Transportation Fuels Market

Gas Prices

At WSPA, we understand that fuel expenses can be a major outlay for families and businesses alike.

One of our ongoing goals is to help people understand the underlying factors that influence gasoline and diesel fuel prices.

It’s not unusual for fuel prices to trend higher in the spring and summer seasons.  Each spring In California, refineries are required to switch from a winter blend of reformulated gasoline to the summer blend.  And warmer weather and the end of the school year are usually accompanied by increased driving as families take to the roads for vacations.

In 2008, crude oil costs rose dramatically and peaked around mid-year.  This trend was mirrored by rises in gasoline and diesel prices.  Those crude oil costs and product price increases were followed by dramatic declines through the end of the year. 

Since then, prices have risen and fallen largely because of changes in the cost of crude oil established by global commodity markets.

Nobody knows what the cost of crude oil and the prices for gasoline and diesel fuel will be tomorrow or beyond.  But, we do know that when the economy recovers from the current recession, there will be new demands placed on the world’s current petroleum supplies.
 
That’s why it’s important, even in difficult economic times like these, that we look to the future and make sure we’re doing all we can to ensure a stable and affordable supply of energy for consumers.  WSPA believes greater access to and use of domestic energy supplies, conservation, higher efficiency and use of increasing amounts of alternative and renewable fuels will help us meet that objective.

For more information on gasoline and diesel market situation, visit The Energy Information Administration.