![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() by Daniel J. Graeber Washington (UPI) Feb 7, 2017
U.S. retail gasoline prices are holding steady as the broader energy market is stuck in a tug-of-war of oil production trends, a report from AAA finds. The motor club's survey of retail filling stations nation-wide finds a national average price for a gallon of regular unleaded gasoline at $2.27, down a fraction of a percent from the previous day and less than a penny lower than one week ago. "Pump prices have been pressured higher overall due to cuts in oil production globally, but increased U.S. production and low demand has led to a leveling out of prices over the last couple of weeks," AAA said in its weekly market report. Crude oil prices have stayed around the range of $55 per barrel for weeks as the broader market balances out as members of the Organization of Petroleum Exporting Countries move forward with managed declines at the same time that U.S. shale oil producers recover after last year's slump. Apart from that, the latest federal data show U.S. gasoline demand last month was 6 percent lower than last year and at its lowest rate since 2012. By region, the West Coast remains the most expensive market in the country, a problem exacerbated by tight supplies and unplanned outages at a refinery in northern California. Among the Lower 48 states, California has the highest gas prices in the country at $2.83 per gallon. According to AAA, the price point for the West Coast could move higher as regional refiners start making preparations for seasonal maintenance. States in the Great Lakes region, meanwhile, continue their trend as the most volatile in the country. Double-digit percentage point swings higher or lower are common and the area may be on the cusp of a steady drop in retail prices as gasoline stocks build against low regional demand. A federal report from January forecasts a national average price for retail gasoline of $2.31 for the first quarter of the year. By AAA's estimate, gasoline prices are still 52 cents more per gallon than they were one year ago.
![]() ![]()
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. |