Space Industry and Business News  
OIL AND GAS
Midwest gas prices pull national average higher
by Daniel J. Graeber
Washington (UPI) Jun 14, 2016


disclaimer: image is for illustration purposes only

Retail gasoline prices are at their highest levels for the year, with Midwest markets skewing the U.S. average higher on pipeline and refinery issues, AAA said.

Motor club AAA reports a national average retail price for a gallon of regular unleaded gasoline in the United States at $2.37 per gallon, about 0.7 percent higher than last week and 7.8 percent higher than one month ago.

Gas prices on average are the highest they've been since September, moving in parallel with crude oil prices. Oil prices represent the bulk of what consumers pay for gasoline and with disruptions to production in two of the top 10 exporters to the United States -- Canada and Nigeria -- markets are under pressure.

Crude oil prices are up about 5.5 percent, or $2.62 per barrel, from one month ago as production outages influence market dynamics.

"With all other factors being equal, a $1 per barrel change in the price of crude oil can increase gas prices by 2.4 cents per gallon," AAA explained in a retail market report.

The national average price is influenced largely by prices in the Midwest, with Michigan and Ohio representing two of the top three most expensive markets in the country. California's state average price of $2.86 is the highest in the country, with Michigan taking the No. 2 spot at $2.74.

South Carolina, by comparison, has the lowest state average in the nation at $2.07 per gallon. Midwest markets are facing additional supply pressures because of an oil pipeline outage in Wisconsin and refinery outages in Michigan and Illinois.

According to AAA, some of those market pressures are short-term. While Nigerian production is under pressure from militant activity, oil production in Canada is slowly returning to normal after May wildfires ebb.

"Despite these supply issues, refinery production has increased over the past few weeks, while supplies are still about nine percent higher than a year ago," AAA added.

A market review from the U.S. Energy Information Administration forecasts a full-year average price of $2.13 per gallon, an estimate that's 5 cents higher than a forecast from last month.


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






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

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

Previous Report
OIL AND GAS
Iran boasts of post-sanctions oil performance
Tehran (UPI) Jun 14, 2016
With Iranian crude oil production moving past what it was during the sanctions era, the government said it was now looking to ensure a strong market position. Iranian crude oil production stands at around 3.8 million barrels per day and exports are on the rise. "Iran is now exporting more than 2 million barrels per day of crude oil," Iranian Oil Minister Bijan Zangeneh told the o ... read more


OIL AND GAS
Cereal science: How scientists inverted the Cheerios effect

Lean Xbox One eyes gamers as PlayStation VR turns heads

Mixing solids and liquids enhances optical properties of both

Video game giant Ubisoft thinking young at age 30

OIL AND GAS
Air Force receives Rockwell Collins receivers

UK Looking to Design Next-Gen Military Satellites

Airbus DS to provide German armed forces with satcomm services for the next 7 years

L-3 Communications to open new facility in Canada

OIL AND GAS
ILS Proton Launches Intelsat 31 Satellite

Abandonment of Russian rocket engines may ground Pentagon's space plans

EchoStar XVIII and BRIsat are installed on Arianespace's Ariane 5

United Launch Alliance gets $138 million Atlas V contract

OIL AND GAS
Russian Glonass-M satellite reaches target orbit

And yet it moves: 14 Galileo satellites now in orbit

Arianespace continues the momentum for Europe's Galileo program on its latest Soyuz flight

China to launch 30 Beidou navigation satellites in next 5 years

OIL AND GAS
Nigeria hoping for U.S. approval of Super Tucano sale

Danish parliament approves F-35 buy

First AH-64 Apache Guardian arrives in South Korea for army

Canada PM Trudeau shows doubts on F-35 fighter jet

OIL AND GAS
World-first pinpointing of atoms at work for quantum computers

Controlling quantum states atom by atom

Spintronics development gets boost with new findings into ferromagnetism in Mn-doped GaAs

Skyrmions a la carte

OIL AND GAS
Airbus Defence and Space has completed PeruSAT-1 in less than 24 months

Constraining the composition of Earth's interior with elasticity of minerals

Mapping that sinking feeling

New cheap method of surveying landscapes can capture environmental change

OIL AND GAS
Indonesia lashes out at Singapore in new haze row

How 'super organisms' evolve in response to toxic environments

Knowledge of chemical munitions dumped at sea expands from international collaboration

China probes school playing fields after kids sickened









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.