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Orcun Tezel
Diesel Priced Almost As Low As Gasoline, As Gas Demand Surges
2014 Ram 1500 EcoDiesel2014 Ram 1500 EcoDiesel
The price of diesel fuel in the U.S. has fallen more than 25 cents per gallon this year.
And thanks to high demand for gasoline, the two fuels now cost nearly the same in many states.
The difference in price between gasoline and diesel is now the smallest that it's been in six years.
Diesel could even fall to the price of gasoline in the coming weeks, reports Bloomberg, as unusually high gasoline consumption continues as the U.S. heads into the heart of the summer driving season.
Average gas prices surged 55 cents per gallon $2.77 last week, AAA data show.
At the same time, diesel was down 27 cents per gallon, to $2.85.
2015 BMW 328d2015 BMW 328dThe difference has averaged 9.3 cents per gallon so far this month--reportedly the smallest gap since August 2009.
The shrinking of that price gap isn't just because of cheap diesel; it's being driven by high demand for gasoline.
U.S. refineries are reportedly processing record amounts of crude oil for this time of the year, but gasoline stockpiles have fallen five out of the past seven weeks.
Supplies are currently at a six-month low.
Drivers are consuming an estimated 9.35 million barrels of gasoline a day--the highest since pre-recession 2007.
Consumption could potentially increase further as the summer driving season continues. Yearly gasoline demand typically peaks around August.
2014 Volkswagen Passat TDI2014 Volkswagen Passat TDI
However, the near-parity of gasoline and diesel prices will likely only be temporary.
As refiners increase production to meet this demand, the price gap between gasoline and diesel could widen again.
The end of the summer and the onset of colder weather will also increase demand for heating oil, a related product that could drive up the price of diesel.
So if you've got a diesel car--or maybe drive a big rig for a living--enjoy these unusual pricing circumstances while they last.
Gasoline
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2014 Ram 1500 EcoDiesel2014 Ram 1500 EcoDiesel
The price of diesel fuel in the U.S. has fallen more than 25 cents per gallon this year.
And thanks to high demand for gasoline, the two fuels now cost nearly the same in many states.
The difference in price between gasoline and diesel is now the smallest that it's been in six years.
Diesel could even fall to the price of gasoline in the coming weeks, reports Bloomberg, as unusually high gasoline consumption continues as the U.S. heads into the heart of the summer driving season.
Average gas prices surged 55 cents per gallon $2.77 last week, AAA data show.
At the same time, diesel was down 27 cents per gallon, to $2.85.
2015 BMW 328d2015 BMW 328dThe difference has averaged 9.3 cents per gallon so far this month--reportedly the smallest gap since August 2009.
The shrinking of that price gap isn't just because of cheap diesel; it's being driven by high demand for gasoline.
U.S. refineries are reportedly processing record amounts of crude oil for this time of the year, but gasoline stockpiles have fallen five out of the past seven weeks.
Supplies are currently at a six-month low.
Drivers are consuming an estimated 9.35 million barrels of gasoline a day--the highest since pre-recession 2007.
Consumption could potentially increase further as the summer driving season continues. Yearly gasoline demand typically peaks around August.
2014 Volkswagen Passat TDI2014 Volkswagen Passat TDI
However, the near-parity of gasoline and diesel prices will likely only be temporary.
As refiners increase production to meet this demand, the price gap between gasoline and diesel could widen again.
The end of the summer and the onset of colder weather will also increase demand for heating oil, a related product that could drive up the price of diesel.
So if you've got a diesel car--or maybe drive a big rig for a living--enjoy these unusual pricing circumstances while they last.
Gasoline
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Orcun Tezel
* Gasoline down almost 2 pct, weighing on crude prices
* Greek crisis stays on radar, more work needed to avert default
* Genscape reports near 2 mln barrel Cushing draw on week -sources (Adds latest moves in gasoline, heating oil and crude prices, paragraphs 3, 6-7)
By Barani Krishnan
NEW YORK, June 22 (Reuters) - Crude oil futures fell for a second straight session on Monday on concerns that U.S. demand for gasoline may fade after a strong stretch and on worries about the potential fallout from the Greek debt crisis.
The slide came despite data from market intelligence firm Genscape suggesting a big draw on the week on stockpiles at the Cushing, Oklahoma delivery point for U.S. crude futures.
Gasoline fell almost 2 percent, retreating from last week's near 8-month high and leading the oil complex lower. Diesel's proxy, heating oil, fell more than half percent.
"One of the biggest supporters of the U.S. crude rally has been the products markets. But there's concern we may have overproduced gasoline lately, just like how we've been doing with crude," said Matthew Perry at Kronenberg Capital Advisors, an energy-focused hedge fund in Oreland, Pennsylvania.
On the Greek front, euro zone finance ministers welcomed new Athens proposals for a cash-for-reform deal but said it would take more work to avert a default.
Brent crude futures were down 20 cents, or 0.3 percent, at $62.82 a barrel by 1:37 p.m. EDT (1737 GMT).
U.S. crude futures fell 30 cents, or 0.5 percent, to $59.31 a barrel, ahead of the expiry of the front-month July contract.
U.S. gasoline stocks unexpectedly rose by nearly half a million barrels last week. Domestic U.S. oil output has, meanwhile, remained at around 1970 highs of about 9.6 million barrels a day, weighing on crude prices.
These have offset other positive data such as the crude draw of almost 2 million barrels at Cushing reported on the week by Genscape, market sources said.
U.S. oil producers added a rig each in the key Permian and Bakken shale basins last week, even as the total number of rigs fell. This fuels worry that the recovery in crude prices in recent months was coaxing drillers to expand activity.
U.S. oil output could decline later this year but will likely pick up in 2016 by 150,000 barrels per day at the current rig count, Goldman Sachs said in a note.
A supply overhang in the Atlantic basin was also pressuring the market, analysts said.
Morgan Stanley said around 10 million barrels of unsold crude, mainly from Nigeria, were floating as offshore storage despite relatively strong summer demand in the northern hemisphere. (Additional reporting by Ron Bousso in London and Keith Wallis in Singapore; Editing by Jane Merriman and Chris Reese)
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* Greek crisis stays on radar, more work needed to avert default
* Genscape reports near 2 mln barrel Cushing draw on week -sources (Adds latest moves in gasoline, heating oil and crude prices, paragraphs 3, 6-7)
By Barani Krishnan
NEW YORK, June 22 (Reuters) - Crude oil futures fell for a second straight session on Monday on concerns that U.S. demand for gasoline may fade after a strong stretch and on worries about the potential fallout from the Greek debt crisis.
