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OIL AND GAS
Senate Democrats want clarification of oil export laws
by Daniel J. Graeber
Washington (UPI) Jul 3, 2013


AAA: Price at the pump nearly unchanged from one month ago
Washington (UPI) Jul 3, 2013 - The average price for a gallon of regular unleaded gasoline is holding steady ahead of the July 4th holiday in the United States, motor club AAA shows Thursday.

AAA reports the average retail price for a gallon of regular unleaded gasoline at $3.66. The average price for Thursday is 2 tenths of one cent higher than the same time last month.

The price for this time of year is at a six-year high, however. The average price for a gallon of regular unleaded was $3.47 on July 3, 2013.

The U.S. Energy Department said that, while prices are higher than normal for this time of year, prices have yet to break the $3.71 peak national average set April 29.

"Although this is the highest average heading into the Fourth of July holiday since 2008, gasoline prices in 2014 have remained well below the spring peaks reached in each of the previous three years," it said.

AAA says most holiday travelers will cut back on dining and shopping expenses during the three-day weekend rather than stay home because of higher gas prices.

The motor club said 80 percent of the people choosing to travel during the holiday will do so by automobile, the highest level since 2007.

There may have been some violations of the ban on crude oil exports from the United States, two Democratic senators told the Commerce Department.

Pioneer Natural Resources and Enterprise Products Partners were authorized last month by the U.S. Bureau of Industry and Security, a division of the Commerce Department, to export so-called condensate.

Crude oil exports are banned under legislation enacted in response to the 1970s oil embargo by Arab members of the Organization of Petroleum Exporting Countries. There are no such restrictions for petroleum products like gasoline and other fuel products.

U.S. Sens. Ed Markey, D-Mass., and Robert Menendez, D-N.J., asked Commerce Secretary Penny Pritzker to explain the decision.

"The Commerce Department does not appear to possess the authority to issue exemptions for condensates or some subset of condensates from the crude export restrictions," they said in a letter sent Wednesday.

An increase in U.S. crude oil production has been met by calls to ease the export ban. Senate Republicans have said the 40-year-old moratorium is outdated.

The Commerce Department in June said the decision on condensates does not represent a major shift in U.S. export policy.

Pioneer and Enterprise have been quiet on the decision.

.


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OIL AND GAS
Gas prices could spike because of hurricanes in Gulf of Mexico
Washington (UPI) Jun 30, 2013
Tropical storms in the Gulf of Mexico could put more pressure on gasoline prices than conflict in the Middle East, a petroleum analyst at GasBuddy.com said. Motor club AAA said in a mid-June report the Sunni-led insurgency in parts of Iraq was putting pressure on oil prices and creating spikes in retail gasoline prices. Historically, gas prices start to decline in early summer, though o ... read more


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