SANAA, Yemen (AP) — Fuel prices in Yemen nearly doubled Wednesday as the government ended a fuel subsidy program costing billions of dollars, sparking scattered demonstrations that saw one person killed as authorities quickly dispersed protesters, security officials said.
According to new prices posted in the capital, Sanaa, the government raised the price of regular gasoline to 200 Yemeni riyals per liter (93 U.S. cents) from 125 riyals (58 U.S. cents). Diesel used for public transport and trucks rose to 195 riyals per liter (91 U.S. cents) from 100 riyals (46 U.S. cents).
The price of oil rose more than a $1 for the third time in the last four trading days, and closed above $104 for the first time since July 3.
Benchmark U.S. crude for August delivery rose $1.46 to $104.59 on the New York Mercantile Exchange. On Friday, the Nymex contract fell 6 cents to $103.13. Oil has gained 4.6 percent over the past four trading sessions.
Brent crude for September delivery, a benchmark for international oils, gained 44 cents to $107.68 on the ICE exchange in London.
WASHINGTON (AP) — Rising gasoline costs pushed up the prices U.S. companies receive for their goods and services in June, but overall inflation remains tame.
The Labor Department said Wednesday that the producer price index, which measures the cost of goods and services before they reach the consumer, rose 0.4 percent last month. The increase follows a 0.2 percent decrease in May.
Energy market analysts at GasBuddy projected that falling crude prices could push the average price of a gallon of gasoline down by 10 to 20 cents, adding to price drops that have brought the average below $3.60 per gallon, FuelFix reports.
NEW YORK (AP) — The price of oil fell for the ninth straight day Wednesday as global supplies continue to flow despite unrest in the world's most important oil-producing region.
The prolonged drop could lead to lower gasoline prices for U.S. drivers in the weeks ahead.
U.S. benchmark crude fell $1.11 Wednesday to close at $102.29 in New York. That's slightly lower than the price on June 6, before insurgents seized the Iraqi city of Mosul, and 5 percent below the ten-month high of $107.26 reached June 20 at the height of concerns over the insurgency. Schork expects to see oil fall further, to under $100 per barrel, in the coming weeks.
U.S. crude production next year will average 9.3 million barrels a day, the highest level since 1972, according to the short term outlook released Tuesday by the Energy Information Administration.
And it expects the role of imports will continue to shrink. The EIA said the share of consumption of crude brought in from outside the country will drop to 22 percent in 2015, the lowest level, noted Administrator Adam Sieminski, in 45 years.
Gasoline prices are at their highest for a July 4th weekend in six years, but the Energy Department stressed on Wednesday that they are still below annual peaks set in the last three years and are likely to fall if Iraqi oil exports remain steady.
That may be small comfort for drivers at the pump, who are paying, on average, 20 cents more per gallon compared to a year ago.
But it could be worse: The national average price for regular unleaded of $3.70 on Monday was still a penny below this year's high set on Apr. 29, the Energy Information Administration said.
The GOP chorus denouncing the Environmental Protection Agency move to lower the ozone standard was joined by House Majority Leader Rep. Kevin McCarthy, R-Calif., senior figures on the House Energy and Commerce Committee, as well as Sen. John Thune, R-S.D., who is chairman of the Republican Senate caucus, The Hill reports.
Ahead of the OPEC meeting in Vienna, oil prices recovered Wednesday from earlier drops triggered by word of a greater-than-expected increase in U.S. crude inventories as well as a comment from Saudi Arabia's oil minister that there would be no need for a production cut. West Texas Intermediate crude for January delivery slipped just 3 cents to $74.06 a barrel on the Nymex, while in London Brent was 5 cents lower to $78.28, Bloomberg reports.
Freeport LNG has closed on financing deals – from Japanese sources -- for two of three planned liquefaction trains at its export facility, and should begin construction on its plant in Quintana, Texas this week, with operation projected to start in 2018, FuelFix reports.
Uranium prices are on track for an 18 percent increase in 2014, which would be the first annual gain for the energy commodity in four years and make it the best performing category in the sector, Bloomberg reports.
Nearly all of the claims dealt with through the settlement process after the 2010 BP Gulf of Mexico spill were handled correctly, according to a third party audit released Tuesday by claims administrator Patrick Juneau, The Times-Picayune reports.
The legal fight over the Environmental Protection Agency’s Waters of the U.S. rule could revolve around what’s meant by the words “adjacent” and “neighboring,” as well as how the regulation defines a flood plain, E&E reports.
After a shareholder lawsuit filed to stop the $2.86 billion merger announced in June between C&J Energy Services and the fracking business of Nabors Industries, a judge in Delaware Tuesday ordered a 30-day suspension to allow for competing offers, but C&J said it would appeal, FuelFix reports.
Oncor’s proposal to install battery storage across the grid in Texas is coming in for criticism from a state lawmaker – Republican State Sen. Troy Fraser said his support for the $5.2 billion project came before he realized an increase in transmission rates would be part of the package, The Dallas Morning News reports.
Speaking about the failure of Google’s renewable energy project RE<C, two engineers, writing in IEE Spectrum recently, said trying to fight climate change using only existing technologies like wind and solar energy won’t work, Fox News reports.