Gas prices have familiar look as summer nears

NEW YORK — The price of gasoline looks familiar this Memorial Day. For the third year in a row, the national average will be within a penny or two of $3.64 per gallon.

Stability wasn’t always the norm. Between 2003 and 2008 average retail gasoline prices more than doubled, reaching an all-time high of $4.11 per gallon in 2008. Prices then collapsed as the U.S. plunged into recession. But after a two-year run-up between 2009 and 2011, the price of gasoline has remained in a range of roughly $3.25 to $3.75 per gallon.

Drivers can handle that, according to AAA, and are ready to head out for Memorial Day driving trips in the highest numbers since 2005. “It is unlikely that gas prices will have a significant effect on travel plans compared to a year ago,” AAA wrote in its annual Memorial Day forecast.

Steady gasoline prices are largely the result of relatively steady crude oil prices, even though there has been a long list of global supply disruptions and political turmoil that that typically would push the price of oil higher.

Sanctions have sharply cut output from Iran, once the world’s third largest oil exporter. Libya went through civil war, and labor and political disruptions continue to limit its exports. Venezuela’s oil output has been steadily declining for a decade. Most recently, the conflict between Russia and Ukraine is raising concerns that sanctions will impact production or exports from Russia, the world’s second largest exporter after Saudi Arabia.

But rising crude output in countries such as the U.S., Canada and Brazil have offset the declining supply elsewhere, helping to keep prices steady.

Approaching this Memorial Day, the national average is $3.65 per gallon, according to AAA, OPIS and Wright Express. Last year on the holiday it was $3.63 per gallon.

 

SportsPlus

Business

Guided to Serve: For 25 years Theresa Turnbull has been a trusted soul at Comforcare

Mower County

New mobile app launches to combat food insecurity in Mower County

Mower County

Report on sanitary sewer evaluation given during City Council work session

Agriculture

Kimberly Vrieze joins membership of American Angus Association

Education

Education Briefs

News

Trump’s foreign aid freeze could prove to be a boon for the world’s authoritarian strongmen

Mower County

Austin firefighters battle southwest Austin fire, APD investigating

Mower County

Public hearing set for March 3 regarding addition to Nature Ridge Fourth development

News

Another week to be shaped by court fight over power dynamic within Minnesota Legislature

Mower County

PHOTOS: APDT hosts annual dance show

News

Democrats elect Ken Martin, the party leader in Minnesota, as national chair

Mower County

Love is in the air: Austin Area Foundation to celebrate annual For The Love of Austin

Mower County

YMCA at ACRC celebrates 5th anniversary with special event for community, members and donors

Mower County

Herald collects five awards at this year’s MNA convention

Mower County

Zonta Club of Austin offering a pair of opportunities

Mower County

State Fair and Minnesota Farm Bureau Federation accepting Century Farm Applications

Mower County

In Your Community: Masons continue supporting Salvation Army food shelf

Mower County

In Your Community: Mower County Senior Center

Mower County

In Your Community: Duplicate Bridge

Education

Education Briefs

Crime, Courts & Emergencies

Convictions: Jan. 20-27

News

Report: Minnesota’s greenhouse gas emissions bounced back after pandemic, still below 2019 level

News

Flu, COVID-19 and whooping cough down, norovirus still up

News

Trump says he’ll place tariffs on Canada, Mexico and China on Saturday