up more than two cents from last week to $2.98 per gallon, and $0.38 per gallon higher than last year at this time. West Coast gasoline prices increased more than three cents, the largest gain versus last week. West Coast gasoline remains the most expensive in the country at $3.19 per gallon. Prices on the East Coast and in the Rocky Mountains were up almost three cents, while prices on the Gulf Coast gained more than two cents. Rounding out the regions, the Midwest saw its average gasoline price increase a penny from last week.
by John Keller | Dec 13, 2010 | Industry News
Retail fuel prices in the UK hit a new record last week. Fuel is priced by pence per liter in the UK, and fuel prices averaged the equivalent of $7.30/gallon in US dollars. Higher crude costs were the cause.
Source: NACSOnline and Automobile Association
by John Keller | Dec 7, 2010 | Industry News
The US Energy Information Administration today reported national average US fuel prices reversed the two week trend of declines and increased to prices not seen since October 2008. Regular Unleaded fuel increased $.10/gallon this week, the largest change week-to-week since May 2009. The average price for Unleaded across the US is now $2.95 per gallon.
Regionally, the biggest increases were in the Midwest and Gulf Coast, where Unleaded fuel rose $.14/gallon. The Lower Atlantic states saw an increase of $.11/gallon for Unleaded, but in the Central Atlantic states and on the West Coast, Unleaded fuel only increased $.06/gallon this week. In the Rocky Mountain states, the price of Unleaded fuel was unchanged.
The highest prices for Unleaded were in California, with the average Unleaded fuel price in Los Angeles hitting $3.28 and in San Francisco $3.29.
by John Keller | Dec 2, 2010 | Fuel Pricing Technology, Industry News
Thirty years after exiting the fuel service business, Cracker Barrel Old Country Store will again be offering alternative fuel to their restaurant customers, this time via electric vehicle charging stations at 24 locations.
“In the early days, Cracker Barrel provided food for our guests and fuel for their cars. While we expect that use of the electric chargers will be light during this pilot project, making this available to our guests is consistent with our brand reputation of hospitality, service, and value,” CEO Michael Woodhouse said. The company removed fueling pumps in the early 1970s.
The project will allow guests to receive an 80% charge in under a half hour at the 12 participating Cracker Barrel locations with DC Fast Charging stations. Twelve additional locations will have the slower Blink EV L2 chargers. Installation is scheduled to begin in the spring of 2011 and to be completed within a few months.
It’s interesting to see new players enter the retail fuel market as electric vehicle charging stations slowly become available.
Source: NACS Online
by John Keller | Nov 29, 2010 | Industry News
The US Energy Information Administration today reported national average US fuel prices declined for the second straight week. Regular Unleaded fuel dropped $.02 this week, making it a $.04 drop since 11/15/2010. The average price for Unleaded across the US is now $2.85 per gallon.
Regionally, Unleaded fuel was almost unchanged across New England and the Mid-Atlantic states, but in the Midwest it dropped on average $.038 this week. In Colorado, the price of Unleaded dropped $.03, but in New York State, Unleaded rose $.015.
The highest prices for Unleaded were in California, with the average price in Los Angeles hitting $3.16 and in San Francisco $3.18.
by John Keller | Nov 24, 2010 | Fuel Pricing Strategy, Industry News
When consumers hear there is an increase in oil prices, they expect to see an immediate increase in retail fuel prices. Actual fuel price management practices show the increases in retail fuel prices are often two weeks later.
In today’s This Week In Petroleum report published by the US Energy Information Administration, the US EIA documents this lag time between changes in spot fuel prices and retail fuel prices.
The spot price for a fuel commodity reflects the cost of crude oil and other inputs to refiners as well as the costs and profits of processing that crude oil into products. While retail fuel prices do follow changes in spot fuel prices, there is a consistant lag time between when spot fuel prices change and retail fuel prices change. The report shows that on a regional level, 50% of the retail fuel price change happens within two weeks of the spot fuel price change, and 80% of the retail fuel price change happens within four weeks.
The entire report can be found here.
