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Keyword: gasprices

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  • Hurricane Irma: Massive effort to ship fuel into Florida, ease gas shortages

    09/08/2017 1:54:11 PM PDT · by ColdOne · 49 replies
    foxnews.com ^ | 9/8/17 | foxnews
    The Trump administration has waived a key statute to allow for “as many ships as possible” to bring fuel into Florida, as part of a massive effort to ease gas shortages for Florida residents and others in the path of Hurricane Irma. “We’re bringing in as much supply of refined fuel as possible,” Tom Bossert, White House homeland security adviser, told reporters on Friday. The move was made in conjunction with state officials in Florida who are scrambling to get fuel to the pumps and alleviate gas shortages. Florida has taken several steps to expedite those shipments.
  • About 25 percent of U.S. Gulf oil output offline due to Harvey

    08/26/2017 4:58:15 PM PDT · by BenLurkin · 10 replies
    reuters ^ | August 26, 2017 / 11:29 AM / 5 hours ago
    That equates to roughly 428,568 barrels of oil per day out of the roughly 1.75 million bpd pumped from the Gulf. The amount of oil production offline increased from Friday, when roughly 22 percent of output was affected. About 26 percent of Gulf natural gas production is offline, or about 835 million cubic feet per day, BSEE said
  • Gas hasn't been this cheap on the Fourth of July since 2005

    07/03/2017 5:07:51 PM PDT · by upchuck · 41 replies
    Wash Exam ^ | July 3, 2017 | Emily Jashinsky
    The last time gas was this cheap in America on the Fourth of July, the Kardashians didn't even have a television show. According to AAA, the average national gas price currently sits at $2.23 per gallon. That figure hasn't dipped so low since 2005 when Fourth of July drivers also owed $2.23 on average. It's the cheapest gas has been throughout 2017 as well. "The combination of tepid demand and increased gasoline and crude output continues to put downward pressure on gas prices," AAA Spokesperson Jeanette Casselano said in a news release. The least expensive market in the country is...
  • Slump at the Gas Pump Continues Ahead of Summer Driving Season

    05/13/2017 2:41:55 AM PDT · by Paul R. · 27 replies
    GasBuddy.com ^ | May 8, 2017 | Patrick DeHaan
    The bulk of the decline in gasoline prices can be thanked on a recent plunge in crude oil prices as concern over weak demand and high supply has offset sentiment about last November’s OPEC production cuts. The number of U.S. rigs drilling stands at 877, a rise of 7 in the last week, but 462 more rigs- 111% more- than a year ago. While OPEC cut oil production, U.S. and Canadian oil companies have filled the gap, leaving OPEC to lose market share. How long the charade continues is up to OPEC, who will decide in a few weeks whether...
  • Ohio gas prices up; fuel costs expected to rise this month

    03/06/2017 6:33:09 AM PST · by davikkm · 17 replies
    Ohio’s average for regular fuel was about $2.23 per gallon in Monday’s survey from auto club AAA, the Oil Price Information Service and WEX Inc. That’s a dime more than the state average last week and well above the average of $1.87 at this time last year.
  • Obama Keeps Bragging About Low Gas Prices But He Didn’t Want Them

    12/16/2016 1:14:23 PM PST · by rhett october · 6 replies
    Resistance Feed ^ | 12-16-2016 | Rhett October
    Speaking at a campaign rally for Hillary Clinton in September, President Obama touted his economic record with these lines: “More Americans are working. More have health insurance. Incomes are rising. Poverty is falling. And gas is $2 a gallon.” First of all, the economic numbers he's bragging about are absolute smoke and mirrors. In November, Bernie Sanders told a crowd that Obama might be touting an unemployment rate of 5% or less, but that he could only claim that number when part-time jobs were counted the same as full-time jobs. According to Sanders, the real unemployment rate is over 9%....
  • Why $25 NatGas Is Possible This Winter

    11/08/2016 3:09:41 PM PST · by bananaman22 · 24 replies
    Oilprice.com ^ | 11-08-2016 | Mike
    For families using natural gas in their homes, this could be an expensive winter... or a cold one without heat. New England consumes the most liquid natural gas (LNGs) out of anywhere in North America primarily due to high population density and colder climate. Historically, the price of LNG rises in correlation to snow storms. Because of bottlenecks in the pipelines for LNG, supply is limited in the North East and a demand surge can cause a spike in price. In 2015, there were only 6 million homes that use traditional heating oil in New England, whereas nearly half of...
  • Turn in TDI Diesel or Wait Until After Election? If Trade, What to Buy?

