Space Industry and Business News  
OIL AND GAS
Oil rally snaps gas price stability
by Daniel J. Graeber
Washington (UPI) Oct 13, 2015


disclaimer: image is for illustration purposes only

Last week's sharp rally in crude oil prices and ongoing refinery issues left U.S. drivers paying more at the pump for the first time in weeks, analysts said.

Motor club AAA reports a national average retail price for a gallon of regular unleaded gasoline at $2.31, inching a fraction upward after holding to $2.29 per gallon for nearly two weeks straight.

Refineries in mid-September are able to switch to a winter blend of gasoline, which because of fewer environmental safety requirements in cooler weather, is cheaper to produce. That should push gasoline prices lower, but high summer demand led to a string of refinery problems after the switch.

The U.S. Energy Information Administration reports many refineries in the Midwest market are operating at less than 80 percent capacity for the first time since 2013.

"Prior to the start of the fall turnaround season, the Midwest refinery utilization rate was nearly 99 percent, and this marked decline is contributing to tightening supply in the region," AAA said in its weekly retail market report. "Ample domestic supplies are expected to temper any regional price spikes, preventing the national average from moving dramatically higher."

Apart from refinery issues, the price of crude oil plays a large role in the price consumers pay at the pump. The price for Brent crude oil moved up nearly 9 percent last week in part because of geopolitical tensions tied to Syria and signs the U.S. shale oil boom was winding down.

Retail price-watchers at GasBuddy.com, echoing analyses from key investment banks, said last week's rally in crude oil prices was a temporary knee-jerk market reaction.

"We believe the rebound is somewhat of a head fake as the oil market remains oversupplied," GasBuddy said in an emailed report. "It will be a temporary rebound, with oil and gasoline prices moving lower again in the months ahead."

Brent crude oil prices crashed Monday, falling 4.5 percent on word members of the Organization of Petroleum Exporting Countries were pumping oil at a record pace.

AAA and GasBuddy both estimate the national average price for gasoline should be at or near $2 per gallon by the end of the year. Two states – New Jersey and South Carolina – are reporting state averages below the $2 mark.


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
Fitch: Russian oil producers facing headwinds
Moscow (UPI) Oct 13, 2015
A tax increase on the extractive industries in 2016 should add further downward pressure on the oil sector in Russia, Fitch Ratings said. The Kremlin last week called for an increase in taxes on the extractive industries, which Fitch Ratings said should amount to about $3.3 billion from Russian oil companies next year. "The effective tax increase for Russian oil and gas producers ... read more


OIL AND GAS
Using optical fiber to generate a two-micron laser

Dielectric film has refractive index close to air

Northrop Grumman upgrading G/ATOR radar system

Raytheon's AESA 360-degree radar moves toward production

OIL AND GAS
Southeast Asian nation awards Harris $10 million contract for radios

Harris delivering tactical radios to multiple customers

LGS Innovations enhances ISR technologies

Harris supplying tactical radios to Special Operations Forces

OIL AND GAS
Both passengers for next Ariane 5 mission arrive in French Guiana

Arianespace signs ARSAT to launch a new satellite for Argentina

Ariane 5 orbits Sky Muster and ARSAT-2

A satellite launcher for the Middle East

OIL AND GAS
ISRO looking to extend GPS services to SAARC countries

Last of the dozen GPS IIF satellites arrive at CCAFS for processing

Glonass system can fully switch to domestic electronics in 2 years

China launches 20th Beidou navigation satellite

OIL AND GAS
German military halts Eurofighter deliveries over flaw

Russian missile firm to hold rival MH17 briefing as Dutch report released

NASA Instruments Head to Germany for Alternative Fuels Research

L-3 installing mission systems on Coast Guard C-130J

OIL AND GAS
Scientists paint quantum electronics with beams of light

New optoelectronic probe enables communication with neural microcircuits

Crucial hurdle overcome in quantum computing

Organic semiconductors get weird at the edge

OIL AND GAS
NASA Eyes on Earth Aid Response to Carolina Flooding

New study indicates Earth's inner core was formed 1-1.5 billion years ago

China launches commercial remote-sensing satellites

Indonesia launches indigenous satellite

OIL AND GAS
Field widens for environments, microbes that produce toxic form of mercury

Sea turtles face plastic pollution peril

India court approves 'pollution toll' to clean choking Delhi

France's Corsica: from 'isle of beauty' to 'isle of trash'









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.