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OIL AND GAS
Low gas prices expected for Memorial Day weekend
by Daniel J. Graeber
Washington (UPI) May 26, 2017


Gas prices could be working in favor of the consumer for the long holiday weekend as weak demand and OPEC spark a market downturn, GasBuddy said.

Gasoline prices typically move higher into the long Memorial Day holiday weekend because of demand pressures. Motor club AAA lists a national average retail price for a gallon of regular unleaded gasoline at $2.37, up a fraction of a percent from Thursday and 1.2 percent, or about 3 cents per gallon, higher than last week. The rate of increase is slightly lower than this time last year.

Historically low crude oil prices have worked in consumer's favor this year. Oil prices have been under pressure from weak consumer demand, which is down about 3.5 percent year-on-year. Patrick DeHaan, a senior petroleum analyst at consumer price watcher GasBuddy.com, said he blamed the weather.

"California and much of the West Coast had a dismal winter with plenty of rain, keeping motorists from hitting the road as much," he said. "Expect demand to improve, thanks primarily to the lack of a spring surge at the pump."

Few markets are showing big swings in gasoline prices moving into the busy travel weekend. A decision from the Organization of Petroleum Exporting Countries on Thursday to extend rather than modify a production agreement led to steep declines in crude oil prices and DeHaan said that should add to relief for travelers heading out early for the weekend.

"Wholesale gasoline is moving lower and that will provide some breathing room for gas prices to fall over the weekend," he told UPI.

The national average price is up 4 cents from the start of the year, which is the smallest increase ever measured by GasBuddy. Some markets are holding steady, while others are actually on the decline. Michigan, which historically has some of the highest and most volatile gas prices, showed a price at the pump that's lower than last year by 7 cents per gallon.

OIL AND GAS
Fifty years of Lagos. But what about the next 50?
Lagos (AFP) May 26, 2017
The Nigerian megacity of Lagos, with its 20 million inhabitants, is the biggest in sub-Saharan Africa and is celebrating its 50th anniversary. But how do those who have made their name in Lagos envisage the city in 50 years' time? - Leye Adenle - Leye Adenle was born in Nigeria in 1975. His first book, "Lagos Lady", is a gripping crime novel that flits between the city's less salub ... read more

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