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Posts Tagged ‘U.S. oil production’

After Steady December Climb, Gasoline Prices Retreat in January

U.S. production levels continuing to increase.

by on Jan.31, 2017

Gas prices fell for the first part of January as U.S. production levels increased.

After climbing during the last month of 2016, the price of gasoline has retreated for the past three weeks, dropping to $2.27 per gallon, which is down four cents per gallon from a week earlier, according to the survey by AAA.

AAA said the growth in the number of U.S. oil rigs and the increased drilling it implies are raising expectations for a climb in domestic oil production.

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Meanwhile, increased U.S. crude oil production and reduced demand has exerted pressure on the national average price at the pump, which has fallen for 21 consecutive days, AAA said. (more…)

OPEC Claims No Price Target Set for Oil

U.S. production expected to increase next year, keeping prices low.

by on Dec.15, 2014

Abdalla Salem el-Badri, OPEC's top leader, said the organization has not set a target price for oil.

Despite speculation that OPEC is manipulating oil prices, the organization has no set price target for oil and will let the market determine what it should cost, said Abdalla Salem el-Badri, head of the Organization of Petroleum Exporting Countries, according to the Wall Street Journal.

The price of gasoline has plunged, again, on the heels of fresh turmoil in the global energy markets, which has continued to unnerve trade and equity markets around the world.

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The AAA Gas Gauge estimated Sunday that gasoline price across the United States have dropped another 12 cents in the past week and could drop another 17 cents by Christmas according to AAA. Gasoline prices fell, following another drop in the price of crude oil, which has dropped by 41% since the end of 2013. At the end of last week, crude oil was trading for $57.49 a barrel. (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…)