by Daniel J. Graeber
Washington (UPI) Aug 1, 2017
Peak summer demand and declining levels of supplies, both domestic and foreign, mean spikes in the price of gas for U.S. consumers, market analyses find.
Motor club AAA reports a national average retail price for a gallon of regular unleaded gasoline at $2.32 for Tuesday, up a fraction of a percent from Monday and 1.75 percent, or 4 cents per gallon, higher than last week. All but three states reports hikes in the price at the pump during the last week.
The official summer driving season is nearing a peak and domestic inventories are moving lower, which means higher gasoline prices for the near future, AAA spokesperson Jeanette Casselano said in a statement.
"As summer moves forward, the days of dropping summer gas prices appear to be behind us for now," she said. "U.S. crude inventories are moving in the opposite direction of demand - a perfect storm for continued price increases heading into August."
A July forecast from the U.S. Energy Information Administration put the average price per gallon for the summer driving season, which runs through September, at $2.38, about 7 percent, or 15 cents, higher than the average last summer.
The West Coast market is the most expensive in the country, with California holding the distinction as the state in the Lower 48 with the highest price at $2.94 per gallon, but were also more or less stable compared with last week. In its weekly retail market report, AAA found supply and demand were in check, as a breakdown at a Phillips 66 refinery was offset by a 200,000 barrel jump in gasoline inventories in the market.
The Great Lakes market is the most volatile and AAA reports a 26 cent jump in prices from last week in Indiana. A 9 cent spike in the price of gas in Michigan, meanwhile, made it the seventh most expensive in the country. AAA said regional gasoline inventories declined 300,000 barrels, adding "low inventory and high demand will likely result in continued increases over the coming weeks."
Patrick DeHaan, a senior petroleum analyst with price-reporting company GasBuddy, said crude oil prices back above $50 per barrel isn't helping
"August will likely feature the summer's highest gasoline prices," he said in a report emailed to UPI.
Saudi Arabia is cutting oil production further in order to help address lingering strains for an over-supplied market. Political issues in Venezuela, meanwhile, have added some psychological pressure because it's the third largest supplier of oil to the United States.
Washington (UPI) Jul 31, 2017
Norway is the most trustworthy partner for European natural gas and most Germans see the United States as less-than-forthcoming on energy, a survey found. Forsa Institute, one of the leading polling firms in Germany, conducted a survey of public opinion about the regional energy industry on behalf of German energy company Wintershall. The firm has been accused of political bias toward t ... 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|