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OIL AND GAS
U.S. gasoline prices tapering off
by Daniel J. Graeber
Washington (UPI) Mar 10, 2015


disclaimer: image is for illustration purposes only

The steady streak of increases in the U.S. average price for a gallon of regular unleaded gasoline is tapering off, a review from motor club AAA finds.

AAA reports a national average retail price of $2.45 per gallon. That's down a fraction of a cent from Monday's price, which marked a formal end to the 40-day streak in price increases.

U.S. gasoline prices fell in parallel with oil prices last year. A record-breaking streak in falling prices at the pump ended in late January when prices started to move above the floor price of $2.04 per gallon nationally. Oil prices at the end of January also reached their historic bottom and started to move back above the $50 per barrel mark.

U.S. refineries at the beginning of February start a regular maintenance period as they shift from producing a winter blend of gasoline to a summer blend, which is more expensive to produce because of steps needed to prevent vaporization during warmer weather. A refinery fire in California added further pressure to gasoline prices.

More than a month after the refinery maintenance period began, U.S. motorists are starting to see price trends reverse, notably in the West Coast market.

"Drivers are finally getting a break from the big rise in gasoline prices," Patrick DeHaan, a senior petroleum analyst with pricewatcher GasBuddy.com, said in a separate statement. "Gas prices have finally starting to cool off after coming into March like a lion -- we can only hope they go out like a lamb."

The average price for a gallon of regular unleaded was $2.19 one month ago and $3.49 on this date in 2014. The U.S. Energy Information Administration predicts a full-year national average price of $2.33 per gallon, more than $1 less than last year.


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Canada under pressure after oil train derailment
Gogama, Ontario (UPI) Mar 9, 2015
The Canadian government faces similar pressure as its U.S. counterparts to do more to ensure oil is carried on railways safely, a lawmaker said. The Transportation Safety Board of Canada dispatched investigators to the site of a derailment of a train carrying crude oil through the village of Gogama in Ontario. The derailment is the second in the region in less than a month. The T ... read more


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