![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
. | ![]() |
. |
![]() by Daniel J. Graeber Washington (UPI) Jul 19, 2016
Gasoline production in the United States is at an all-time high, pushing retail prices to their lowest point in more than a decade, motor club AAA reports. AAA reports only three U.S. states -- Michigan, Ohio and Indiana -- saw the price at the pump increase over past week, though prices there are generally less than during the weekend. AAA reports a national average retail price for a gallon of regular unleaded gasoline at $2.20, about 1 percent less than the one week ago. AAA said the abundance of oil and gasoline on the market in the United States has pushed retail gasoline prices to their lowest point for this date since 2004. "Gas prices likely will remain relatively low compared to recent years for the remainder of the summer," the motor club said in its weekly retail market report. "U.S. crude oil supplies are about 13 percent higher than a year ago, while gasoline stocks have increased to 240 million barrels as refineries produce significant quantities of fuel." Consumer prices likely peaked in June, according to the U.S. Energy Department. Currently, one in every four retail service stations nationwide is selling gas below the $2 mark. The national average for this date in 2015 was $2.76 per gallon. Regionally, states along the West Coast are seeing the highest prices in the nation, though year-on-year discounts are among the greatest as refineries run at rates considered efficient. Refinery problems last year created shortages at peak driving season in the region. The Great Lakes states are close behind western states as retailers look for profits after selling gasoline at a loss for several weeks. On a monthly basis, five of the Great Lakes states posted the largest drops in prices nationwide. A short-term market report from the U.S. Energy Information Administration predicts an average retail price for a gallon of regular unleaded gasoline at $2.25 for the summer driving season, which runs from April through September. The forecast is about 15 percent lower than the summer forecast for 2015.
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. |