The slide came despite data from market intelligence firm Genscape suggesting a big draw on the week on stockpiles at the Cushing, Oklahoma delivery point for U.S. crude futures.
Gasoline fell almost 2 percent, retreating from last week's near 8-month high and leading the oil complex lower. Diesel's proxy, heating oil, fell more than half percent.
"One of the biggest supporters of the U.S. crude rally has been the products markets. But there's concern we may have overproduced gasoline lately, just like how we've been doing with crude," said Matthew Perry at Kronenberg Capital Advisors, an energy-focused hedge fund in Oreland, Pennsylvania.
On the Greek front, euro zone finance ministers welcomed new Athens proposals for a cash-for-reform deal but said it would take more work to avert a default.
Brent crude futures were down 20 cents, or 0.3 percent, at $62.82 a barrel by 1:37 p.m. EDT (1737 GMT).
U.S. crude futures fell 30 cents, or 0.5 percent, to $59.31 a barrel, ahead of the expiry of the front-month July contract.
U.S. gasoline stocks unexpectedly rose by nearly half a million barrels last week. Domestic U.S. oil output has, meanwhile, remained at around 1970 highs of about 9.6 million barrels a day, weighing on crude prices.
These have offset other positive data such as the crude draw of almost 2 million barrels at Cushing reported on the week by Genscape, market sources said.
U.S. oil producers added a rig each in the key Permian and Bakken shale basins last week, even as the total number of rigs fell. This fuels worry that the recovery in crude prices in recent months was coaxing drillers to expand activity.
U.S. oil output could decline later this year but will likely pick up in 2016 by 150,000 barrels per day at the current rig count, Goldman Sachs said in a note.
A supply overhang in the Atlantic basin was also pressuring the market, analysts said.
Morgan Stanley said around 10 million barrels of unsold crude, mainly from Nigeria, were floating as offshore storage despite relatively strong summer demand in the northern hemisphere. (Additional reporting by Ron Bousso in London and Keith Wallis in Singapore; Editing by Jane Merriman and Chris Reese)
Gasoline
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Orcun Tezel
SINGAPORE, June 22: Pakistan State Oil (PSO) is seeking 8,40,000 tonnes of gasoline and fuel oil for delivery over August to October, as it continues to meet a surge in domestic demand for summer, a tender document showed on Monday.
The company is seeking two cargoes of 50,000 tonnes each of gasoline for delivery over August 20 to 31, five cargoes of 50,000 tonnes each for delivery in September and five cargoes of 50,000 tonnes each for delivery in October, according to the document.
PSO is also seeking four cargoes of low-sulphur fuel oil of 60,000 tonnes each for delivery over September 1 to 15, September 16 to 30, October 1 to 15 and October 16 to 31.
The tender closes on July 23 and is valid until Aug. 3.
The state-owned company last bought over 1.8 million tonnes of oil products for delivery over May to September due to increasing power generation demand during summer, sources have said.
Gasoline
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The company is seeking two cargoes of 50,000 tonnes each of gasoline for delivery over August 20 to 31, five cargoes of 50,000 tonnes each for delivery in September and five cargoes of 50,000 tonnes each for delivery in October, according to the document.
PSO is also seeking four cargoes of low-sulphur fuel oil of 60,000 tonnes each for delivery over September 1 to 15, September 16 to 30, October 1 to 15 and October 16 to 31.
The tender closes on July 23 and is valid until Aug. 3.
The state-owned company last bought over 1.8 million tonnes of oil products for delivery over May to September due to increasing power generation demand during summer, sources have said.
Gasoline
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Orcun Tezel
PHOENIX - Gasoline prices around Arizona are slightly lower at the pumps this week.
Officials with Triple-A Arizona said Thursday that the average statewide price for unleaded regular gasoline is $2.73 a gallon. That's down by less than a penny from last week.
This week's national average also is $2.80 per gallon, up by 4 cents from last week.
Triple-A analysts say prices should continue to stabilize around Arizona in the coming weeks, barring unforeseen circumstances.
Tucson has Arizona's lowest average gasoline price at $2.43 a gallon and Flagstaff the highest at $3.01 per gallon.
South Carolina has the lowest average gas prices among states in the continental U.S. at $2.49 a gallon with California the highest at $3.50 per gallon.
Gasoline
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Officials with Triple-A Arizona said Thursday that the average statewide price for unleaded regular gasoline is $2.73 a gallon. That's down by less than a penny from last week.
This week's national average also is $2.80 per gallon, up by 4 cents from last week.
Triple-A analysts say prices should continue to stabilize around Arizona in the coming weeks, barring unforeseen circumstances.
Tucson has Arizona's lowest average gasoline price at $2.43 a gallon and Flagstaff the highest at $3.01 per gallon.
South Carolina has the lowest average gas prices among states in the continental U.S. at $2.49 a gallon with California the highest at $3.50 per gallon.
Gasoline
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Orcun Tezel
Strong growth in demand for refined fuels such as gasoline and diesel is helping to rebalance the global oil market, according to most observers.
“Recent oil market strength ... stems partly from unexpectedly strong oil demand growth,” the International Energy Agency explained in its June monthly oil market report.
In the first quarter of 2015, global oil consumption was 1.7 million barrels per day higher than in the prior-year period.
“In particular, gasoline prices have found support from robust U.S. demand, leading to a surge in crack spreads,” according to the IEA.
But if there is a consensus that demand is rising more quickly than predicted at the start of the year, there is fierce debate about whether growth is being driven by economic recovery, cheaper fuel prices or a combination of the two.
And there is a mystery about why the consumption of gasoline is growing more strongly than diesel.
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“Recent oil market strength ... stems partly from unexpectedly strong oil demand growth,” the International Energy Agency explained in its June monthly oil market report.
In the first quarter of 2015, global oil consumption was 1.7 million barrels per day higher than in the prior-year period.
“In particular, gasoline prices have found support from robust U.S. demand, leading to a surge in crack spreads,” according to the IEA.
But if there is a consensus that demand is rising more quickly than predicted at the start of the year, there is fierce debate about whether growth is being driven by economic recovery, cheaper fuel prices or a combination of the two.
And there is a mystery about why the consumption of gasoline is growing more strongly than diesel.
Gasoline
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Orcun Tezel
HOUSTON — Crude oil futures gave back early gains Wednesday, after weekly inventory data showed a small build in gasoline inventories.
Benchmark U.S. crude futures fell to $59.61 per barrel on the New York Mercantile Exchange, after briefly reaching above $61.00 per barrel before the report was released. Global Brent crude followed a similar arc, trading up to $65.00 per barrel on the ICE Futures Europe exchange before sliding to $63.57 per barrel.
