![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() by Daniel J. Graeber Washington (UPI) Mar 29, 2016
Ongoing preparation for the processing of a summer blend of gasoline is behind the steady increase in retail gasoline prices, analysis finds. Motor club AAA reports a national average retail price for a gallon of regular unleaded gasoline at $2.04 for Tuesday, a slight increase from the previous day and nearly 3 percent, or about 6 cents, higher than one week ago. Last week, the national average price moved to more than $2 for the first time this year as refiners started to conduct the routine maintenance necessary to switch to processing a summer blend of gasoline. That's resulted in less gasoline supplies, moving prices higher. During the spring, demand also increases as more drivers look to break cabin fever by hitting the road. "The combination of the above factors generally contributes to rising prices at the pump, leading into the busy summer driving season," the motor club said in a weekly retail market report. Crude oil prices, which account for the bulk of the price consumers pay for gasoline, have been relatively stable, holding near the $40 mark for most of March. Markets have seesawed on talks of a potential meeting in April between the Organization of Petroleum Exporting Countries and other major producers on holding output steady at January levels to stabilize the market. AAA said in its report that most market analysts are skeptical about the outcome of the deal. "As crude oil prices fell gently last week back under $40 per barrel, motorists shouldn't necessarily expect the worst increases to be over just yet," Patrick DeHaan, a senior analyst with consumer price watchdog GasBuddy, said in a separate emailed statement. "Until the bulk of refinery maintenance season wraps up in late May, we likely won't see the lower oil prices immediately bring relief to the pump as oil and gasoline inventories continue to move in the opposite direction." The price for Brent crude oil, the global benchmark, was around $39.57 per barrel early Tuesday. New Jersey has the lowest state average price in the nation at $1.84 per gallon. The national average price, meanwhile, is 15 percent, or 38 cents, less than this date in 2015.
Related Links All About Oil and Gas News at OilGasDaily.com
|
|
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. |