    10/24/2016 1:53:54 PM PDT · by Chickensoup · 87 replies
    chickensoup | 10.24.16 | chickensoup
    I have a 2013 Golf TDI Diesel that I have a strong option to give back to Volkswagen. I have been waiting for the election because I have a feeling that Clinton will continue the leftist policies of crawling up gas prices. However, I have been looking for a car, just in case. My goodness! Everything out there is chock full of electronics that will make them obsolete soon. Everything out there looks like a shiny, overgrown bug. I think I need something a bit more more butch-looking. I look longingly at jeep wranglers, but I am told that they...
  • Kingdom Comedown: Falling Oil Prices Shock Saudi Middle Class

    09/25/2016 2:32:40 PM PDT · by Lorianne · 23 replies
    Wall Street Journal ^ | 23 September 2016 | Ahmed Al Omran, Nikhil Lohade
    Lower revenue hurts economy, prompting government to withdraw some benefits; as cost of living rises, consumers cut back on spending ___ With a slowing economy and shrinking foreign reserves, the kingdom is coming under pressure to take steps that support the price of oil, as it did this month with an accord it struck with Russia. ... a sharp drop in the price of oil, Saudi Arabia’s main revenue source, has forced the government to withdraw some benefits this year—raising the cost of living in the kingdom and hurting its middle class, a part of society long insulated from such...
  • Company Restarts Gasoline Pipeline After Leak in Alabama

    09/23/2016 9:11:38 AM PDT · by Alas Babylon! · 25 replies
    Kiii TV ^ | September 23, 2016 | Video report
    Colonial pipeline is investigating what caused a pipeline to leak nearly 336,000 gallons of gasoline into a man-made retention pond. That leak was discovered back on September 9th near Helena, Alabama after state workers noticed a strong smell of gas. The shutdown pipeline caused rising fuel prices amid gas shortages across the South. Investigators say the broke portion, built in 1963, has since been repaired. A preliminary report does not identify the cause of the break as the federal investigation continues.
  • East Coast faces gas shortages, price hikes after pipeline leak

    09/16/2016 2:43:44 PM PDT · by dynachrome · 28 replies
    CNN ^ | 9-16-16 | Charles Riley
    A leak has caused the closure of a crucial pipeline that carries gasoline to the eastern United States, a disruption that threatens to drive up prices and leave service stations without fuel to sell. A section of the Colonial Pipeline, which runs from Houston to New York, has been closed since Sept. 9 after a spill of roughly 250,000 gallons was discovered in rural Shelby County, Ala. The major pipeline, one pipe of which has been severed, provides gasoline for an estimated 50 million people on the East Coast each day, according to company estimates. The cause of the leak...
  • U.S. Gasoline Prices Surprisingly Rise In Late-Summer Week

    08/23/2016 2:25:04 PM PDT · by bananaman22 · 7 replies
    Oilprice.com ^ | 23-08-2016 | Paraskova
    In one of the rare recent increases for a late-summer week, U.S. retail gasoline prices unexpectedly rose in the week to August 22, by US$0.044 to US$ 2.193 per gallon, according to data by the U.S. Energy Information Administration (EIA). Gasoline prices have dropped during this particular week in eight of the past ten years, and last week saw the biggest increase for this week since a US$0.062 rise in 2005. In the previous two August weeks, U.S. average gasoline prices had stood at US$2.150 in the week to August 8 and at US$2.149 in the week to August 15....
  • End of Driving Season Could Send Oil Back to February Lows

    08/03/2016 9:58:37 AM PDT · by bananaman22 · 5 replies
    Oilprice.com ^ | 03-08-2016 | Driver
    Summer driving season: it’s the season to be traveling, what with long weekends, annual leaves and short getaways from the banalities of everyday life at the office. The summer season in the Northern Hemisphere is when demand for crude oil invariably picks up, because fuel consumption increases. In Europe, there’s greater hunger for diesel and in the U.S. there’s a pickup in gasoline demand. Usually. This year’s driving season, however, is shaping up to be a very disappointing exception to the usual seasonal patterns in fuel demand. People are not traveling now as much as analysts expected back in May....
  • Oil Industry CEO Claims Democrats Have Done More For Oil

