Gas Watch
Around
the Nation
by Joseph Ward III,
Business Economy Editor
09.18.05 In a continual trend, Fort Worth gas prices fall alongside national gas price averages for a third straight week.
Today, prices averaged $2.66 per gallon across Fort Worth compared to last weeks $2.83. National averages are slightly higher at $2.79 per gallon compared to last week's $2.94.
Neighboring Dallas averages are slightly higher at $2.71 per gallon today from last week's average of $2.86.
Fort Worth experienced some of its lowest prices about a month ago, with fuel costs at about $2.42 per gallon. In contrast, the city's recent high was experienced on September 2, peaking $3.15 per gallon, about 49 cents higher then today's prices.
As Fort Worth prices continue to fall, Hawaiians have experienced some of the highest prices in the nation that reach approximately $3.70 per gallon today. Despite hurricane Katrina's economic impact, New Orleans has experienced a decrease in fuel prices from last week and prices are slightly lower then both Dallas and Fort Worth city averages.
Up north, the Canadian's are enjoying a steady fall in prices that fell from $3.34 per gallon today, from its previous week's $3.60. Prices are approximately 51 cents higher then U.S. national averages.
Gasoline prices are influenced by three major components including crude oil prices and variables affecting the quantity of supply and demand of gasoline.
Crude oil prices are affected by the international price of gas per barrel and typically, for every dollar increase in gasoline “there is an average increase of about 2.5-cents per gallon of gasoline” reports the California energy commission.
Supply is affected by refinery prices and preparations taken for high gasoline demand for different periods of the year. For example, larger demands of gasoline as a result of a national disaster might push refineries to there max and because of this, prices rise to stabilize supply.
Similarly, demand is affected by refinery quantities as well as international imports of fuel. If quantity supplied of fuel is higher then the quantity demanded prices often fall. When quantity supplied is lower then the quantity demanded, price often rises to stabilize the two.
sources: AAA, California Energy Commission, FortWorthGasPrices.com |
