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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GAZPROM - The parties discussed relevant issues related to bilateral cooperation, including the Baltic LNG project. Emphasis was placed on the priority measures aimed at developing a joint design concept (pre-FEED).
BHGE - U.S. Rig Count is up 11 rigs from last week to 1,063, with oil rigs up 8 to 869, gas rigs up 4 to 193, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 13 rigs from last week to 195, with oil rigs up 8 to 127 and gas rigs up 5 to 68.
REUTERS - Brent crude futures had risen $1.02 cents, or 1.3 percent, to $81.28 a barrel by 0637 GMT. The contract dropped 3.4 percent on Thursday following sharp falls in equity markets and indications that supply concerns have been overblown. U.S. West Texas Intermediate (WTI) crude futures were up 80 cents, or 1.1 percent, at $71.77 a barrel, after a 3 percent fall in the previous session. WTI is on track for a 3.5 percent drop this week.
EIA - Brent crude oil spot prices averaged $79 per barrel (b) in September, up $6/b from August. EIA expects Brent spot prices will average $74/b in 2018 and $75/b in 2019. EIA expects West Texas Intermediate (WTI) crude oil prices will average about $6/b lower than Brent prices in 2018 and in 2019.