Memorial Day weekend gas prices highest in four years by Daniel J. Graeber Washington (UPI) May 25, 2018 Consumer gas prices for the holiday weekend will be the highest they've been in four years and will likely stay that way through the summer, the U.S. government said. The three-day Memorial Day weekend in the United States marks the de facto start of the summer holiday season. With crude oil prices flirting with multi-year highs, retail gasoline prices have moved toward a national average of $3 per gallon, a psychological threshold indicative of changing consumer behaviors. Motor club AAA reports a national average retail price of $2.97 for a gallon of regular unleaded gasoline for Friday. That marks the highest point since Memorial Day weekend 2014, when gas prices were $3.67 per gallon. EIA said it expects the summer driving season, which lasts through September, will see an average price of $2.90 per gallon, 49 cents higher than summer 2017. "Relatively higher crude oil spot prices, higher gasoline demand, and falling gasoline inventories are all factors contributing to higher gasoline prices," its report read. Apart from market factors, refiners produce a different type of gasoline during the summer. It's more expensive to make than the winter blend. Higher oil prices, and the subsequent spike in consumer prices, could be negating the impact of U.S. President Donald Trump's tax reforms. Fuel prices have increased more than most other consumer goods over the last year. There may be some relief in sight in the coming weeks as demand tapers off following the long holiday weekend, however. Members of the Organization of Petroleum Exporting Countries said they would likely put more barrels on the market in the second half of the year. That's led to a major drop in crude oil prices on Friday. The price for Brent crude oil, the global benchmark for the price of oil and the index most closely related to U.S. consumer gasoline prices, was down more than 2 percent in early Friday trading.
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
|
|
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. |