The price of oil rose to near $102 a barrel Thursday on worries about tensions in Ukraine.
Benchmark U.S. crude for June delivery rose 50 cents to close at $101.94 a barrel on the New York Mercantile Exchange. Brent crude, an international benchmark for oil, gained $1.22 to $110.33 a barrel on the ICE Futures exchange in London.
CAMARILLO, Calif. (AP) — Industry analyst Trilby Lundberg says the average U.S. price of gasoline has jumped 9 cents a gallon in the past two weeks, bringing the total increase to 40 cents over 10 weeks.
According to the Lundberg Survey released Sunday, the average for a gallon of regular is now $3.69. Midgrade averages $3.88 and premium is $4.02.
CHARLOTTE, N.C. (AP) — Motorists across the Carolinas are hoping the oil industry will soon put the brakes on rising gasoline prices.
AAA Carolinas says the average price of gas in North Carolina has jumped 15 cents in the last month from $3.38 on March 8 to $3.53 on Tuesday. It says in South Carolina the increase was 17 cents, from $3.19 a month ago to $3.36 on Tuesday.
The auto club says North Carolinians are paying the highest price for gas since last July 27, when the state average was $3.54. After starting 2014 at $3.31, gas prices fell to a year-low of $3.28 on Feb. 8 before starting to rise.
U.S. drivers are unlikely to see average gasoline and diesel prices spike during the summer travel season, the Energy Information Administration said Tuesday.
The average price for regular gasoline should drop by about 1 cent to $3.57 per gallon, Administrator Adam Sieminski told reporters in announcing EIA's short term energy and summer fuels outlook report. Diesel should also remain largely unchanged at an average of $3.87 a gallon.
Motorist group AAA said average gasoline prices are at their highest levels since September 2013 and projected that price gains would continue to climb if spring maintenance at refineries is slow, Bloomberg reports.
Repealing the ban on most U.S. exports of unrefined crude oil would create hundreds of thousands of new direct and indirect jobs and lower gasoline prices, a study commissioned by the American Petroleum Institute concludes.
API has led calls by the oil and gas industry on Congress lift the ban, enacted in 1975, over the objections of some lawmakers who say domestic prices would rise.
The study by ICF International and EnSys Energy said that up to 2.1 million barrels a day of U.S. light crudes could be sold to foreign customers by 2017, a outflow that would drive domestic production up by an additional 500,000 barrels a day.
The Department of Energy has announced measures to cut methane emissions from the country’s natural gas industry including setting efficiency standards for natural gas compressors and offering incentives for infrastructure modernization, StateImpact Pennsylvania reports.
The latest round of sanctions the U.S. and Europe have announced against Russia over its actions in Ukraine, by withholding drilling technology, are aimed at Moscow’s ability to tap its Arctic and shale reserves, The New York Times reports.
With anticipation -– ahead of the release of government data Wednesday –- that stockpiles may have shrunk by more than a million barrels, benchmark West Texas Intermediate crude for September delivery was up 47 cents to $101.44 a barrel in electronic trading on the New York Mercantile Exchange, while in London Brent crude dropped 37 cents to $107.35, Bloomberg reports.
Singer Jimmy Rose, invited by Sen. Mitch McConnell, R-Ky., to testify at an Environmental Protection Agency hearing on its rule to limit carbon emissions from existing power plants, hopes to use his music to make his pro-coal message, National Journal reports.
Green groups -- including the Sierra Club and the Environmental Defense Fund -- rallied outside Environmental Protection Agency headquarters Tuesday to boost support for the EPA’s rule to limit carbon emissions from power plants as hearings about the regulations got underway, E&E reports.
Enterprise Products Partners will have to pay $535.8 million to Energy Transfer partners after backing out of a deal to build a pipeline together, a Dallas judge has determined, although legal experts believe the judgment will be appealed, FuelFix reports.
Second quarter profits for Anadarko Petroleum Corp. – which settled litigation over its Kerr-McGee acquisition for $15.5 billion earlier this year – were reported at $227 million, a 76 percent drop from the period a year earlier and below analysts’ expectations, although $4.44 billion in revenue beat predictions, according to The Wall Street Journal.
An important part of legislation needed to open up Mexico’s energy sector to private investment won approval in the lower house Tuesday, but the measure will need to return to the Senate there for further approval, FuelFix reports.
Federal agencies would have to make public the data they use to determine whether species are endangered, and would have to report to Congress on money and time spent on lawsuits related to the Endangered Species Act, under a bill to amend it that was approved by the House on a 233-190 vote Tuesday, The Hill reports.
Offers outnumbered bids in the first round of the Massachusetts auction of solar renewable energy certificates this year, so the results were scrapped, the terms will be changed and a second round of bidding will be held, Platts reports.