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Energy / Gas Prices

  • Ukraine-Russia Gas Deal Still Possible Despite Setback

    Negotiations over a natural gas deal between Ukraine and Russia have faltered since the spring, but the standoff has taken on a new urgency as winter approaches.Following the overthrow of Ukrainian President Viktor Yanukovich in February, Russia altered the terms by which it sells natural gas to Ukraine. Along with Yanukovich, favorable pricing went away. In April, Russia nearly doubled the sale price of natural gas to Ukraine, from $268.50 per thousand cubic meters to $485.50. This was a price that the Ukrainian government said it could not meet. Even worse, Russian gas company Gazprom demanded upfront payment for gas…

  • LNG-Dependent Japan Tries To Gain Leverage Over Pricing

    Japan’s record purchases of liquefied natural gas (LNG) show no sign of slowing as the country continues to try and fill the energy shortfall created when it took its nuclear plants offline three years ago.With its lack of substantial domestic sources of fossil fuel, Japan is cripplingly dependent on imported oil, coal, and natural gas. Before the 2011 meltdown of the Fukushima nuclear plant, Japan was the third largest nuclear generator in the world, behind the United States and France, with 54 reactors.     Those reactors were critical to cutting Japan’s fuel import bills, and accounted for 20 percent of…

  • Gasoline Prices Look Set To Stay Low

    To the delight of American drivers, gasoline prices are continuing to slide downwards. The national average price of gasoline hit $3.35 per gallon at the end of September, which is about 14 cents lower than at the same time a year ago, according to the U.S. Energy Information Administration (EIA).Better yet, gasoline prices could drop further in the coming months. In recent years it has become commonplace for many drivers to see a gallon sell for well over $4 per gallon. Why have gas prices dropped to such low levels all of a sudden?There are a complex set of factors…

  • Is U.S. Gas Really Expensive, And Will It Get Cheaper?

    As an Englishman, when I moved to the U.S. more than 10 years ago, two things struck me almost immediately. I was stunned by just how cheap gas was and even more stunned by how many people complained about the price. Of course, the distance one needs to drive in everyday life here makes expensive gas that much more painful, but is gas in the $3.50 to $4 per gallon range really that expensive, and can we expect to see it any lower in the near future? You can certainly point to examples that would suggest that it is expensive.…

  • Surge In U.S. Oil Production Finally Reflected At Pump

    Geopolitical turmoil, particularly in oil-producing regions, usually means higher retail costs for petroleum products, specifically gasoline.Not so this year. Oil analysts say American drivers taking their last summer road trips cars will enjoy the lowest pump prices this Labor Day weekend than they have in four years. That’s despite ongoing conflicts in Iraq, Libya, Syria, and between Russia and Ukraine.Even word of unexpectedly low oil supplies hasn’t kept the price of gasoline from falling. On Aug. 27, the U.S. Energy Information Administration (EIA) reported that crude oil stockpiles fell to 360.5 million barrels last week, the lowest levels since January.Part…

  • Weak Hurricane Season Forecast Good News For Drivers

    With a modest hurricane season forecast for 2014, U.S. drivers are unlikely to face weather-related gas price increases, but foreign crises or domestic refinery problems could still impact prices.That’s according to the American Automobile Association (AAA), which reported a national current average price for a gallon of regular unleaded gasoline at $3.65, about 2 cents lower than last week. Less demand for gasoline during an unusually harsh winter has kept prices relatively low so far this year. That, and the glut of oil in North America, provided some level of protection for American drivers this spring. The late spring period,…

  • AAA: Drivers Should Soon See Relief At The Pump

    As U.S. gasoline production increases in anticipation of the summer driving season, the American Automobile Association said it is expecting prices at the pump to drop by Memorial Day, May 26.The AAA reported a national average price on May 5 of $3.67 -- about 3 cents lower than what the motor club said was a seasonal high, on April 28.Michael Green, an AAA spokesman, told Oilprice.com that the national average price for a gallon of regular unleaded gasoline has declined for nearly a week straight, the longest streak since mid-January. Before last week's high-water mark, the average price had increased…

  • AAA: Shale Boom Keeps High Gas Prices From Going Higher

    Although high gasoline prices are still frustrating U.S. drivers, things would be even worse if the country weren’t in the midst of a shale oil boom.The American Automobile Association (AAA) says in that scenario, the average gas price would be around $4 a gallon, or 40 cents higher than the average price for a gallon of gas on April 28 ($3.60). Gas prices are up 16 cents from the same time last month, and 20 cents higher than the average price reported one year ago. U.S. crude oil production levels have recently reached record highs. Last week, the Energy Information Administration…

  • Fluctuating Gas Prices Can’t Dent Americans’ Love Affair With Their Cars

    The national average price for a gallon of unleaded regular gasoline may be 15 cents higher than this time last year, but the fact that gasoline prices in general are trending lower has kept American drivers from reducing their time on the road, according to the American Automobile Association.AAA reported that the national average price for a gallon of regular unleaded gasoline right now is $3.67, which is a nickel higher than last week’s price and 15 cents higher year-on-year.In general, however, gasoline prices are down compared with previous years. The average price at this time in 2012 was $3.92…

  • U.S. Gas Prices Rise, but not because of Global Factors

    Global energy markets are jostling between the return of Libyan crude oil and lingering tensions over Ukraine. It's domestic supply and demand issues, however, that are weighing on U.S. gasoline prices, AAA said Monday. Prices waxed and then waned amid dueling overseas developments. Last week, Russian President Vladimir Putin warned European energy security was at risk because of Kiev's debt obligations. The state-run oil firm in Libya, however, said the port of Zawiya and associated oil infrastructure were open and operating normally after protesters there ended their blockade. West Texas Intermediate traded Monday morning at $103.74, up 0.34 cents from the previous…