AVG US Gasoline Price Lowest in 3 Years
On Monday, the average U.S. gas prices dropped below $3 per gallon for the very first time in more than three years. This is a welcome relief for Americans who have been struggling with high inflation rates in recent years.Since the summer driving peak, fuel prices have steadily declined…
Algeria Seeks to Cut Energy Consumption After Oil Earnings Fall
Algeria is offering motorists incentives to more than double the number of cars running on natural gas by 2021 in an effort to reduce consumption of costly imported fuel amid strained public finances, officials said. The North African country has been struggling with a halving since 2014 of vital oil and gas revenues…
U.S. Refiners to Export Gasoline as Domestic Demand Slows
U.S. gasoline consumption has levelled off as the stimulus provided by low and falling oil prices between 2014 and 2016 has faded, so refiners are increasingly turning to diesel and customers in emerging markets. U.S. gasoline consumption is forecast to rise by just 40,000 barrels per day (bpd) in 2018…
Algeria Plans Fuel Price, Tax Hike to Offset Fall in Energy Revenues
Algeria plans to raise prices of subsidised gasoline and diesel for a third straight year in 2018 to cut domestic consumption and imports at a time of growing pressure on state finances, according to an official document seen by Reuters. The government also plans to raise taxes and introduce…
U.S. Crude Output Up as Drilling Increases
U.S. crude oil production increased for the second consecutive month in November 2016, the first consecutive monthly increase since April 2015. Increased drilling activity in the Permian in Texas and New Mexico as well as the start of a number of new projects in the Federal Offshore Gulf…
South Africa's Petrol Price Set to Rise
The retail price of petrol in South Africa will rise by 4 percent from Jan. 4, while the price of wholesale diesel will increase by 3.5 percent, the energy department said on Thursday. The price of 93 octane petrol will be 50 cents higher at 13.09 rand per litre, with the 95 octane also…
Tanzania Hikes Retail Fuel Prices
Tanzania's energy regulator raised maximum retail prices of fuel on Saturday due to higher international crude oil and refined product prices, a move likely to exert upward pressure on inflation. Fuel prices have a big effect on the east African country's inflation rate, which slowed…
South Africa's Petrol Price to Decrease in August
The retail price of petrol in South Africa will decrease by 7.4 percent from August 3, while the price of wholesale diesel will go down by 6.3 percent, the energy department said on Friday. The price of petrol will fall by 99 cents to 12.35 rand per litre in the commercial hub of Gauteng province…
Higher Gasoline Production, Inventories are Reducing Refinery Margins - EIA
EIA recently released the 'What Drives Petroleum Product Prices' website that identifies and tracks several fundamental and financial market factors that influence petroleum product spot and futures prices. This tool offers charts that highlight changes in consumption, production, inventories, and trade, mostly related to the U.S.
Increased U.S. Drilling Could Slow Crude Production Declines
Higher and more stable crude oil prices are contributing to increased drilling in the United States, which may slow the pace of production declines. Benchmark West Texas Intermediate (WTI) crude oil prices averaged $46.59 per barrel (b) over the last three weeks, a 40% increase over the average price in the first quarter.
Recent Drilling has Lowered Costs, Increased Performance
The profitability of oil and natural gas development activity depends both on the prices realized by producers and the cost and productivity of newly developed wells. Overall trends in well development costs are generally less transparent than those in price and productivity, which are…
Effects of Price Slump Vary among Oil Firms -EIA
EIA: 2015 financials reveal significant differences across U.S. Analysis of the annual reports of 40 publicly traded onshore-only U.S. oil producers reveals combined losses of $67 billion in 2015, driven by significant reductions in sales revenue and write-downs of assets following the decline in crude oil prices over the last 18 months.
U.S. Crude Oil Inventories Keep Rising
Following the path started in 2015, U.S. commercial crude oil inventories have continued to build in early 2016 and are nearing record highs. Stocks in the Gulf Coast reached 256 million barrels for the week ending February 19, while stocks at Cushing, Oklahoma, reached their highest…
PADD 5 Transportation Fuels Markets Study by EIA
West Coast or Petroleum Administration for Defense District (PADD) 5 transportation fuels markets are tightly balanced, relatively isolated, and, in some cases, have unique product specifications, which often results in significant and persistent increases in prices in the wake of supply disruptions. On September 30, the U.S.
Kemp: Low U.S. Gasoline Prices are Supercharging Fuel Sales
As the summer driving season ends, U.S. gasoline prices have fallen to the lowest level for the time of year since 2004, wiping out the effect of more than a decade of rising fuel bills. The average retail price of gasoline across the United States was just $2.53 per gallon on Monday, including federal, state and local taxes, according to the U.S.
Energy Outlook Lowers Crude Price Forecast
The Short-Term Energy Outlook (STEO) released on August 11 forecasts that North Sea Brent crude oil prices will average $54 per barrel (b) in 2015 and $59/b in 2016, which is $6/b and $8/b lower than projected in last month’s STEO, respectively (Figure 1). The price decline reflects concerns about lower economic growth in emerging markets…
South Africa's Petrol Pump Price to Rise 3%
The retail price of petrol in South Africa will increase by 3 percent from July 1, while wholesale diesel will edge up 0.3 percent, the energy department said on Friday. In a statement, the department said petrol would cost 13.77 rand ($1.13) in the commercial hub of Gauteng province, while diesel would be 11.71 rand.
South Africa's Petrol Pump Price to Rise
The retail price of petrol in South Africa will rise by 3.6 percent from June 3, while wholesale diesel will go up by 4.4 percent, the energy department said on Thursday. In a statement, the department said petrol would cost 13.36 rand ($1.10) in the commercial hub of Gauteng province, while diesel would be 11.67 rand.
SeaKeeper For Center Consoles
The Contender 35 ST made a splash by becoming Seakeeper's new demo boat and the first vessel to have a Seakeeper 3DC - the first battery-powered Seakeeper. While sea trialing in the ultimate weather conditions - 3 foot significant wave height, winds at 15 knots with gusts up to 30 knots…
S.Africa's Petrol Pump Price to Stay Unchanged in May
The retail price of 95-grade petrol in South Africa will remain unchanged from May 6, while the wholesale diesel price will dip by 0.44 percent, the energy department said on Thursday. The government adjusts the price of fuel every month, taking into account global prices and shifts in the rand exchange rate. (Reporting by Stella Mapenzauswa)