Roughly coinciding with the early reversal was the U.S. Energy Information Administration’s weekly storage report. The EIA data showed a 2.7 million barrel decrease in crude oil inventories from last week, the seventh straight week of declines.
But while oil stores fell, gasoline inventory data chilled some of the building optimism on the markets. Gasoline has been a major outlet for the crude surplus, with refineries producing a huge amount of the refined product and growing demand snapping it up in equally large amounts.
This week, though, gasoline stores rose by 500,000 barrels. The small build was much more bearish than the 2.9 million barrel decline that the American Petroleum Institute had reported in its preliminary Tuesday data.
Refinery utilization also fell slightly on the week by roughly 300,000 barrels per day, to 16.3 million barrels per day and 93.1 percent capacity.
Crude oil stores now stand at 467.9 million barrels, the highest level for this time of year in at least 80 years, the EIA said.
Gasoline
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Benchmark U.S. crude futures fell to $59.61 per barrel on the New York Mercantile Exchange, after briefly reaching above $61.00 per barrel before the report was released. Global Brent crude followed a similar arc, trading up to $65.00 per barrel on the ICE Futures Europe exchange before sliding to $63.57 per barrel.
Roughly coinciding with the early reversal was the U.S. Energy Information Administration’s weekly storage report. The EIA data showed a 2.7 million barrel decrease in crude oil inventories from last week, the seventh straight week of declines.
But while oil stores fell, gasoline inventory data chilled some of the building optimism on the markets. Gasoline has been a major outlet for the crude surplus, with refineries producing a huge amount of the refined product and growing demand snapping it up in equally large amounts.
This week, though, gasoline stores rose by 500,000 barrels. The small build was much more bearish than the 2.9 million barrel decline that the American Petroleum Institute had reported in its preliminary Tuesday data.
Refinery utilization also fell slightly on the week by roughly 300,000 barrels per day, to 16.3 million barrels per day and 93.1 percent capacity.
Crude oil stores now stand at 467.9 million barrels, the highest level for this time of year in at least 80 years, the EIA said.
Gasoline
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Refiners in Europe are making the highest profit from producing gasoline in more than eight years amid speculation that demand for the fuel is surging globally, driving up prices.
Gasoline’s premium to Brent crude, a measure of profitability, was at $19.85 a barrel at 2:54 p.m. London time, according to data from broker PVM Oil Associates Ltd. It climbed earlier to $20.10, the highest since May 2007, the data show.
Europe produces more gasoline than it needs and relies on exports to offload its surplus, with the region increasing shipments of the motor fuel to countries in West and North Africa in the first quarter, researcher JBC Energy GmbH said in a report. Delays in projects to expand production in countries including the United Arab Emirates have helped boost exports in recent weeks, according to Barclays Plc.
“Demand for gasoline is extremely strong worldwide,” Robert Campbell, New York-based head of oil products research at Energy Aspects Ltd., said by phone. “Europe is the main source of export-orientated gasoline and there is a lot of competition for these cargoes between Latin America, West Africa, the U.S. and even East of Suez, which is bidding up barrels.”
European plants are supplying more fuels to the global market to compensate for delays in expanding refineries in the Middle East and Latin America, the International Energy Agency said in a June 11 report. The adviser cited refineries including Abu Dhabi National Oil Co.’s Ruwais plant, Indian Oil Corp.’s Paradip site and Ecopetrol SA’s Cartagena in Colombia.
Inherited Demand
“It’s more Europe inheriting a global phenomenon of a more conducive demand side, and supply-side upsets, than specific local factors pushing up margins,” Miswin Mahesh, a London-based commodities analyst at Barclays, said by phone June 15.
India’s gasoline consumption rose 19 percent in April, outpacing growth of 13 percent in March, ministry data show. China’s demand increased by 133,000 barrels a day this year, demonstrating “remarkable resilience,” while the nation’s diesel demand has fallen, according to the IEA.
Strong gasoline margins will persist until at least the end of the third quarter, supported by the U.S. driving season, according to Mahesh. U.S. gasoline demand climbed 1.1 percent to an average of 9.39 million barrels a day in the four weeks ended June 5, the most since August 2010, Energy Information Administration data show.
Gasoline
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Gasoline’s premium to Brent crude, a measure of profitability, was at $19.85 a barrel at 2:54 p.m. London time, according to data from broker PVM Oil Associates Ltd. It climbed earlier to $20.10, the highest since May 2007, the data show.
Europe produces more gasoline than it needs and relies on exports to offload its surplus, with the region increasing shipments of the motor fuel to countries in West and North Africa in the first quarter, researcher JBC Energy GmbH said in a report. Delays in projects to expand production in countries including the United Arab Emirates have helped boost exports in recent weeks, according to Barclays Plc.
“Demand for gasoline is extremely strong worldwide,” Robert Campbell, New York-based head of oil products research at Energy Aspects Ltd., said by phone. “Europe is the main source of export-orientated gasoline and there is a lot of competition for these cargoes between Latin America, West Africa, the U.S. and even East of Suez, which is bidding up barrels.”
European plants are supplying more fuels to the global market to compensate for delays in expanding refineries in the Middle East and Latin America, the International Energy Agency said in a June 11 report. The adviser cited refineries including Abu Dhabi National Oil Co.’s Ruwais plant, Indian Oil Corp.’s Paradip site and Ecopetrol SA’s Cartagena in Colombia.
Inherited Demand
“It’s more Europe inheriting a global phenomenon of a more conducive demand side, and supply-side upsets, than specific local factors pushing up margins,” Miswin Mahesh, a London-based commodities analyst at Barclays, said by phone June 15.
India’s gasoline consumption rose 19 percent in April, outpacing growth of 13 percent in March, ministry data show. China’s demand increased by 133,000 barrels a day this year, demonstrating “remarkable resilience,” while the nation’s diesel demand has fallen, according to the IEA.
Strong gasoline margins will persist until at least the end of the third quarter, supported by the U.S. driving season, according to Mahesh. U.S. gasoline demand climbed 1.1 percent to an average of 9.39 million barrels a day in the four weeks ended June 5, the most since August 2010, Energy Information Administration data show.
Gasoline
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WASHINGTON, June 16 (UPI) -- Retail gasoline prices in the United States are making a surprise surge as high demand and ongoing refinery issues crimp supplies, motor club AAA said.
AAA reports a national average retail price for a gallon of regular unleaded gasoline at $2.80 for Tuesday, about six cents higher than last week and 10 cents higher than one month ago.
