Oil and Gas News from OilGasDaily.Com  
OIL AND GAS
No easy fix to higher gas prices in United States
by Daniel J. Graeber
Washington (UPI) May 24, 2018

Calls to tap into U.S. oil reserves to stave off spikes in retail gas prices make sense only to a point because of refinery limitations, an analyst said.

GasBuddy, which provides real-time fuel price information at the retail level, reports a national average retail price for a gallon of regular unleaded gasoline at $2.98, up nearly 20 cents from one month ago and 60 cents higher than this time last year.

A spike in crude oil prices, triggered in part by U.S. sanctions pressures on Iran and a downturn in production from Venezuela, one of the top oil exporters to the United States, has led to steep price hikes at the pump.

Senate Democrats in a letter to President Donald Trump called on the administration to pressure the Organization of Petroleum Exporting Countries to do more to mitigate supply-side pressures. Sen. Lisa Murkowski, R-Alaska, responded by saying the domestic industries may be a better option.

"I was stunned to hear my colleagues encouraging more production from the likes of Iran and Saudi Arabia, rather than right here in America, as the solution," she said.

Thanks in part to shale basins in the country, the United States is on pace to become the world leader in crude oil production, passing Russia at some point in the near future. U.S. exports of its light, sweet crude oil is also on the rise since former President Barack Obama ended a 40-year ban on domestic shipments.

Patrick DeHaan, the senior petroleum analyst for GasBuddy, told UPI that domestic refiners can use U.S. shale oil to blend with heavier oil like that imported from Canada to produce products like gasoline.

"However, there's so much light crude in the market that refiners are nearing their limit to refine it in order to yield a balanced slate of products, leaving the only avenue for the onslaught of light products for the export market, thus unable to stay in the U.S. to keep our dependence on foreign oil in check," he said.

In other words, refiners are exporting the domestic oil they can't use. Federal data show the four-week average for crude oil exports for the week ending May 18 was 2.1 million barrels per day, up 183 percent from the same time last year.

Gasoline production, meanwhile, declined last week by 410,000 barrels per day.

President Trump was a recent critic of OPEC, blaming the production group for inflating the price of oil with its policy of constraining production in order to drain a market surplus. That surplus pushed the price of oil to historic lows in early 2016 and brought consumer gasoline prices with it.

Senate Democrats in their letter to Trump said the rise in fuel prices could be negating the impacts of federal tax cuts steered by his administration.


Related Links
All About Oil and Gas News at OilGasDaily.com


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


OIL AND GAS
Mixed sentiment on British offshore licensing round
Washington (UPI) May 23, 2018
The British government declared success in its latest offshore auction, but the devil may be in the details given the prospects for production declines. The British Oil and Gas Authority awarded 123 licenses to 61 different companies in its 30th offshore licensing round on Wednesday. The British continental shelf holds an estimated 1.5 billion barrels of oil equivalent in potentially commercial, but as yet undeveloped, reserves. The government said the latest licensing round could help u ... read more

Comment using your Disqus, Facebook, Google or Twitter login.



Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

OIL AND GAS
Advanced biofuels can be produced extremely efficiently, confirms industrial demonstration

Technique doubles conversion of CO2 to plastic component

New catalyst upgrades greenhouse gas into renewable hydrocarbons

Scientists have deciphered the chemical reaction mechanism critical for cleaner combustion

OIL AND GAS
Germany's E.ON explores solar development with Google

ABC Solar Seeking Legal Funds from CrowdJustice.com for Monopoly Abuse Fight

Recurrent Energy Secures Financing and Tax Equity Investment for North Carolina Project

Large-scale solar shines in Queensland during record year

OIL AND GAS
European wind energy generation potential in a warmer world

New York to world's largest offshore wildlife aerial survey

German utility E.ON sees renewable sector growth

Germany's E.ON wants even bigger wind footprint

OIL AND GAS
Framatome to provide Dominion Energy with steam generator services

Supreme Court to rule on largest uranium deposit in US

Nuclear Waste Management Organization Signs Co-Operation Agreements With International Partners

Demonstration proves nuclear fission system can provide space exploration power

OIL AND GAS
Climate change in Quebec equals a much greater diversity of species?

Schwarzenegger urges Trump to 'join us' on climate action

GRACE-FO Will Help Monitor Droughts

Projecting climate change along the Millennium Silk Road in a warmer world

OIL AND GAS
China to cut auto tariffs on July 1 as trade tensions ease

Uber hit with harassment suit following policy shift

Alternative vehicle sales stall in United States

Dealerships trash talk electric cars: study

OIL AND GAS
Saudi urged not to turn Iraq into 'cold war' front with Iran

Nearly a year since fall of Iraq's Mosul, hunt for bodies goes on

Iraq cleric Sadr wants 'inclusive' coalition formed soon

Moqtada Sadr: fiery Iraq cleric who battled US

OIL AND GAS
N. Korea slams 'ignorant and stupid' Pence, renews summit threat

N. Korea preps nuclear site demolition despite US summit doubts

Speculation mounts over US push for Iran regime change

US to impose 'strongest sanctions in history' on Iran









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.