![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() by Daniel J. Graeber Washington DC (UPI) Jan 23, 2017
Higher oil prices have led to a reversal of sorts, with improved economics for U.S. shale producers bringing retail gas prices lower, a market review found. Motor club AAA reports a national average retail price for a gallon of regular unleaded gasoline at $2.30, a slight decrease from Monday. The trend lower follows relatively stability for crude oil prices, but improved conditions for U.S. shale oil operators. Crude oil prices started 2017 at 18-month highs for intraday peaks, but have since settled back into the mid $50 per barrel range as competing trends pull on market direction. The Organization of Petroleum Exporting Countries agreed to put a cap on production to erase the oversupply that pushed oil prices below $30 per barrel last year. That pushed oil prices higher, but also improved the market conditions enough so that the very shale oil producers that helped lead to the glut returned the work and offset the loss of output from OPEC. AAA in its weekly retail market report found this balancing effect is keeping a lid on crude oil prices and easing the pressure for consumers. "Traders will keep a close eye on how OPEC output cuts and increased U.S. production impact the market moving forward," the report read. By region, the West Coast maintains its hold on the claim to the most expensive market in the country, with California, Washington and Oregon in the top five. Supplies of gasoline in the region are adequate, though those states also have high fuel taxes. The Great Lakes region, meanwhile, continues as the most volatile market in the region, with four states there taking claim to those with the sharpest declines in retail gasoline prices. "Storage increases paired with a drop in demand this month likely attributed to regional and national price declines," the retail market report read. Tennessee had the lowest retail price in the country at $2.10 per gallon. The U.S. Energy Information Administration predicts a national average price for gas for full-year 2017 at $2.38.
![]() ![]()
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. |