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Posts Tagged ‘oil production’

Production on the Rise, Keeping Gas Prices Down

Demand is lower while production levels are up.

by on Dec.06, 2017

Gas prices continue to fall as demand drops during the winter driving season.

With the winter driving season fast approaching, the price of gasoline is continuing to drop, according to AAA.

At $2.48, the national gas price average is at its cheapest level since early November. More so, pump prices nationally have been steadily dropping during the last two weeks. Today’s gas price is three cents less than a week ago, four cents cheaper than one month ago and 30 cents more than a year ago, according to AAA.

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“Cheaper winter gas prices are being seen for the bulk of the country as gasoline demand hits the lowest mark since February,” said Jeanette Casselano, AAA spokesperson. “On the week, 90% of states saw their gas price average drop – some even by double digits.”  (more…)

Gas Prices Leveling Off as Refineries Ramp Up

Production back to normal output.

by on May.10, 2016

After climbing upward to a six-month high in early May, gasoline prices seem to have stabilized.

After reaching its highest point in six months in early May, the price of gasoline is showing signs of leveling off, ending the steep climb that raised the average price of gasoline as the spring driving season picked.

The price of gasoline at the pump declined slightly during the past week, according to the AAA. The group also said it is possible that prices have begun to stabilize as refineries increase production to meet record-high demand.

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The average price of $2.21 per gallon represents an increase of 17 cents per gallon on the month, and prices have moved higher for 23 of the past 31 days. (more…)

Gas Prices Remain Steady, but OPEC Expects 2016 Rise

Cartel claims plans to get prices back up are working.

by on Oct.14, 2015

Gas prices held steady last week, but OPEC says prices will rise in 2016.

Gasoline prices basically held steady during the past week but the Organization of Petroleum Exporting Countries said the week its basic strategy that could lead to higher prices next year is beginning to work.

After 13 consecutive days of holding steady at $2.29 per gallon, the national average price for regular unleaded gasoline began ticking higher last week, reaching $2.31 per gallon.

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The average represents an increase of two cents per gallon compared to one week ago; however, prices have fallen for 46 of the past 56 days for a total of 36 cents per gallon. (more…)

OPEC Production Rates Keeping Gas Prices Down

Group has no plans to change oil output.

by on Jun.10, 2015

AAA says gas prices are expected to remain below $3 a gallon on average for some time.

After a steady rise during May, the average price for regular unleaded gasoline across the U.S. remains steady in June with the summer driving season now under way.

The average price for gasoline continues to hover near at what many expect to be the highest average of the year of $2.75 per gallon, which is fractions of a penny higher than a week ago and is nine cents per gallon higher than one month ago, according to AAA’s Gas Gauge Survey.

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While pump prices across the country have increased since April, consumers are saving 90 cents per gallon compared to this same date last year. Meanwhile, the Organization of Petroleum Exporting Countries, or OPEC, announced last week it does not plan to reduce production and expects to continue producing at current levels. (more…)

OPEC Ensures Fuel Prices to Remain Low

Production levels remain unchanged, pushing down price at pump.

by on Dec.02, 2014

Gas prices aren't going to drop to levels when you got it out of this pump, but they're expected to hit five-year lows.

The price of gasoline is expected to drift lower in the wake of the Organization of Petroleum Exporting Countries’ (OPEC) decision to maintain production at its current level. Not only are prices expected to remain low, the decision could have far-reaching effects around the world.

In fact, the OPEC decision on Thanksgiving Day could lower the price of gasoline throughout 2014 and into 2016, if OPEC doesn’t reverse course and the lower prices don’t undercut the drilling boom in the U.S.

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It also could become a challenge for carmakers, which are facing pressure to boost fuel economy of all new vehicles and possibly a global recession from what has become a reverse oil shock. (more…)

Gas Prices Continue to Slide in US

Saudis continuing strategy to keep prices low.

by on Oct.27, 2014

Gas prices are at their lowest levels in four years and the slide is expected to continue.

The ongoing drop of gas prices in the U.S. is confounding experts, delighting consumers and being ignored by U.S. fracking companies, which are helping to push U.S. oil production to record levels.

