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Energy / Gas Prices

  • 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…

  • Japan’s Uncertain Energy Future

    This column is being written later in my day than usual as I was completing a two-part interview with the NHK network, the PBS of Japan.  In two marathon sessions, their producers grilled me on every angle of energy for two one-hour documentaries they’re preparing for the end of May. The show is the Japanese version of “60 Minutes” and the most watched show in Japan.  The experience was fascinating but also focusing, because being questioned by the Japanese reminded me, if I ever forget, of the global nature of the energy question and the particular challenges that Japan faces.This…

  • U.S. Oil Boom Makes Gas Cheaper, but not by Much

    Crude oil sourced in the United States is cheaper and therefore means less pain at the pump for American drivers. When adjusted for inflation, however, the price for a gallon of regular unleaded gasoline is still high because of international dynamics, AAA said Monday. "Cheaper domestic crude has a significant effect on the price most of us pay at the pump," AAA spokesman Michael Green told Oilprice. "U.S. refineries have access to cheaper crude oil than their overseas competitors, which provides a lucrative business advantage." The U.S. Energy Information Administration said U.S. oil production should hit 9.6 million barrels per day before…

  • Spring Fever Could Lead to Increase in Gas Demand

    The national average price for a gallon of regular unleaded gasoline for Monday is the highest it's been since Sept. 11. Demand may increase along with the price at the pump for April, though a short-term plateau may be within site, AAA said. Michael Green, a spokesman for AAA, told Oilprice demand for gasoline is expected to increase as a long winter starts to ease across much of the country. "Given how cold it had been earlier in the year, it would not be surprising to see pent-up demand result in significant gasoline consumption in the coming weeks," he said. Related Article:…

  • Canada Approves LNG Exports for Project Hopefuls

    While liquefied natural gas (LNG) export terminals proposals are languishing under the measured pace of approval in the United States, Canada is approving licenses in advance for projects that don’t even have formal support from their backers yet. Seeking to become a major global supplier of LNG, the Canadian government has approved four long-term export licenses for LNG projects on the Pacific Coast in British Columbia for the export of up to 73.38 million metric tons per year for 25 years.  The proposed export terminals would potentially be sponsored by Exxon Mobil, British-based BG Group and Malaysia’s state-owned Petronas, and…