WEXOnline
Bulk Fuel
WEXIndex
Top Metro Fuel Price
Fuel Price Mapping
Accepting Locations
Service Network


Fleet Management Tools: Top Metro Fuel Price

Gasoline Prices Plummet on Bearish Economic News

Retail gasoline prices have fallen from the start of May by more than 20 cents per gallon as optimism about a strong economic recovery begins to wane.  All markets have taken a hit as jobless claims and the European debt crisis spook traders and market movers who are more concerned about a double dip recession than a return to boom times. The current national retail average of $2.72 per gallon is still higher than 2009 by more than 10 cents, but last year the market was rising and this year it’s collapsing.

Demand for gasoline has been stronger in 2010 compared to 2009, but still off by more than 1 million barrels per day from where it peaked back in 2007.
 

Most analysts believe prices will remain weak for the remainder of the summer and that the highest prices of the year are behind us. Crude prices have been tied to expectations about the economy. If the sentiment is that the economy will rebound, than prices will ultimately rise.  However, if sentiment is that growth will be non-existent and the stock market tanks, than prices will see further drops.

Meantime, Diesel prices have fallen about 15 cents to $2.99 since peaking at $3.13 per gallon, and experts believe that diesel prices will follow gasoline south unless sentiment changes

 

WEXIndex® for 5/2010 for top Metro areas

   City State    Average
Unl. Price
   Average
Diesel Price
  
  Atlanta GA   2.783   3.021  
  Boston MA   2.872   3.134  
  Chicago IL   3.080   3.209  
  Dallas TX   2.759   3.037  
  Denver CO   2.696   3.054  
  Detroit MI   2.820   3.088  
  Houston TX   2.704   2.955  
  Los Angeles CA   3.116   3.295  
  Memphis TN   2.687   2.986  
  Miami FL   2.892   3.102  
  Minneapolis MN   2.764   3.084  
  New Orleans LA   2.699   2.948  
  Philadelphia PA   2.909   3.259  
  Phoenix AZ   2.832   3.026  
  Portland OR   2.940   3.013  
  San Francisco CA   3.208   3.363  
  Seattle WA   3.098   3.364  
  St. Louis MO   2.747   2.941  
  Washington DC   2.999   3.176  
  National Average     2.841   3.074  
               
Wright Express®
©2009 Wright Express
   

Home| Use Our Cards | Brand With Us | Accept Our Cards | Fleet Management Tools | About Wright Express | Contact Us