The average price at the pump dropped 18 cents in the past two weeks. Gas prices are now at their lowest level in nearly four years, thanks to a steep drop in oil prices, according to the latest Lundberg survey released on Sunday.

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Prices fell to an average of $3.08 per gallon for regular grade gasoline, according to the survey conducted on Oct. 24, the lowest price since Dec. 2010. In some markets, the price of gasoline has now fallen below $3 per barrel. In northern Virginia, for example, the price of gasoline had dropped to $2.72 per gallon. (more…)

Gas Prices Rising with the Mercury

Blame shortages of ethanol additive.

by on Mar.24, 2014

It's been a tough winter for ethanol.

It’s been a frigid winter in much of the country, but with the weather finally warming, motorists may now have something else to complain about – fuel prices rising along with the mercury.

With winter showing signs of easing its grip on parts of the nation, the average price for regular unleaded gasoline at U.S. pumps rose 4.74 cents over the past two weeks to $3.557 a gallon, the highest figure since Sept. 20, according to Lundberg Survey Inc.

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The good news is that the average price of gasoline is still 15.02 cents below what it was a year ago at this time a year ago, according to the Lunderg survey, which has long tracked petroleum trends, and based its report on information obtained at more than 2,500 filling stations across the country.


Gas Prices off to Bad Start – 2014 Opens at Record Level

But forecast is for stable or even lower prices this year.

by on Jan.02, 2014

It'll cost you more to use one of these this week.

Though gas prices ended the year well below their 2013 peak, the New Year is off to a poor start, 2014 is off to a bad start, motorists in much of the country paying the highest price on record for the start of the year.

There have been a number of recent reports suggesting that with oil production rising – especially in the U.S. – the cost of fuel could hold steady or even decline over the next several years. But as the holiday season comes to an end, motorists aren’t catching a break.  According to AAA, the week began with prices across the U.S. averaging $3.31 a gallon for regular no-lead gas.

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It was the fifth consecutive January 1 that Americans paid more at the pump than the year prior and the fourth straight year with a new record to start the year, according to AAA. The national average prices to begin 2011, 2012 and 2013 were $3.07, $3.28 and $3.29 respectively.


Motorists May Be in for Long-Time Relief on Fuel Prices

Credit burgeoning supplies of oil, experts suggest.

by on Dec.18, 2013

Motorists are using a lot less fuel these days - which is contributing to lower pump prices..

Might memories of skyrocketing fuel prices be a think of the past?  With pumps in a growing number of states now set at less than $3.00 a gallon, several new reports suggest that motorists might be in for a break in the months – perhaps even years – ahead.

That said, experts caution that a variety of factors could still hammer motorists – and the economy, whether short-term problems with refineries and pipelines or more serious issues, such as disruptions in the Mideast.

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“We expect we’re going to see crude oil prices (continue to) fall for a while,” said Charles Chesbrough, a senior economist with IHS Automotive, a position echoed by a growing number of other studies, including a new report from the U.S. Energy Information Agency, or EIA.


Obama Wants to Slash Oil Imports, Shift Govt. Fleet to Green Vehicles

Outlines energy policy calling for shift to cleaner fuels.

by on Mar.30, 2011

President Obama discussing energy policy.

President Barack Obama, warning there are “no quick fixes,” outlined a broad energy policy that he hopes will win broad bipartisan support at a time when oil prices have hit their highest levels in three years.

A key goal will be to better access untapped sources of domestic sources of oil and gas even as the nation moves forward on a goal of trimming petroleum imports by a third by 2025, the president declared during a speech today at Washington’s Georgetown University.

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Among other key goals, the government will move to buy only hybrids, plug-ins and other advanced technology vehicles for its vast fleet of 600,000 vehicles by 2015.

“Presidents and politicians of every stripe have promised energy independence but that promise has so far gone unmet,” the president noted.  “That has to change. We cannot keep going from shock to trance on the issue of energy security, rushing to propose action when gas prices rise, then hitting the snooze button when they fall again,” he said.