. Military Space News .
OIL AND GAS
U.S. retail gasoline prices getting higher and higher
by Daniel J. Graeber
Washington (UPI) Feb 6, 2018

Rising crude oil prices and strong consumer demand have pushed the national average price for a gallon of gas to something of a record, retail analysis found.

Motor club AAA lists an average retail price of $2.61 for a gallon of regular unleaded gasoline for Tuesday, unchanged from Monday, but almost 5 percent, or 11 cents per gallon, more than one month ago.

Jeanette Casselano, a spokeswoman for AAA, said every state in the country has an average price at the pump that's higher than this time last year. The national average for this date in 2017 was $2.27 per gallon.

"Strong demand coupled with steadily rising oil prices means filling up will continue to cost consumers more this month," she said in a statement. "In fact, the last time the national gas price average was this high, but under $3 per gallon in February, was in 2010."

AAA said consumer demand for gasoline is near 9 million barrels per day, a level it didn't reach until March last year. According to commodity pricing group S&P Global Platts, some market pressures could emerge in the weeks ahead as refineries schedule planned repairs. National stockpiles, meanwhile, should build by around 200,000 barrels, though that's nothing compared with the recent average of 920,000 barrels for the four-year period ending last year.

By market, the West Coast is the most expensive, with California taking top marks in the Lower 48 with $3.34 per gallon, though that's higher because of a new fuels tax that went into force last year. Washington state, however, is close behind at $2.99 per gallon.

Federal data show gasoline stocks in that market dropped last week, but are still above what was reported this time last year.

The Great Lakes market, meanwhile, is the most volatile, though it has cooled off in recent weeks. Inventory levels there increased to their highest level since April and refineries are rebounding from a recent slump in utilization. Michigan has the highest price in the market with a state average of $2.67 per gallon.

Patrick DeHaan, a lead petroleum analyst for GasBuddy, said the road looks rough as refineries head toward a maintenance season ahead of the transition to a summer blend of gasoline, which requires different processing steps than the winter blend. By his estimate, the natural average price for gas could spike another 50 cents per gallon by Memorial Day.

Neither analysis referenced simmering concerns about U.S. inflation. Higher U.S. wages and lower worker productivity in part led to inflationary fears that helped trigger one of the biggest selloffs in U.S. market history on Monday.

The average wage increase from last year is far lower than the 15 percent spike in gas prices year-on-year.

Federal data show the average retail price for a gallon of regular unleaded gasoline was $2.42 last year and should be about 15 cents per gallon higher for all of 2018.


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


Thanks for being here;
We need your help. The Space Media 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.
SpaceMediaNetwork Contributor
$5 Billed Once


credit card or paypal
SpaceMediaNetwork Monthly Supporter
$5 Billed Monthly


paypal only


OIL AND GAS
Total commits further to LNG as a maritime fuel
Washington (UPI) Feb 6, 2018
French supermajor Total said Tuesday it made a deeper commitment to liquefied natural gas by chartering a refueling vessel for Europe-to-Asia trade routes. The marine fuels division of Total signed with Japan's Mitsui O.S.K. Lines, or MOL, a long-term charter commitment for a bunkering vessel scheduled for 2020 delivery. The vessel, the first designed for large-scale bunkering operations, will be built at a Chinese shipyard and service cargo vessels in northern European waters, including those ... 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
Beijing holds successful missile defense test

Lockheed tapped by Army for 10 more THAAD interceptors

Raytheon awarded $2.3B to support Patriot missile system

Test of US-Japanese missile interceptor fails again

OIL AND GAS
Lockheed Martin Miniature Hit-to-Kill Missile Demonstrates Increased Agility and Affordability

Tomahawk missiles to receive upgraded communications systems

Raytheon to provide Griffin missiles to U.S. Air Force

Lockheed Martin flight tests new short-range missile

OIL AND GAS
L-3 awarded $8.2M for retrofits to Predator simulators

General Atomics awarded $49M for Reaper drone software development

Drones learn to navigate autonomously by imitating cars and bicycles

Northrop Grumman tapped to service Army's Hunter drones

OIL AND GAS
L-3 to provide advanced optics, sensors to U.S. Air Force

DARPA Seeks to Improve Military Communications with Digital Phased-Arrays at Millimeter Wave

Map of ionospheric disturbances to help improve radio network systems

Grumman to support BACN airborne communications system

OIL AND GAS
Raytheon awarded $95M contract for Excalibur support

Reconstructing an ancient lethal weapon

More than $17.5M awarded to Jacob Technology for services

Australia taps Elbit Systems for Blue Force Tracker

OIL AND GAS
Okinawa vote seen as boosting Japan's bid to relocate US base

Spain to up defence spending by 73 pct over seven years

UK launches fraud probe into defence firm Chemring

Russia to create bank for sanctions-hit defence industry

OIL AND GAS
Tillerson lands in Latin America with swipes at China and Venezuela

China urges Trump to drop 'Cold War mentality'

Japan, China talks end with friendship vows but no breakthrough

Russia doing 'absolutely nothing' to end Ukraine conflict: US envoy

OIL AND GAS
On the rebound as nanoparticles self-heal

Optical nanoscope allows imaging of quantum dots

Let the good tubes roll

Piecework at the nano assembly line









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.