    07/20/2016 11:38:59 AM PDT · by bananaman22 · 16 replies
    Oilprice.com ^ | 20-07-2016 | GOPConvention
    With the Republican National Convention set to wrap up on Thursday, and the Democratic National Convention getting ready to kick off in Philadelphia next week, one prominent oil executive is noting that the industry has fared better under Democrats than Republicans. Scott Sheffield, CEO of Pioneer Natural Resources, says that he has noticed the trend during his 42 years in the business. That may sound strange considering the two parties’ diverse platforms when it comes to energy. The Republican party is touting deregulation and has said that it does not support the Paris Climate Accords. Going a few steps further,...
  • As Chinese Refiners Flood The World, Gasoline Tankers Pile Up In New York City Harbor

    07/13/2016 8:07:54 PM PDT · by dennisw · 29 replies
    zerohedge ^ | Jul 13, 2016 9:33 PM | by Tyler Durden
    Just over a month ago, when we pointed out that that the gasoline curve was about to shift from contango into backwardation, we said that the gasoline tanker armada off the coast of Singapore was about to start offloading as it would soon become uneconomical to hold product in offshore storage. This meant one thing: China was about to unleash a wave of accelerated gasoline exports across the entire world. We pointed out the unprecedented surge in Chinese gasoline stocks... and added that as China continues to imports tremendous amounts of both crude and product, far greater than actual demand,...
  • Gas Prices To Remain Low This Summer

    05/31/2016 3:47:11 PM PDT · by bananaman22 · 18 replies
    Oilprice.com ^ | 31-05-2016 | Geiger
    It’s easy for U.S. drivers to forget the high gas prices in recent years after the ultra-lows seen only months ago, but prices going into the summer months of 2016 are still well below what they were this time last year, and the lowest price heading into the summer months since 2009. Despite a recent uptick in the price per barrel of oil—up $20 since the last week of January 2016—U.S. drivers will still enjoy the low gas prices this summer. The spot price for WTI crude oil is still significantly lower than this time last year, trading today at...
  • Trump taps climate change skeptic, fracking advocate as key energy advisor

    05/13/2016 10:51:57 AM PDT · by maggief · 94 replies
    Reuters ^ | May 13, 2016 | VALERIE VOLCOVICI
    Republican presidential contender Donald Trump has asked one of America's most ardent drilling advocates and climate change skeptics to help him draft his energy policy. U.S. Republican Congressman Kevin Cramer of North Dakota - a major oil drilling state - is writing a white paper on energy policy for the New York billionaire, Cramer and sources familiar with the matter told Reuters. Cramer was also among a group of Trump advisers who recently met with lawmakers from western energy states, who hope Trump will open more federal land for drilling, a lawmaker who took part in the meeting said. Cramer...
  • Exxon's 1Q profit plunges 63 percent on lower oil prices

    05/03/2016 7:34:31 AM PDT · by Lorianne · 43 replies
    AP ^ | 29 April 2016 | David Koenig
    <p>DALLAS (AP) -- Exxon Mobil produced its weakest quarter in more than 16 years as lower oil prices pushed its profit down by 63 percent.</p> <p>Revenue tumbled 28 percent, and the oil giant lost money in its vaunted exploration and production business despite a 2 percent increase in production. It made more money, however, in chemicals.</p>
  • ExxonMobil’s Secret Weapon Against Low Oil Prices

    04/06/2016 3:24:33 PM PDT · by bananaman22 · 4 replies
    Oilprice.com ^ | 06-04-2016 | exxon
    Everyone is familiar with oil giant Exxon Mobil, so it should be no surprise that investors have kept XOM shares under pressure as oil prices hover near lows that would have been unthinkable a few years ago. What many investors do not realize though is that Exxon is more than just an oil company – the firm also owns the fourth largest chemical company in the world, Exxon Mobil Chemical.
  • Moody’s Puts Chevron On Review; Lack of Investment To Hit Exxon Mobil

    02/27/2016 1:56:23 PM PST · by Lorianne · 6 replies
    Investors Business Daily ^ | 26 February 2016 | Gillian Rich
    Moody’s put Chevron (CVX) on review for a downgrade on expected negative free cash flow and changed Exxon Mobil‘s (XOM) debt rating outlook to negative, as lower capital reinvestment will likely haunt the oil major for the rest of the decade. The ratings agency predicts negative free cash flow this year and next at Chevron, according to a note from Pete Speer, Moody’s senior vice president. He thinks negative free cash flow could even continue until 2018. Last month Chevron cut its capital spending for this year by 25% vs. 2015, but Moody’s sees negative free cash flow to exceeded...