by Daniel J. Graeber
Washington (UPI) Jun 27, 2017
Barring a handful of Great Lakes states, retail gas prices are low and could move even lower ahead of the U.S. holiday weekend, motor club AAA reported.
The motor club reports a national average retail price for a gallon of regular unleaded at $2.25 for Tuesday, about a penny less than the previous day and the 25th day in a row for a drop in price. Only three states – Indiana, Ohio and Michigan – saw the price at the pump move higher over the last week.
"This is good news for people planning to travel for the Independence Day holiday," the motor club stated in a weekly retail market report. "AAA forecasts 37.5 million American will drive to their holiday destination, which potentially can mean a small increase in holiday weekend gas prices."
The national average last week was $2.29 per gallon.
The West Coast remains the most expensive market in the country, though California, the state that typically has the highest gas prices in the Lower 48, is still below $3 per gallon. AAA reported the regional summer surge in demand hasn't yet eaten into gasoline stockpiles, though at least two refineries in the area are headed into a maintenance period, which could drive the price at the pump higher.
The Great Lakes region is the most volatile in the country, with the spike in prices for Indiana, Ohio and Michigan offsetting declines in Illinois. AAA attributed some of the regional variance to a decline in the level of gasoline inventories.
Overall, AAA said crude oil inventories remain high, despite some declining trends in late June. A five-year trend finds more barrels of oil in storage than five years ago.
"This growing trend means that refineries are producing a record amount of gasoline that has easily met increasing demand from drivers and has left gasoline stockpiles at high levels," its report read. "[This means] the national gas price average will likely continue to drop until demand can surge to chip away at the surplus."
The federal government estimates the national average price for the full year will be $2.38 per gallon.
Washington (UPI) Jun 26, 2017
A gas company from Korea, one of the largest buyers of liquefied natural gas in the world, said it commenced a sales agreement with a U.S. supplier. The Korea Gas Corp. commenced a 20-year sales and purchase agreement with Cheniere Energy Inc., which operators the only facility in the United States with the permits necessary to export super-cooled LNG. "This is just the beginning ... read more
All About Oil and Gas News at OilGasDaily.com
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - 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. Privacy Statement|