Automakers can expect a favorable environment for lucrative truck and SUV sales well into next year, as the right conditions come together for a continued oil glut. That heralds lower prices at the pump, less painful driving, and less scrutiny of EPA mileage figures on Monroney stickers.
Oil supply and inventories are rising, even as demand falls off sharply, while overseas interests are conspiring to keep prices down — and in their favor. (Read More…)
The Garden State remains the cheapest place to fill up in the Northeast, and you can thank government indecision for it.
Lawmakers in New Jersey can’t decide on what to do about their state’s bone-dry transportation fund, and residents are equally divided on how to pay for future road projects. That means pump prices will stay low for the time being. (Read More…)
California is typically painted a scorching red on Gasbuddy’s heat map, but some drivers got a break from high pump prices in Beverly Hills this morning.
You needed a classic car to make the cut, and you needed to be at the historic (Union) 76 Gas Station at Little Santa Monica Boulevard and Crescent Drive, but if you were, you took a trip back in time without having to worry about dodging the draft. (Read More…)
A looming bump in New Jersey’s gas tax would mean fewer drivers from neighboring states crossing the Hudson and Delaware Rivers to take advantage of the state’s famously low pump prices.
The state’s transportation fund is almost empty, roads and bridges need repairs, and Democrat lawmakers and select Republicans are putting pressure on Governor Chris Christie to send the gas tax skyward, according to the New York Times.
How much higher? Try 23 cents/gallon more. (Read More…)
Drivers aren’t getting the same deal at the pumps as they were last winter, and the gas mileage of new vehicles shows it.
Researchers at the University of Michigan say the average sales-weighted fuel economy of new vehicles hit 25.4 miles per gallon in May, the highest figure so far this year. It’s still less than the all-time high set in August 2014, but it shows not every car buyer is going for the thirstiest vehicle they can afford. (Read More…)
Mitsubishi confirms it is going to shoehorn another SUV into its lineup to tempt those utility-hungry Americans.
That, Volvo wants everyone to buy S90s from their beds, Fiat Chrysler isn’t having a dealer’s trash talk, UAW bolsters its ranks, and your gas is going up … after the break!
Gasoline is gloriously cheap and the automotive industry is taking a break from the tiresome “more mpg” game.
That, Christmas comes early for Volkswagen employees, Carlos Ghosn has a plan to save big bucks, Google is luring more humans and Bentley can’t build enough SUVs for the “you call this caviar?!” crowd … after the break!
The Environmental Protection Agency is pointing at its watch and glaring at Volkswagen.
That, an opening for the Swedes, an electric propulsion prediction, a high-end guy gets a new job, and Tesla gets targeted in Hoosierville … after the break!
An interesting combination of reports, compiled by the New York Times, shows that Americans saved money at the pumps from cheaper gas is mostly going to more gas and more expensive gas.
The average American should have saved roughly $41 from cheaper gas prices, according to a report by JPMorgan. Instead of taking home those savings, most people only took home $22. A separate study by Brown University and University of Chicago researchers indicated that most people were buying more expensive gas when gas prices dipped.
The phenomenon, which is called “mental accounting,” roughly translates to people spending a target amount of money — regardless of price. (Read More…)
Iran’s oil minister has said that an emergency OPEC meeting may be necessary to stem the tide of slumping worldwide oil prices, Reuters is reporting. Algeria has also called for an emergency meeting.
A barrel of crude oil slid to its lowest price last week of around $40, the lowest in more than six years. Record low gas prices could closely follow, which would help American drivers and car buyers, however the broader economic impact may be tougher to discern. Worldwide markets sank on Friday, largely on fears that China would slow its economic growth and instability in Greece could hamper European economies.