The motor club in its weekly fuel gauge report said the new high-water mark for 2015 is attributed to a decline in gasoline stocks caused in part by higher fuel demand and "persistent refinery problems, which has limited gasoline production."
Separate analysis from price-watchers at GasBuddy.com found retail gasoline markets in the Midwest were among the hardest hit by refinery issues, with Indiana and Michigan posting the highest weekly gains with an average 27 cent increase per gallon.
GasBuddy finds almost 90 percent of all retail service stations in the country are selling gasoline for more than $2.50 per gallon, up from 81 percent last week. The number of stations posting gas prices above $3.50, however, fell more than a full percentage point to 4.5 percent.
The price-watching website said gasoline prices in the Great Lakes region should pull back as crude oil prices soften for June. AAA said in its report the cost of crude oil is the dominating factor in the price consumers pay for gasoline.
"Saudi Arabia, the world's leading crude exporter, is reportedly prepared to increase its production to meet strong demand, which likely would keep a ceiling on the price of crude," it said. "Domestic production also remains elevated and is expected to remain at or near current levels, despite the reduction in U.S. oil rig counts."
The U.S. Energy Information Administration said in a market report for June it expected retail prices to average $2.44 for full-year 2015 and $2.55 for next year.
Gasoline
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AAA reports a national average retail price for a gallon of regular unleaded gasoline at $2.80 for Tuesday, about six cents higher than last week and 10 cents higher than one month ago.
The motor club in its weekly fuel gauge report said the new high-water mark for 2015 is attributed to a decline in gasoline stocks caused in part by higher fuel demand and "persistent refinery problems, which has limited gasoline production."
Separate analysis from price-watchers at GasBuddy.com found retail gasoline markets in the Midwest were among the hardest hit by refinery issues, with Indiana and Michigan posting the highest weekly gains with an average 27 cent increase per gallon.
GasBuddy finds almost 90 percent of all retail service stations in the country are selling gasoline for more than $2.50 per gallon, up from 81 percent last week. The number of stations posting gas prices above $3.50, however, fell more than a full percentage point to 4.5 percent.
The price-watching website said gasoline prices in the Great Lakes region should pull back as crude oil prices soften for June. AAA said in its report the cost of crude oil is the dominating factor in the price consumers pay for gasoline.
"Saudi Arabia, the world's leading crude exporter, is reportedly prepared to increase its production to meet strong demand, which likely would keep a ceiling on the price of crude," it said. "Domestic production also remains elevated and is expected to remain at or near current levels, despite the reduction in U.S. oil rig counts."
The U.S. Energy Information Administration said in a market report for June it expected retail prices to average $2.44 for full-year 2015 and $2.55 for next year.
Gasoline
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· 2
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AAA Michigan says gas prices statewide have gone up by nearly 25 cents a gallon over the past week.
The Dearborn-based auto club says the average price per gallon for self-serve regular unleaded gasoline was $2.96 on Sunday. That's about 97 cents less than at the same time last year.
The club says the spike in gas prices can be attributed in part to refinery problems in the Midwest that have hampered production.
AAA Michigan surveys daily fuel prices at 2,800 gas stations across the state. The club says the lowest average price per gallon was about $2.73 in the Marquette area, while the highest price was about $2.99 in the Ann Arbor area.
Gasoline
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The Dearborn-based auto club says the average price per gallon for self-serve regular unleaded gasoline was $2.96 on Sunday. That's about 97 cents less than at the same time last year.
The club says the spike in gas prices can be attributed in part to refinery problems in the Midwest that have hampered production.
AAA Michigan surveys daily fuel prices at 2,800 gas stations across the state. The club says the lowest average price per gallon was about $2.73 in the Marquette area, while the highest price was about $2.99 in the Ann Arbor area.
Gasoline
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Orcun Tezel
* Saudis, UAE to cut gasoline imports as refining capacity grows
* Shrinking OECD refining capacity to replace some import demand
* Asian demand pushes gasoline margins to over 6-year high
By Seng Li Peng
SINGAPORE, June 15 (Reuters) - Middle Eastern oil producers Saudi Arabia and the United Arab Emirates will sharply cut or even halt costly gasoline imports next year after ramping up new refining capacities that put them a step closer to becoming exporters of the motor fuel.
The estimated loss of at least 60,000 barrels per day (bpd) in shipments to Saudi Arabia and the UAE is expected to be mitigated by strong global demand that will help replace revenue lost by sellers such as trader Gunvor , French major Total and India's Reliance Industries .
And while the dwindling imports may point to a coming change in trade flows as other Middle East refining projects come online, the market currently looks strong enough to withstand the relatively small loss in daily seaborne purchases.
"Most of the counterbalancing will be done by lower exports from surplus countries, either because domestic consumption is growing (such as in India) or because the refining sector or yields are shrinking (such as in OECD markets)", said David Wech, managing director of consultancy JBC Energy.
Organization for Economic Co-operation and Development (OECD) countries Japan and Australia, for instance, are cutting refining capacities due to shrinking domestic consumption and more cost-effective imports.
Gasoline exporter India is likely to reduce overseas sales to cater to growing local use of the fuel.
Total and Gunvor could also sell more into other Middle Eastern countries such as Egypt or nearby Pakistan, where gasoline demand is strong, traders said.
ESAI Energy research agency expects global gasoline demand growth to accelerate by 50,000 bpd to 420,000 bpd this year, the principal reason overall oil demand growth will be higher this year than in 2014, it said in a June note.
"The unusual strength in gasoline had overturned some analysts' reports in 2014 which said gasoline would be bearish (this year) due to overcapacity," said a Singapore-based oil products trader. "Overall, gasoline's crack this year should end at the same levels seen in 2014 if not higher."
Asian gasoline cracks hit their highest in at least six years on June 11 at about $19 a barrel.
SIGN OF THINGS TO COME
The drop in gasoline imports from the two oil powers is a blip compared with the 24 million bpd the world will consume this year, and less than 20 percent of the nearly 400,000 bpd taken by Asia's top importer Indonesia.
Still, the UAE is adding another refinery at Fujairah and the Saudis another 400,000-bpd unit at Jazan before 2018, meaning the days of the region being an import destination could be numbered.
"The Middle East is moving towards self sufficiency. Gasoline crack values may be (put) under pressure but the impact would be countered by the slowdown in refining additions and strong demand growth within Asia," said Ngai Si Min of consulting firm FGE.
State-owned Abu Dhabi National Oil Co has already more than doubled its refining capacity to around 830,000 bpd this year. And once it stabilizes operations at a new residue fluid catalytic cracker (RFCC), it will choke off imports estimated at about 50,000 bpd.
