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AAA Hoosier Motor Club Gas Gauge
(July 16, 2008)

National Unleaded Retail Gas Price Averages

Indiana’s Unleaded Retail Gas Price Averages

Highest Recorded Price:

Retail Gas Price Averages (Indiana Metro)
Updated average prices for unleaded retail gasoline in some Indiana metro areas can be found online through AAA’s Daily Fuel Gauge Report site. Please click on View Indiana Metro Areas.


Retail Gas Price Averages (State-by-State)
Updated state-by-state unleaded retail gasoline price averages can be found online through AAA’s Daily Fuel Gauge Report site. Please click on
View State-by-State Averages.


Market Overview
After rising to a new record high of nearly $147 per barrel last Friday – and helping propel the nationwide price of self-serve regular gasoline to a new record high today of $4.114 – the price of crude oil was down as much as $9 per barrel in early afternoon trading yesterday before ending the day down $6.44 at $138.74.

This huge reversal in crude oil pricing is being blamed on a spate of negative economic news in the mortgage, banking and automobile manufacturing sectors, weaker than expected retail sales numbers for June and rising inflationary pressures; all implying that energy demand could continue to weaken later this year.

Along side yesterday’s energy price action, the dollar fell to new lows against the Euro; undoubtedly influenced by the troubling economic news reports of the last few days. The reason the currency markets are spooked by further problems in the U.S. economy is because the remedies tend to increase America’s foreign indebtedness. A number of currency analysts are now saying the dollar will soon be exchanged for Euros at the rate of $1.60 to 1. This is important to the longer-term price of oil because a weaker dollar tends to put upward pressure on commodities that are traded internationally as our currency looses purchasing power overseas.

Despite these developments, the retail price of gasoline has shown remarkable stability over the past few weeks.

Part of the reason for this stability is reportedly because retailers are watching their volume of gasoline sales fall in many locations, which can have a big impact on the sales of higher-profit-margin convenience products that depend on motorists stopping in to buy gasoline. How long this trend will continue is difficult to know, but it is undoubtedly putting pressure on the profitability of these small businesses, and is part of the reason companies like ExxonMobil are looking to sell their company-owned stations in some locations.

In other news, President Bush lifted the executive (Presidential) ban on oil exploration and drilling on the Outer Continental Shelf of the United States and the Arctic National Wildlife Refuge and challenged Congress to undo its legal restrictions on the same.

That being said, there are indications that demand for oil is continuing to slide globally.

OPEC said in a report yesterday it had lowered its forecast for world oil demand growth for 2008 to 1.03 million barrels a day, which represents a decline of 70,000 barrels from its earlier estimate. Global oil demand this year is expected to average 86.81 million barrels a day, they said, with most of the decline coming from the United States and other developed economies.


AAA’s Daily Fuel Gauge Report
Current gas price averages can always be found on AAA’s Daily Fuel Gauge Report at www.fuelgaugereport.com. The report is based on data from Oil Price Information Service, the nation’s most comprehensive source of petroleum pricing information. AAA purchases the data and makes it available free on the Internet as a public service. Average daily prices for the nation, all 50 states and more than 250 localities are available for all grades of gasoline, making the site the most current and complete public source of fuel price information.


AAA’s Fuel Cost Calculator
In order to help Americans establish travel budgets while making vacation plans, AAA and Oil Price Information Service have combined to offer an online tool that will help travelers estimate the cost of gasoline they will use during long-distance driving vacations. The site can be found at www.fuelcostcalculator.com.


Indiana’s Gas Gouging Hotline
The Indiana attorney general established a gas gouging hotline early in 2004 for people who feel that local gas stations are charging unfair prices. That telephone number is (866) 241-9753.
 

15 Ways to Stretch a Tank of Gas

One of the primary benefits of keeping a car properly maintained is maximizing fuel mileage. According to recent statistics, a neglected car can increase fuel consumption by 10 to 20 percent. Of course, individual driving habits also make a difference. The U.S. Department of Energy reports that practicing fuel efficient driving techniques can improve fuel mileage by more than 10 percent.

• Be sure your tires are properly inflated. Under inflated tires can cause fuel consumption to increase by 6 percent. Check your tires with a gauge regularly. Radial tires can be under inflated and still look normal.
• Keep your suspension and steering in proper alignment and make sure your brakes are properly adjusted to minimize rolling resistance.
• Change your motor oil as recommended by the vehicle manufacturer.
• Check and replace air filters. Clogged filters can cause up to a 10 percent increase in fuel consumption.
• Follow the recommended engine maintenance schedule in your owner’s manual to ensure optimal engine performance and to conserve fuel.
• Don't use premium fuel if your car doesn’t require it. The expense is not necessary.
• Observe the speed limit. As you drive faster, aerodynamic drag increases. As a result, at speeds above 55 mph, fuel economy decreases rapidly.
• Use your overdrive gears during highway driving. This decreases your car’s engine speed, reducing fuel consumption and engine wear.
• Take advantage of cruise control features to help you maintain a constant speed when traveling on highways.
• Avoid hard acceleration and drive defensively; try to brake and accelerate smoothly.
• Idling unnecessarily wastes fuel.
• Run errands with a plan. Try to make one trip instead of three.
• Take a load off your wheels. A vehicle weighed down with heavy items can increase fuel consumption by 1 or 2 percent.
• Travel light. A loaded roof rack can decrease fuel economy by 5 percent.
• If possible, take advantage of carpools or ride-share programs.
   

AAA

AAA Hoosier Motor Club is a fully tax-paying, not-for-profit corporation that offers a wide range of services. The 405,000-member affiliate of the American Automobile Association (AAA) works for the improvement of motoring and traveling conditions within its 50-county Indiana territory. AAA is the largest motoring and traveling organization in the world with more than 51 million members.

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