GPS News  
OIL AND GAS
Gas prices moving higher alongside oil prices
by Daniel J. Graeber
Washington (UPI) Dec 20, 2016


disclaimer: image is for illustration purposes only

U.S. gasoline prices continue to rise along with crude oil, though some refinery issues and supply levels could create some fluidity, a retail market report finds.

Motor club AAA reports a national average retail price for a gallon of regular unleaded gasoline at $2.25 for Tuesday, up a fraction from the previous day and 4 cents, or 1.5 percent, higher than last week.

Gasoline prices are moving in parallel to crude oil prices, which are 2.4 percent higher than this time last week.

"Prices continue to rise due to market expectations of tighter availability following the announcement of an OPEC deal to cut oil production that is scheduled to start in January 2017," AAA said in a weekly market report.

The national average price for gasoline has increased for 21 out of the past 22 days. By region, the West Coast remains the most expensive in the nation, with California reporting the highest state average price for Tuesday at $2.67. Despite the trend, AAA reports prices are somewhat less regionally than they were one month ago, with California in the Top 10 when it comes to discounts from last month.

AAA notes some refinery and pipeline issues in the region may elevate prices, though most of those, like BP's shutdown last week of its Olympic pipeline to Washington and Oregon, were resolved late last week.

Markets there could move quickly, meanwhile, on reports that gasoline production on the West Coast is at a one month high and almost 2 million barrels per day higher than last year.

The Great Lakes states continue to hold the distinction of the most volatile market in the country, with some regions flipping almost 10 percent after posting steep declines. Illinois reports the highest price by region at $2.32 per gallon, a price that's more than 5 percent higher than last month. Part of the fluctuation may be in response to retailers looking to recover after the region was posting lower prices late last week. Michigan, for example, saw prices drop almost 6 cents, but move the opposite direction overnight.

AAA notes crude oil prices, and therefore gasoline prices, could move on market reactions to OPEC decisions. Already, some states previously pressured by lower oil prices like North Dakota are recovering and that could put a ceiling on how high oil prices could go because of supply-side dynamics.

A December report from the U.S. Energy Information Administration said the national average price for retail gasoline should be around $2.10 in January.


Comment on this article using your Disqus, Facebook, Google or Twitter login.


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


.


Related Links
All About Oil and Gas News at OilGasDaily.com






Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

Previous Report
OIL AND GAS
Oil prices decline on production questions
New York (UPI) Dec 19, 2016
Crude oil prices drifted lower in early Monday trading as questions lingered over whether or not parties to an OPEC agreement were playing ball. Members of the Organization of Petroleum Exporting Countries in late November agreed to cap production at 32.5 million barrels per day starting in January. Meeting that level would require cuts in output from members and non-member states. ... read more


OIL AND GAS
Corn yield modeling towards sustainable agriculture

US files WTO complaint against China over grain import restrictions

EU court upholds Monsanto GM soybean approval

Switchgrass may be a good option for farmers who have lost fertile topsoil

OIL AND GAS
Fundamental solid state phenomenon unraveled

Movable microplatform floats on a sea of droplets

Fast track control accelerates switching of quantum bits

Stamping technique creates tiny circuits with electronic ink

OIL AND GAS
Final sweep for MH370 sea search

Boeing delivers digital flight deck upgrades to NATO fleet

Raytheon contracted to repair F/A-18 weapon assemblies

US State Dept approves slew of ME defense deals

OIL AND GAS
Better road planning could boost food production while protect forests

GM first to deliver mid-priced, all-electric car

French cars lead EU list of low CO2 emitters, Ferrari fined

VW settles Canada drivers' class action over emissions

OIL AND GAS
China's 2017 economic growth to slow to 6.5 pct: study

China vows more 'flexible' yuan, less property speculation

In China, it's crunch time in 'Santa's workshop'

Philippines taps China-backed AIIB to fix infrastructure

OIL AND GAS
A roadmap for guiding development and conservation in the Amazon

Indonesia expands protection for peatlands, climate

Laser technique boosts aerial imaging of woodlands

Green groups pressure Spain over 'at risk' wetlands

OIL AND GAS
Researchers dial in to 'thermostat' in Earth's upper atmosphere

Study of olivine provides new data for measuring earth's surface

A look at the US cold snap from NASA infrared imagery

Cloud formation: How feldspar acts as ice nucleus

OIL AND GAS
Nanocubes simplify printing and imaging in color and infrared

New aspect of atom mimicry for nanotechnology applications

ANU demonstrates 'ghost imaging' with atoms

Supersonic spray yields new nanomaterial for bendable, wearable electronics









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.