Saudi Aramco's gasoline imports are already in decline after it started up two 400,000-bpd refineries over the last two years.
"This is a transition period where Saudi Arabia moves from being an importer to being roughly balanced from second-half of this year," said Victor Shum of consulting firm IHS.
FGE expects Saudi Arabia to import some gasoline this year, although with its net intake dropping by more than half to around 25,000 bpd from 80,000 bpd in 2014.
In 2016, Saudi Arabia's net gasoline imports could be down to as little as 12,000 bpd, said FGE's Ngai.
ADNOC traders do not comment on operational issues and company officials were not available. A Saudi Aramco spokesman said he could not comment on trade flows.
Gasoline
Orçun Tezel
* Shrinking OECD refining capacity to replace some import demand
* Asian demand pushes gasoline margins to over 6-year high
By Seng Li Peng
SINGAPORE, June 15 (Reuters) - Middle Eastern oil producers Saudi Arabia and the United Arab Emirates will sharply cut or even halt costly gasoline imports next year after ramping up new refining capacities that put them a step closer to becoming exporters of the motor fuel.
The estimated loss of at least 60,000 barrels per day (bpd) in shipments to Saudi Arabia and the UAE is expected to be mitigated by strong global demand that will help replace revenue lost by sellers such as trader Gunvor , French major Total and India's Reliance Industries .
And while the dwindling imports may point to a coming change in trade flows as other Middle East refining projects come online, the market currently looks strong enough to withstand the relatively small loss in daily seaborne purchases.
"Most of the counterbalancing will be done by lower exports from surplus countries, either because domestic consumption is growing (such as in India) or because the refining sector or yields are shrinking (such as in OECD markets)", said David Wech, managing director of consultancy JBC Energy.
Organization for Economic Co-operation and Development (OECD) countries Japan and Australia, for instance, are cutting refining capacities due to shrinking domestic consumption and more cost-effective imports.
Gasoline exporter India is likely to reduce overseas sales to cater to growing local use of the fuel.
Total and Gunvor could also sell more into other Middle Eastern countries such as Egypt or nearby Pakistan, where gasoline demand is strong, traders said.
ESAI Energy research agency expects global gasoline demand growth to accelerate by 50,000 bpd to 420,000 bpd this year, the principal reason overall oil demand growth will be higher this year than in 2014, it said in a June note.
"The unusual strength in gasoline had overturned some analysts' reports in 2014 which said gasoline would be bearish (this year) due to overcapacity," said a Singapore-based oil products trader. "Overall, gasoline's crack this year should end at the same levels seen in 2014 if not higher."
Asian gasoline cracks hit their highest in at least six years on June 11 at about $19 a barrel.
SIGN OF THINGS TO COME
The drop in gasoline imports from the two oil powers is a blip compared with the 24 million bpd the world will consume this year, and less than 20 percent of the nearly 400,000 bpd taken by Asia's top importer Indonesia.
Still, the UAE is adding another refinery at Fujairah and the Saudis another 400,000-bpd unit at Jazan before 2018, meaning the days of the region being an import destination could be numbered.
"The Middle East is moving towards self sufficiency. Gasoline crack values may be (put) under pressure but the impact would be countered by the slowdown in refining additions and strong demand growth within Asia," said Ngai Si Min of consulting firm FGE.
State-owned Abu Dhabi National Oil Co has already more than doubled its refining capacity to around 830,000 bpd this year. And once it stabilizes operations at a new residue fluid catalytic cracker (RFCC), it will choke off imports estimated at about 50,000 bpd.
Saudi Aramco's gasoline imports are already in decline after it started up two 400,000-bpd refineries over the last two years.
"This is a transition period where Saudi Arabia moves from being an importer to being roughly balanced from second-half of this year," said Victor Shum of consulting firm IHS.
FGE expects Saudi Arabia to import some gasoline this year, although with its net intake dropping by more than half to around 25,000 bpd from 80,000 bpd in 2014.
In 2016, Saudi Arabia's net gasoline imports could be down to as little as 12,000 bpd, said FGE's Ngai.
ADNOC traders do not comment on operational issues and company officials were not available. A Saudi Aramco spokesman said he could not comment on trade flows.
Gasoline
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I hope one day pump attendants will be like this...I can not imagine the condition of the gas station.
Maybe soon we can see stations like this. :)
Gasoline
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Maybe soon we can see stations like this. :)
Gasoline
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Oil prices rose on Wednesday after a report of falling US inventories and signs that US oil production growth was levelling off after several years of very sharp increases.
A report by industry body the American Petroleum Institute (API) on Tuesday showed a much sharper weekly fall in US crude stocks than expected.
The API report followed a separate prediction by the US government that domestic oil production would fall more strongly and for longer than expected.
"It would be madness to try and talk bearish," said Tamas Varga, oil analyst at London brokerage PVM Oil Associates.
"Those who are long should try and run their positions up to the next resistance areas where profit-taking on part of the length is recommended," he added.
Brent crude prices rose $1.48 to a two-week high of $66.36 a barrel and was trading around $66.28, up $1.40 cents, by 0830 GMT. US light crude was up $1.50 at $61.64.
US crude stocks fell 6.7 million barrels to 473.1 million last week, API data showed, compared with analysts' expectations for a 1.72 million barrel drop.
Weekly government oil stocks data to be published later on Wednesday were expected to add to the bearish momentum, traders said.
The US Energy Information Administration on Tuesday revised its forecast for domestic oil production. It said it now expected a drop of 160,000 barrels per day (bpd) in US oil output next year,
The US government agency also raised its global 2015 oil demand forecast by 20,000 bpd to 1.25 million bpd, adding to bullish fundamentals.
Despite this week's price rally, other analysts said big further gains were unlikely due to global oversupply.
"With US production still around record levels, OPEC keeping its output quota unchanged at 30 million barrels per day and indications that OPEC members may even increase its production, the situation of oversupply will remain long ..
"This, combined with our forecast for a stronger US dollar, will keep downside risks alive."
Gasoline
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A report by industry body the American Petroleum Institute (API) on Tuesday showed a much sharper weekly fall in US crude stocks than expected.
The API report followed a separate prediction by the US government that domestic oil production would fall more strongly and for longer than expected.
"It would be madness to try and talk bearish," said Tamas Varga, oil analyst at London brokerage PVM Oil Associates.
"Those who are long should try and run their positions up to the next resistance areas where profit-taking on part of the length is recommended," he added.
