![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() by Daniel J. Graeber Washington (UPI) Mar 22, 2016
U.S. refinery issues and recovery for oil prices means retail gasoline prices are closing in on their highest levels since December, market analysis finds. Motor club AAA reports a national average retail price for a gallon of regular unleaded gasoline at $1.98 per gallon for Tuesday, steady from the previous day but 4 cents higher than last week and 27 cents, or 16 percent, higher than one month ago. According to AAA, it's the second straight week for increases in prices at the pump. The motor club said the onset of spring coincides with a period when refineries are conducting maintenance as they ready to prepare a summer blend of gasoline, which because of additional environmental safeguards is more expensive to make. "These factors typically lead to higher gas prices this time of year and have helped push prices higher in recent weeks," the motor club said in a weekly retail market report. Regionally, Exxon Mobile's refinery in Torrance, Calif., suffered a power outage and is offline in terms of gasoline production. The refinery produces about 10 percent of California's gasoline and already has been operating at a lowered capacity for more than a year. Retail price watchdog GasBuddy said in a separate emailed report the price increases for gasoline have moved slower than expected, though it forecasts the average retail price for gas will soon break through the $2 per gallon mark. Crude oil prices, which account for the bulk of the price at the pump, have leveled out at around $40 per barrel after twice dipping below $30 per barrel in early 2016. Positive pressure could emerge for oil prices as major oil-producing states meet in April in Doha to consider a freeze to output levels. New Jersey has the lowest state average price in the nation at $1.73 per gallon.
Related Links All About Oil and Gas News at OilGasDaily.com
|
|
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. |