U.S. WANT YOUR MONEY AGAIN
WASHINGTON, May 26, 2016 – U.S. consumers continue to take advantage of America's energy revolution and affordable gas prices as we head into the summer driving season, said API Chief Economist Erica Bowman on a conference call with reporters.
"As we head into Memorial Day weekend and the traditional start of the summer driving season, motorists have continued to reap the benefits of America's energy renaissance with relief at the pump," said Bowman.
Although gasoline prices have risen by 20 cents since the beginning of the year, U.S. drivers remain on target to pay the lowest prices for the Memorial Day holiday since 2005, according to AAA.
"U.S. oil production is an important factor in lower global crude markets, which has translated into lower energy costs for individual Americans and families. As a result, AAA says lower prices at the pump allowed each licensed U.S. driver to save an average of more than $550 in 2015.
"Thanks to industry innovation and technological advancements, we've transitioned from an era of energy scarcity to an era of energy abundance. The new challenge is to keep moving forward, not backward. We must continue to think long term - continue to ensure access to new areas for safe and responsible energy development, and invest in reliable energy infrastructure - to protect U.S. consumers, businesses and national security for generations to come.
"With the right policies in place, our energy revolution can endure for decades and help even more families afford to take a vacation on Memorial Day weekend."
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.