Brent crude prices rose $1.48 to a two-week high of $66.36 a barrel and was trading around $66.28, up $1.40 cents, by 0830 GMT. US light crude was up $1.50 at $61.64.
US crude stocks fell 6.7 million barrels to 473.1 million last week, API data showed, compared with analysts' expectations for a 1.72 million barrel drop.
Weekly government oil stocks data to be published later on Wednesday were expected to add to the bearish momentum, traders said.
The US Energy Information Administration on Tuesday revised its forecast for domestic oil production. It said it now expected a drop of 160,000 barrels per day (bpd) in US oil output next year,
The US government agency also raised its global 2015 oil demand forecast by 20,000 bpd to 1.25 million bpd, adding to bullish fundamentals.
Despite this week's price rally, other analysts said big further gains were unlikely due to global oversupply.
"With US production still around record levels, OPEC keeping its output quota unchanged at 30 million barrels per day and indications that OPEC members may even increase its production, the situation of oversupply will remain long ..
"This, combined with our forecast for a stronger US dollar, will keep downside risks alive."
Gasoline
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Nevada’s slightly higher gasoline prices aren’t likely to stall Fourth of July holiday travel plans — even as the state ranks fourth highest among U.S. gasoline prices, AAA said on Tuesday.
According to AAA Nevada’s latest monthly gasoline survey, Tuesday’s gasoline price in Nevada averages $3.26 for a gallon of unleaded, a 4 cent increase since the organization’s May 12 survey.
In all Nevada metro areas tracked by AAA, Reno is registering the state’s highest pump price, with drivers paying an average price of $3.33 per gallon for unleaded regular gasoline. Carson City registers Nevada’s lowest price, at $3.04 a gallon.
“Despite a slight increase in most Nevada metro areas, gas prices likely are poised for a seasonal decline given that refineries generally complete maintenance by this time of year and gear up production for the busy summer driving season,” Cynthia Harris, AAA Nevada spokeswoman said in a statement. “Nevertheless, a number of factors could cause prices to inch higher during the summer driving season such as geopolitical issues in the Middle East, unexpected problems at major refineries or a major hurricane that disrupts production, refining and distribution.”
The national average price for regular unleaded gasoline has remained steady over the past week and continues to hover near at what many expect to be the highest average of the year. Today’s price of $2.75 per gallon is fractions of a cent higher than a week ago and is 9 cents per gallon higher than one month ago.
Only Alaska, California and Hawaii top Nevada for gasoline prices.
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According to AAA Nevada’s latest monthly gasoline survey, Tuesday’s gasoline price in Nevada averages $3.26 for a gallon of unleaded, a 4 cent increase since the organization’s May 12 survey.
In all Nevada metro areas tracked by AAA, Reno is registering the state’s highest pump price, with drivers paying an average price of $3.33 per gallon for unleaded regular gasoline. Carson City registers Nevada’s lowest price, at $3.04 a gallon.
“Despite a slight increase in most Nevada metro areas, gas prices likely are poised for a seasonal decline given that refineries generally complete maintenance by this time of year and gear up production for the busy summer driving season,” Cynthia Harris, AAA Nevada spokeswoman said in a statement. “Nevertheless, a number of factors could cause prices to inch higher during the summer driving season such as geopolitical issues in the Middle East, unexpected problems at major refineries or a major hurricane that disrupts production, refining and distribution.”
The national average price for regular unleaded gasoline has remained steady over the past week and continues to hover near at what many expect to be the highest average of the year. Today’s price of $2.75 per gallon is fractions of a cent higher than a week ago and is 9 cents per gallon higher than one month ago.
Only Alaska, California and Hawaii top Nevada for gasoline prices.
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The Organization of the Petroleum Exporting Countries ;
(OPEC) was founded in Baghdad, Iraq, with the signing of an agreement in September 1960 by five countries namely Islamic Republic of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. They were to become the Founder Members of the Organization.
These countries were later joined by Qatar (1961), Indonesia (1962), Socialist People’s Libyan Arab Jamahiriya (1962), the United Arab Emirates (1967), Algeria (1969), Nigeria (1971), Ecuador (1973), Gabon (1975) and Angola (2007).
From December 1992 until October 2007, Ecuador suspended its membership. Gabon terminated its membership in 1995. Indonesia suspended its membership effective January 2009.
Currently, the Organization has a total of 12 Member Countries.
OPEC is an intergovernmental organization dedicated to the stability and prosperity of the petroleum market, as enshrined in the OPEC Statute. OPEC Membership is open to any country which is a s
OPEC transferred its headquarters from Geneva, Switzerland, to Vienna, Austria, on 1 September 1965, and moved into the present Secretariat building in 1977.
The OPEC MCs coordinate their oil production policies in order to help stabilize the oil market and to help oil producers achieve a reasonable rate of return on their investments. This policy is also designed to ensure that oil consumers continue to receive stable supplies of oil.
The Ministers of the OPEC MCs responsible for energy and hydrocarbon affairs meet twice a year to review the status of the international oil market and the forecasts for the future in order to agree upon appropriate actions which will promote stability in the oil market.
The MCs also hold other meetings at various levels of interest, including meetings of petroleum and economic experts, country representatives and special purpose bodies such as committees to address environmental affairs.
Decisions about matching oil production to expected demand are taken at the Meeting of the OPEC Conference.
The Secretary General is the legally authorized representative of the Organization and Chief Executive of the Secretariat. In this capacity, he administers the affairs of the Organization in accordance with the directions of the Board of Governors. The Conference appoints the Secretary General for a period of three years, the term of which may be renewed once for the same period. This appointment takes place upon nomination by Member Countries, and after a comparative study of the nominees’ qualifications . In the absence of a unanimous decision, the Secretary General is appointed on a rotation basis for a term of two years, without prejudice to the required qualifications.
OPEC's objective is to co-ordinate and unify petroleum policies among Member Countries, in order to secure fair and stable prices for petroleum producers; an efficient, economic and regular supply of petroleum to consuming nations; and a fair return on capital to those investing in the industry.
Gasoline
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(OPEC) was founded in Baghdad, Iraq, with the signing of an agreement in September 1960 by five countries namely Islamic Republic of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. They were to become the Founder Members of the Organization.
These countries were later joined by Qatar (1961), Indonesia (1962), Socialist People’s Libyan Arab Jamahiriya (1962), the United Arab Emirates (1967), Algeria (1969), Nigeria (1971), Ecuador (1973), Gabon (1975) and Angola (2007).
From December 1992 until October 2007, Ecuador suspended its membership. Gabon terminated its membership in 1995. Indonesia suspended its membership effective January 2009.
