Gasoline Trends in 2007

Filed Under Vehicles |

by Elizabeth Murphy

With 2007 not far behind us, we can certainly remember the roller coaster ride that gas prices took us on. However, when looking back at the fuel trends in 2007, the prices fluctuations were rather staggering. We all remember looking at the price on the gas station’s sign and cringing at the sight of $3.00 per gallon but a couple of days later feeling the relief when seeing it under $3.00 per gallon- if only to $2.99 per gallon the single penny lessened the blow. to our pocket books.

Prices in 2007

The gas prices in 2007 put a dent in the wallets of many individuals and businesses alike. However, it is the business that really felt a punch. With many large businesses running large fleets of vehicles, they had to develop cost-efficient ways to transport goods despite the rising gas prices. Although these fleet management techniques worked to curb costs, large retailers began offsetting costs by increasing their prices thus creating a vicious circle of rising prices. Whether it was truly necessary, no one knows, but they touted fuel costs as being the reason why.

Just as crude oil rose to astronomical prices per barrel, diesel took a punch as well.

Let’s take a look at the roller coaster ride 2007 took us:

January 1st opened up with gas prices at $2.38 per gallon, which is nothing compared to the prices we are seeing now. With crude oil at $58.85 per barrel, we thought it was the end of the world and even diesel had reached $2.58 per gallon.

Luckily, by February 5th, the price of crude oil had decreased to $58.27 per barrel and gas prices were showing a promising $2.23 per gallon and diesel was down to $2.43.

But by March 5th, we were biting our nails again when crude oil spiked to $60.37 per barrel and the gas prices reached a very uncomfortable $2.55 per gallon. Diesel reached $2.62. Seven days later, crude oil was $59.95 per barrel and gas was $2.60 per gallon with diesel hanging at $2.68 per gallon.

By April 2nd, we witnessed gas prices hit $2.75 per gallon and diesel was only 4 cents more at $2.79 per gallon. Crude oil prices had hit $68.92 per barrel.

But it was on April 30th that the punch was truly felt when the signs at the gas stations read $3.01 per gallon for gasoline and diesel was actually showing a lower price at $2.81 per gallon. Crude oil prices had hit $67.16 per barrel, which was actually less than earlier in the month.

By May 28th we saw gas prices spike at $3.25 per gallon and a crude oil price of $69.20 per barrel. Diesel was still hanging around the $2.81 mark and we were being warned that it would be rare to see gasoline prices go below the $3.00 mark.

However, we did have a little bit of a reprieve in August when gasoline reached $2.82 per gallon and diesel was once again a tad bit higher at $2.84 per gallon. But the crude oil prices were hanging around at $71.51 per barrel.

As for the end of 2007, crude oil prices continued to hang between the $70 range and we didn’t see the prices drop below $3.00 per gallon very often. Prices in the range of $2.92 to $2.96 per gallon were what we saw the most of.

The trends of 2007 definitely took the public for a loop. Despite the rising prices in crude oil, the prices in gasoline did not increase at the same rate, which is good for individuals and businesses trying to operate on a budget. Hopefully 2008 is going to be less of a roller coaster ride.

About the Author:

Using a fuel card can help you guard against the fluctuations in gas prices. 2007 saw a lot of ups and downs, and we can only expect more of 2008.