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Consumers get a boost from lowest gas prices in four years

Wheat prices jump 40 cents in a month.

November 3, 2014 by Alicia Kelso — Editor, QSRWeb.com

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The national average for gas today is $2.98. According to AAA, this is the first time the national average has been below the $3 since December 2010.

AAA estimates that this relief is saving consumers at least $250 million per day on gasoline compared to early summer when the national average reached $3.68 per gallon. AAA CEO Bob Darbelnet said the below-$3 news was unexpected and will give a boost to the economy in time for the busy travel/shopping season. 

Here's a glimpse at the market this week.

Cheese

After inching up for two weeks, cheese prices fell like a block last week, averaging $2.12 on the Chicago Mercantile, from $2.26 the week prior.

Prices closed at $2.14 Monday, $2.10 Tuesday, $2.11 Wednesday, $2.13 Thursday and $2.14 on Friday.

Wheat

Conversely, wheat prices continued to rise last week on the Minneapolis Grain Exchange, averaging $5.76, from $5.66 a week prior.

Wheat was $5.36 a month ago.

Last week's prices closed at $5.71 Monday, $5.76 Tuesday, $5.82 Wednesday, $5.77 Thursday and $5.74 on Friday.

Gasoline and diesel fuel

Monday's nationwide average for regular unleaded gasoline is $2.98, a 6-cent drop from the week prior, when prices were $3.04. Gas prices were $3.32 a month ago.

Consumers were paying $3.25 at the pump this time last year, according to AAA and the Oil Price Information Service.

Mid-range unleaded is $3.19 today, while the premium unleaded price is $3.37.

The nationwide average for diesel fuel today is $3.59, down slightly from $3.61 the week prior. Diesel prices are also down from $3.72 a month ago and $3.84 a year ago.

Natural Gas

Spot prices declined at most trading locations across the country during the first half of the report week (Oct. 22-29) amid moderate weather. Some prices increased at the end of the report week, particularly in New England, following a forecast of much colder weather moving into the eastern part of the country. However, the Henry Hub spot price closed Oct. 29 at $3.56/million British thermal units (MMBtu), down 12 cents from $3.68/MMBtu at the beginning of the report week.

At the New York Mercantile Exchange (Nymex), the November 2014 contract ended the week – and its run as prompt month – at $3.728/MMBtu, an increase of $0.069/MMBtu from the previous Wednesday.

Pizza company stocks

Shares in Pizza Hut parent Yum! Brands Inc. closed out last Friday at $69.98, up slightly from $69.25 the week prior. Yum's 52-week high of $83.58 was reached in July. Its low of $65.81 was in early October after its Q3 earnings report that included another China supply chain crisis.

Domino's hit another lifetime high last week, at $89.32, and finished out Friday at $88.88, from $87.30 the previous week. Its 52-week low of $66.18 was a year ago. 

Papa John's finished out last week at $45.79, up big from $41.81 the week prior. PZZA's 52-week high of $55 was in March. Its low of $37.28 was a year ago.

Pizza Inn closed out last week at $6.49, sliding from $7.05 the week prior. The company's 52-week high is $9.09, achieved in November 2013. Its low is $5.38, from March.

Shares in Papa Murphy's closed last week at $9.30, up from $9.07 the week prior. In its seventh month on the NASDAQ, FRSH's high/low is $12.10/$8.08, respectively.

Photo provided by Wikimedia. 

About Alicia Kelso

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Alicia has been a professional journalist for 15 years. Her work with FastCasual.com, QSRweb.com and PizzaMarketplace.com has been featured in publications around the world, including NPR, Good Morning America, Voice of Russia radio, Consumerist.com and Franchise Asia magazine.

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