Currently, the Organization has a total of 12 Member Countries.
OPEC is an intergovernmental organization dedicated to the stability and prosperity of the petroleum market, as enshrined in the OPEC Statute. OPEC Membership is open to any country which is a s
OPEC transferred its headquarters from Geneva, Switzerland, to Vienna, Austria, on 1 September 1965, and moved into the present Secretariat building in 1977.
The OPEC MCs coordinate their oil production policies in order to help stabilize the oil market and to help oil producers achieve a reasonable rate of return on their investments. This policy is also designed to ensure that oil consumers continue to receive stable supplies of oil.
The Ministers of the OPEC MCs responsible for energy and hydrocarbon affairs meet twice a year to review the status of the international oil market and the forecasts for the future in order to agree upon appropriate actions which will promote stability in the oil market.
The MCs also hold other meetings at various levels of interest, including meetings of petroleum and economic experts, country representatives and special purpose bodies such as committees to address environmental affairs.
Decisions about matching oil production to expected demand are taken at the Meeting of the OPEC Conference.
The Secretary General is the legally authorized representative of the Organization and Chief Executive of the Secretariat. In this capacity, he administers the affairs of the Organization in accordance with the directions of the Board of Governors. The Conference appoints the Secretary General for a period of three years, the term of which may be renewed once for the same period. This appointment takes place upon nomination by Member Countries, and after a comparative study of the nominees’ qualifications . In the absence of a unanimous decision, the Secretary General is appointed on a rotation basis for a term of two years, without prejudice to the required qualifications.
OPEC's objective is to co-ordinate and unify petroleum policies among Member Countries, in order to secure fair and stable prices for petroleum producers; an efficient, economic and regular supply of petroleum to consuming nations; and a fair return on capital to those investing in the industry.
Gasoline
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Gasoline History
Before internal-combustion engines were invented in the mid 19th century, gasoline was sold in small bottles as a treatment against lice and their eggs. At that time, the word Petrol was a trade name. This treatment method is no longer common, because of the inherent fire hazard and the risk of dermatitis.
Gasoline was also sold as a cleaning fluid to remove grease stains from clothing.
The name gasoline is similar to that of other petroleum products of the day, most notably petroleum jelly, a highly purified heavy distillate, which was branded Vaseline. The trademark Gasoline, however, was never registered, and thus became generic.
Gasoline was also used in kitchen ranges and for lighting, and is still available in a highly purified form, known as camping fuel or white gas, for use in lanterns and portable stoves
The invention and development of the automobile as primary mode of personal transportation required a parallel development of the fuels that would power the automobiles. Hydrocarbon fuels were an integral component of society in the 19th century as a source of light. Coal gas, camphene, kerosene from the petroleum in the ground all competed to light the lamps of the cities and the country.
Automobile engines demanded unprecedented amounts of petroleum. The early refiners could convert only a small proportion of their crude oil to gasoline - the rest was wasted or spilled to the environment.
During the 1910s, laws prohibited the storage of gasoline on residential properties, so Charles F. Kettering modified an IC engine to run on kerosene. However the kerosene-fuelled engine would "knock" and crack the cylinder head and pistons. He assigned Thomas Midgley Jr. to confirm that the cause was from the kerosene droplets vaporizing on combustion as they presumed. Midgley demonstrated that the knock was caused by a rapid rise in pressure after ignition, not during preignition as believed. This then lead to the long search for antiknock agents, culminating in tetra ethyl lead . Typical mid-1920s gasoline were 40 - 60 Octane .
Because sulfur in gasoline inhibited the octane-enhancing effect of the alkyl lead, the sulfur content of the thermally-cracked refinery streams for gasoline was restricted. By the 1930s, the petroleum industry had determined that the larger hydrocarbon molecules (kerosene) had major adverse effects on the octane of gasoline, and were developing consistent specifications for desired properties. By the 1940s catalytic cracking was introduced, and gasoline compositions became fairly consistent between brands during the various seasons.
The 1950s saw the start of the increase of the compression ratio, requiring higher octane fuels. Octane ratings, lead levels, and vapor pressure increased, whereas sulfur content and olefins decreased. Some new refining processes ( such as hydrocracking ), specifically designed to provide hydrocarbons components with good lead response and octane, were introduced. Minor improvements were made to gasoline formulations to improve yields and octane until the 1970s - when unleaded fuels were introduced to protect the exhaust catalysts that were also being introduced for environmental reasons. From 1970 until 1990 gasoline was slowly changed as lead was phased out, lead levels plummeted, octanes initially decreased, and then remained 2-5 numbers lower, vapor pressures continued to increase, and sulfur and olefins remained constant, while aromatics increased.
Gasoline
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Before internal-combustion engines were invented in the mid 19th century, gasoline was sold in small bottles as a treatment against lice and their eggs. At that time, the word Petrol was a trade name. This treatment method is no longer common, because of the inherent fire hazard and the risk of dermatitis.
Gasoline was also sold as a cleaning fluid to remove grease stains from clothing.
The name gasoline is similar to that of other petroleum products of the day, most notably petroleum jelly, a highly purified heavy distillate, which was branded Vaseline. The trademark Gasoline, however, was never registered, and thus became generic.
Gasoline was also used in kitchen ranges and for lighting, and is still available in a highly purified form, known as camping fuel or white gas, for use in lanterns and portable stoves
The invention and development of the automobile as primary mode of personal transportation required a parallel development of the fuels that would power the automobiles. Hydrocarbon fuels were an integral component of society in the 19th century as a source of light. Coal gas, camphene, kerosene from the petroleum in the ground all competed to light the lamps of the cities and the country.
Automobile engines demanded unprecedented amounts of petroleum. The early refiners could convert only a small proportion of their crude oil to gasoline - the rest was wasted or spilled to the environment.
During the 1910s, laws prohibited the storage of gasoline on residential properties, so Charles F. Kettering modified an IC engine to run on kerosene. However the kerosene-fuelled engine would "knock" and crack the cylinder head and pistons. He assigned Thomas Midgley Jr. to confirm that the cause was from the kerosene droplets vaporizing on combustion as they presumed. Midgley demonstrated that the knock was caused by a rapid rise in pressure after ignition, not during preignition as believed. This then lead to the long search for antiknock agents, culminating in tetra ethyl lead . Typical mid-1920s gasoline were 40 - 60 Octane .
Because sulfur in gasoline inhibited the octane-enhancing effect of the alkyl lead, the sulfur content of the thermally-cracked refinery streams for gasoline was restricted. By the 1930s, the petroleum industry had determined that the larger hydrocarbon molecules (kerosene) had major adverse effects on the octane of gasoline, and were developing consistent specifications for desired properties. By the 1940s catalytic cracking was introduced, and gasoline compositions became fairly consistent between brands during the various seasons.
