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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsGasoline Costs Rising Along With Fuel Demand And Oil Prices
Posted by Jordan Blum
Date: April 25, 2016
Gasoline prices continue to rise in Houston and nationwide thanks to strong demand from drivers and the increasing price of oil.
The Houston area saw the average price of a gallon of regular unleaded jump by just 1 cent in the past week up to $1.89, while the national average is now $2.14 per gallon, according to daily survey data from GasBuddy. But the benchmark for U.S. oil, which is used to produce fuel, has increased more over the same time frame and is now just under $44 a barrel.
Data from the US Energy Department show gasoline demand up 3.4 percent from last year and 7.4 percent from 2014, largely because of cheaper fuel costs. Still, the price of oil has risen by about $8 in the past three weeks, so more gasoline hikes are expected through June.
“But, remarkably, the most commonly seen (gasoline) price across the country today is $1.99,” said Will Speer, a Houston-based senior petroleum analyst for GasBuddy, in a prepared statement. “And that’s exactly what it was a week ago, a month ago, and even six months ago… $1.99.”
Texas is now just one of 13 states with a gasoline average below $2 a gallon.
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http://fuelfix.com/blog/2016/04/25/gasoline-costs-rising-along-with-fuel-demand-and-oil-prices/
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katmondoo
(6,457 posts)I think Mobil has bought out Kangaroo
Purveyor
(29,876 posts)
Gregorian
(23,867 posts)No one seems to understand what that means.
It's the inconvenient part of inconvenient truth. The part where you don't do. The part where you exercise personal responsibility.
puffy socks
(1,473 posts)Nothing has prevented the extra 11 bb per day the Saudis are pumping into the market. Who knows how long that will last? Iran is just dying to put more oil on the market because they are flat broke from all the sanctions. Russia is also broke and is pumping all they can into the market without causing the prices to dip lower.
CNBC and others keep putting rumors of OPEC deals that will lead to them cutting production tiny increases in demand, or the laughable 44k barrels per day inventories were down, all to get a price spike on the stock markets and sell to decrease losses or get gains from new purchases since the prices dropped so drastically.
These stories are all about saving the behinds of the investors in fossil fuels who think they are entitled to huge profits.
Suddenly something needs to be done "to get a balance on the markets" as one trader stated on CNBC about a month ago.
Why suddenly do we need to "balance the markets so prices will increase now? It was just fine when the markets were blowing in their favor. Back in 2007 they used the same lines. Demand in China is causing the gas price increase! They can't pump enough oil! We need to open off shore drilling and start fracking and drilling and more government subsidies !
No, an oil futures bubble was created and they increased the price for us all and raked in the profits coupled with closing down refineries throughout the 90s and early 2000s, restricting gas supply.
Then Exxon posted the largest profits for any company in US history $40 B.
"Exxon earns biggest quarterly profit ever ... Exxon also set an annual profit record by earning $40.61 billion last year.."
Jan 30, 2006 - Exxon Mobil Posts Largest Annual Profit for U.S. Company ... with profits in 2005 reaching $36.13 billion and revenue $371 billion. ... Exxon said its profits climbed more than 40 percent last year, while its tax bill rose only 14 percent. "This might be the best macroeconomic environment ever for oil,"
http://www.nytimes.com/2006/01/30/business/30cnd-exxon.html
