Subscribe free to our newsletters via your
. 24/7 Space News .




OIL AND GAS
AAA: National gas prices down, though volatility endures
by Daniel J. Graeber
Washington (UPI) Jul 28, 2015


Chinese woes continue drag on oil prices
New York (UPI) Jul 28, 2015 - Crude oil prices moved closer to the low point for the year amid lingering fears about the health of the Chinese economy in an era of abundant supplies.

Brent crude oil prices fell 1 percent from the previous close to sell for $52.91, about 16 percent below the start of July. West Texas Intermediate, the U.S. benchmark, was relatively flat at $47.27, about 20 percent off from July 1.

Both indices are near their low points for the year and off more than 50 percent from one year ago. Brent crude oil averaged $110 per barrel during second quarter 2014. In releasing quarterly figures, BP Chief Executive Bob Dudley said Tuesday crude oil prices "have fallen back in response to continued oversupply and market weakness and the recent agreements regarding Iran."

Data last week from industry group the American Petroleum Institute show a 2.3 million barrel increase in stockpiles in the United States. The supply situation may be compounded if more of Iran's oil floods the market after sanctions pressure eases in response to the recent multilateral nuclear agreement.

The Chinese economy, among the world's largest, is again showing signs of weakness. The Shanghai Index was in a free fall in early July, dragging on global crude oil markets see-sawing on supply and demand dynamics.

The Shanghai fell 8.5 percent in Monday trading for its worst day since the dawn of the global financial crisis in 2007. The index lost another 1.7 percent by the closing bell Tuesday.

Chinese National Development and Reform Commission Secretary-General Li Pumin said that, while the government is working to ensure qualitative growth, the economy is facing severe headwinds.

"The government is still facing slowing fiscal income and heavy pressure to stabilize employment," Li said Tuesday.

While the national average retail price for a gallon of gasoline is on the decline, regional markets are showing considerable volatility, motor club AAA said.

AAA reports a national average retail price for a gallon of regular unleaded gasoline at $2.70 per gallon, about five cents below this time last week. The price for Tuesday reflects 13 straight days for a decline in retail gasoline prices.

"Most drivers are paying the lowest July prices since 2009 and are saving 82 cents per gallon at the pump compared to a year ago," the motor club said in a weekly market report.

Gasoline prices are in part a reflection of crude oil prices, which are 20 percent lower, or about $12, lower than the start of the month for West Texas Intermediate, the U.S. benchmark. AAA attributed the decline in crude oil prices to an oversupplied market in an economy that was performing below expectations.

As a whole, national prices are moving steadily lower along with crude oil prices. Regionally, however, the situation is considerably volatile, AAA reported.

"Pump prices have moved dramatically higher in California this month due unexpected drawdowns in supplies, shortages in the blending components used to make the state's mandated boutique fuel and recent reports of several refineries dealing with production issues," it said. "On the other end of the spectrum, production at refineries in the Midwest is reported to have reached a 2015 high and prices have subsequently moved noticeably lower in much of the region."

At $3.84 per gallon on average, California gas prices are up about 40 cents from one month ago. At $2.43 per gallon on average, Ohio gas prices are down about 40 cents from one month ago.

The U.S. Energy Information Administration said it expected retail prices to average $2.44 for full-year 2015 and $2.55 for next year.


Thanks for being here;
We need your help. The SpaceDaily news 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.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


.


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






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News





OIL AND GAS
Oil prices drop on Chinese woes
London (AFP) July 27, 2015
World oil prices slid on Monday to around four-month lows, hurt by poorly received economic data from China, the world's top energy consuming nation, traders said. A strong dollar and signs of increasing US oil production added further pressure to prices, which have already been depressed by a global oversupply of crude. US benchmark West Texas Intermediate (WTI) for September delivery f ... read more


OIL AND GAS
Smithsonian embraces crowdfunding to preserve lunar spacesuit

NASA Sets Sights on Robot-Built Moon Colony

Technique may reveal the age of moon rocks during spaceflight

Russia to Land Space Vessel on Moon's Polar Region in 2019

OIL AND GAS
Opportunity heading into Marathon Valley

Celebrating 50 years of Martian imagery

Curiosity rover finds evidence of Mars' primitive continental crust

Never Get Lost on Mars Again With NASA's New Red Planet Map

OIL AND GAS
Planetary Resources' First Spacecraft Successfully Deployed

Space crew praises US-Russian 'handshake in space' 40 years on

NASA selects leading-edge concepts for continued study

US selects four astronauts for commercial flight

OIL AND GAS
Chinese earth station is for exclusively scientific and civilian purposes

Cooperation in satellite technology put Belgium, China to forefront

China set to bolster space, polar security

China's super "eye" to speed up space rendezvous

OIL AND GAS
Russian, Japanese, US crew reach ISS despite minor mishap

Rocket carrying Russian, Japanese, US crew docks with ISS

Student satellite wins green light for Station deployment

'Jedi' astronauts say 'no fear' as they gear for ISS trip

OIL AND GAS
Failed strut caused SpaceX rocket blast: CEO Elon Musk

Ariane 5 orbits Star One C4 and MSG-4 on Arianespace's sixth flight in 2015

Atlas V Launch Uses New Measurement Hardware

CRS-7 Investigation Update

OIL AND GAS
NASA discovers closest Earth-twin yet

New Method Finds Best Candidates for Telescope Time

The Planetary Sweet Spot

ARIEL mission to reveal 'Brave New Worlds' among exoplanets

OIL AND GAS
Cages offer new direction in sustainable catalyst design

Insights into catalytic converters

Simulations lead to design of near-frictionless material

Battling Satellite Interference




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - 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. 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. Privacy Statement All images and articles appearing on Space Media Network have been edited or digitally altered in some way. Any requests to remove copyright material will be acted upon in a timely and appropriate manner. Any attempt to extort money from Space Media Network will be ignored and reported to Australian Law Enforcement Agencies as a potential case of financial fraud involving the use of a telephonic carriage device or postal service.