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2014-11-27 21:10:00

U.S. GASOLINE PRICES: THE LOWEST

U.S. GASOLINE PRICES: THE LOWEST

 

U.S. retail regular-grade gasoline prices continue to decline, averaging $2.82 per gallon (gal) as of November 24. This average is 47 cents lower than a year ago, and the lowest price heading into a Thanksgiving holiday since 2009. Traditionally, the Thanksgiving holiday is one of the most traveled times of the year in the United States, and much of that travel is by car. AAA estimates that during this Thanksgiving holiday weekend (November 26-30), 41.3 million people in the United States will travel more than 50 miles from home by car. This level of travel, 4.3% higher than the same time last year, is the highest number of travelers by car for Thanksgiving in seven years and the third highest since AAA began publishing the data in 2000.

Gasoline prices across the country reflect differences in gasoline quality, taxes, and the characteristics of regional market supply and demand balances. West Coast prices typically exceed the U.S. average because of stricter fuel specifications in California and the region's isolation from other domestic markets. Regional differences in gasoline prices are also attributable to variations in state and local taxes and differences in regional supply costs.

Much of the decline in gasoline prices since mid-2014 is attributable to falling crude oil prices. The combination of robust U.S. crude oil production growth, a return of Libyan production (despite recent setbacks), weakening expectations for the global economy (particularly in China), and seasonally low refinery demand has reduced oil prices. North Sea Brent spot prices have fallen from a July monthly average of $112 per barrel (bbl) to a November monthly average of $80/bbl (through November 24). The average U.S. retail regular-grade gasoline price has fallen 88 cents/gal since the start of July.

EIA's November 2014 Short-Term Energy Outlook (STEO) projects the U.S. average retail price of regular gasoline will continue to decline for the remainder of the year and will average $2.80/gal in December. The STEO forecast of annual average U.S. regular gasoline retail prices is $3.39/gal in 2014 and $2.94/gal in 2015, well below the $3.51/gal price in 2013. However, as discussed in the STEO, the current value of futures and options contracts implies a wide confidence interval for forecasts of crude oil, which is the main determinant for gasoline prices.

eia.gov

Tags: U.S., GASOLINE, OIL, PRICES,

Chronicle:

U.S. GASOLINE PRICES: THE LOWEST
2018, February, 16, 23:15:00

DEWA INVESTS $22 BLN

AOG - The Dubai Electricity & Water Authority (DEWA) is to invest around $22bn on new energy projects across the next five years, with the renewables sector accounting for an increasing share of electricity generation, according to CEO Saeed Mohammed Al Tayer.

U.S. GASOLINE PRICES: THE LOWEST
2018, February, 16, 23:10:00

TRANSCANADA NET INCOME $3.0 BLN

TRANSCANADA - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada or the Company) announced net income attributable to common shares for fourth quarter 2017 of $861 million or $0.98 per share compared to a net loss of $358 million or $0.43 per share for the same period in 2016. For the year ended December 31, 2017, net income attributable to common shares was $3.0 billion or $3.44 per share compared to net income of $124 million or $0.16 per share in 2016.

U.S. GASOLINE PRICES: THE LOWEST
2018, February, 16, 23:05:00

RUSSIAN NUCLEAR FOR CONGO

ROSATOM - February 13, 2018, Moscow. – ROSATOM and the Ministry of Scientific Research and Technological Innovations of the Republic of Congo today signed a Memorandum of Understanding on cooperation in the field of peaceful uses of atomic energy.

U.S. GASOLINE PRICES: THE LOWEST
2018, February, 16, 23:00:00

U.S. INDUSTRIAL PRODUCTION DOWN 0.1%

FRB - Industrial production edged down 0.1 percent in January following four consecutive monthly increases. Manufacturing production was unchanged in January. Mining output fell 1.0 percent, with all of its major component industries recording declines, while the index for utilities moved up 0.6 percent. At 107.2 percent of its 2012 average, total industrial production was 3.7 percent higher in January than it was a year earlier. Capacity utilization for the industrial sector fell 0.2 percentage point in January to 77.5 percent, a rate that is 2.3 percentage points below its long-run (1972–2017) average.

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