![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() by Daniel J. Graeber Washington (UPI) Mar 14, 2017
A drop in crude oil prices was a relief for U.S. consumers who saw retail gas prices drop in kind, but the relief may be short-lived, a market analysis finds. Motor club AAA reports a national average retail price for a gallon of regular unleaded at $2.29, a slight drop from the previous day and the eleventh consecutive day for a decline. That follows a dramatic drop last week in crude oil prices, which account for the bulk of what consumers pay at the pump. "Gas prices may continue to drop in the near future due to declining crude oil prices and a well-supplied market, but will begin to creep up again over the next month due to seasonal refinery maintenance and the May 1 required switchover for producing summer-blend gasoline," the motor club's weekly retail market report read. Crude oil prices held steady at around $55 per barrel for most of the year, but a steady build in U.S. crude oil inventories and production broke the streak. That put negative pressure on gas prices, though the summer blend of gasoline, which requires additional environmental safeguards for warmer summer months, is more expensive to make and will have the opposite effect. Drivers in the West Coast cope with the most expensive market in the Lower 48 states and refinery maintenance there was putting a crimp on supplies, adding insult to injury. Price increases were modest in the region, though California broke through the $3 per gallon mark to post a state average price of $3.01, the highest in the Lower 48. The Great Lakes states region, meanwhile, was an anomaly, with prices declining despite at least three Illinois refineries moving through unplanned maintenance phases before the switch to summer gasoline. Despite the pressure on supplies, Indiana gas prices declined 4.5 percent from last week, the greatest regionally, to reach $2.15 early Tuesday. A federal report from last week predicted a national average price for the year at $2.40 per gallon and $2.44 per gallon for 2018. The February national average was $2.30 per gallon.
![]() Dallas (UPI) Mar 13, 2017 There were twice as many oil and natural gas discoveries recorded in Texas in February than during the previous month, a state regulator reported. The Railroad Commission of Texas stated that, as of March 10, the total state-wide rig count of 392 represented slightly more than half of all the activity in the country. Rig counts serve as a loose barometer to gauge industry confidence in ... read more Related Links All About Oil and Gas News at OilGasDaily.com ![]()
![]() |
|
The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us. |