The 1950s saw the start of the increase of the compression ratio, requiring higher octane fuels. Octane ratings, lead levels, and vapor pressure increased, whereas sulfur content and olefins decreased. Some new refining processes ( such as hydrocracking ), specifically designed to provide hydrocarbons components with good lead response and octane, were introduced. Minor improvements were made to gasoline formulations to improve yields and octane until the 1970s - when unleaded fuels were introduced to protect the exhaust catalysts that were also being introduced for environmental reasons. From 1970 until 1990 gasoline was slowly changed as lead was phased out, lead levels plummeted, octanes initially decreased, and then remained 2-5 numbers lower, vapor pressures continued to increase, and sulfur and olefins remained constant, while aromatics increased.
Gasoline
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Gasoline is a nonrenewable fuel made from petroleum. Refineries only produce about 20 gallons of gasoline from every 42-gallon barrel of crude oil that is refined. The rest of the barrel gets turned into other petroleum products like diesel fuel, heating oil, jet fuel, and propane.
Gasoline or petrol is a petroleum-derived liquid mixture consisting mostly of aliphatic hydrocarbons and enhanced with aromatic hydrocarbons toluene, benzene or iso-octane (non-aromatic) to increase octane ratings, primarily used as fuel in internal combustion engines. Most Commonwealth countries or former Commonwealth countries, with the exception of Canada, use the term "petrol" (abbreviated from petroleum spirit). The term "gasoline" is commonly used in North America where it is often shortened in colloquial usage to "gas". This should be distinguished in usage from genuinely gaseous fuels used in internal combustion engines such as liquefied petroleum gas (which is stored pressurized as a liquid but is allowed to return naturally to a gaseous state before combustion). The term mogas, short for motor gasoline, distinguishes automobile fuel from aviation gasoline, or avgas.
Gasoline is a complex mixture of over 500 hydrocarbons that may have between 5 to 12 carbons. Smaller amounts of alkane cyclic and aromatic compounds are present. Virtually no alkenes or alkynes are present in gasoline.
Gasoline is most often produced by the fractional distillation of crude oil. The crude oil is separated into fractions according to different boiling points of hydrocarbons of varying chain lengths. This fractional distillation process yields approximately 25% of straight-run gasoline from each barrel of crude oil.
Gasoline
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Gasoline or petrol is a petroleum-derived liquid mixture consisting mostly of aliphatic hydrocarbons and enhanced with aromatic hydrocarbons toluene, benzene or iso-octane (non-aromatic) to increase octane ratings, primarily used as fuel in internal combustion engines. Most Commonwealth countries or former Commonwealth countries, with the exception of Canada, use the term "petrol" (abbreviated from petroleum spirit). The term "gasoline" is commonly used in North America where it is often shortened in colloquial usage to "gas". This should be distinguished in usage from genuinely gaseous fuels used in internal combustion engines such as liquefied petroleum gas (which is stored pressurized as a liquid but is allowed to return naturally to a gaseous state before combustion). The term mogas, short for motor gasoline, distinguishes automobile fuel from aviation gasoline, or avgas.
Gasoline is a complex mixture of over 500 hydrocarbons that may have between 5 to 12 carbons. Smaller amounts of alkane cyclic and aromatic compounds are present. Virtually no alkenes or alkynes are present in gasoline.
Gasoline is most often produced by the fractional distillation of crude oil. The crude oil is separated into fractions according to different boiling points of hydrocarbons of varying chain lengths. This fractional distillation process yields approximately 25% of straight-run gasoline from each barrel of crude oil.
Gasoline
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Average retail gasoline prices in the Twin Cities have risen 11 cents per gallon in the past week, averaging $2.69 per gallon yesterday, according to GasBuddy's daily survey of 1,106 gas outlets in the Twin Cities. This compares with the national average that has increased 0.4 cents per gallon in the last week to $2.76 per gallon, according to gasoline price website GasBuddy.
Including the change in gasoline prices in the Twin Cities during the past week, prices yesterday were 82.3 cents per gallon lower than the same day one year ago and are 17.5 cents per gallon higher than a month ago. The national average has increased 9.4 cents per gallon during the last month and stands 90.5 cents per gallon lower than this day one year ago.
"We're finally starting to get a well-needed respite from rising gasoline prices across the country, led by California's nearly double digit per gallon decline in the last week," said Patrick DeHaan, GasBuddy senior petroleum analyst. "While some states did indeed see increases over the last week, I remain optimistic after OPEC's meeting last week to keep oil production unchanged that we'll soon see relief spreading across more of the country. The percentage of stations selling gasoline over $3 per gallon has declined over the last week, while the percentage of stations selling under $2.50 per gallon has also declined.
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Including the change in gasoline prices in the Twin Cities during the past week, prices yesterday were 82.3 cents per gallon lower than the same day one year ago and are 17.5 cents per gallon higher than a month ago. The national average has increased 9.4 cents per gallon during the last month and stands 90.5 cents per gallon lower than this day one year ago.
"We're finally starting to get a well-needed respite from rising gasoline prices across the country, led by California's nearly double digit per gallon decline in the last week," said Patrick DeHaan, GasBuddy senior petroleum analyst. "While some states did indeed see increases over the last week, I remain optimistic after OPEC's meeting last week to keep oil production unchanged that we'll soon see relief spreading across more of the country. The percentage of stations selling gasoline over $3 per gallon has declined over the last week, while the percentage of stations selling under $2.50 per gallon has also declined.
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Shell, Chevron raising gasoline prices Tuesday
Motorists, brace for another round of fuel price hikes starting Tuesday.
As of Monday noon, at least two firms – Pilipinas Shell Petroleum Corp. and Chevron Philippines Inc. – have revealed plans to raise prices of gasoline at 12:01 a.m. on Tuesday, GMA News' Julius Segovia tweeted.
Citing a Department of Energy advisory, Segovia said the two companies are raising gas prices by 35 centavos per liter.
Gasoline
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Motorists, brace for another round of fuel price hikes starting Tuesday.
As of Monday noon, at least two firms – Pilipinas Shell Petroleum Corp. and Chevron Philippines Inc. – have revealed plans to raise prices of gasoline at 12:01 a.m. on Tuesday, GMA News' Julius Segovia tweeted.
Citing a Department of Energy advisory, Segovia said the two companies are raising gas prices by 35 centavos per liter.
Gasoline
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