CAMARILLO, Calif. (AP) — The average price of gasoline has remained steady over the past two weeks, holding at $2.71 a gallon.
Industry analyst Trilby Lundberg said Sunday that while the average remains unchanged, many Midwest cities saw prices jump due to a partial shutdown of an Indiana refinery. Many West Coast cities experienced price drops.
Refinery problems—in particular the outage at BP’s Whiting facility in Indiana—have combined with pipeline leaks to send gasoline prices soaring in some spots at the height of the summer driving season, The Wall Street Journal reports.
DETROIT (AP) — Oil and gas industry watchers said Wednesday prices at the pump have jumped across the Great Lakes region because of the unexpected, partial shutdown of a large Indiana oil refinery, and those increases could continue.
According to GasBuddy.com, the most affected states are Michigan, Indiana, Ohio and Illinois, but others, including Minnesota and Wisconsin, are also seeing increases.
Crude prices have been slumping and gasoline prices in the Midwest soaring as a result of a shutdown at the BP refinery in Whiting, Indiana, Bloomberg reports, noting that the outage could continue for a month.
A problem at the BP refinery in Whiting, Indiana that pushed up gasoline prices had a knock-on effect on crude Monday, along with a drop in the dollar. U.S. benchmark crude gained $1.09 to settle at $44.96 a barrel on the Nymex, while in London Brent jumped 3.7 percent, or $1.80, to $50.41, Reuters reports.
Activist Tom Steyer and Consumer Watchdog have called on the California legislature to require more refinery disclosure, tougher penalties for price fixing, and gasoline reserves that would act to prevent price spikes in the state, the Los Angeles Times reports.
NEW YORK (AP) — As drivers, shippers and airlines continue to enjoy lower fuel prices, the oil industry is responding to much lower profits with sharp cuts in spending and employment that are hurting economic growth.
Low oil and gas prices are good for the overall economy because they reduce costs for consumers and business. U.S. economic growth was higher in the second quarter, and economists say that was partly fueled by consumers spending some of their savings on gasoline at stores and restaurants.
DUBAI, United Arab Emirates (AP) — The United Arab Emirates has slashed gasoline subsidies, announcing Tuesday that it will raise the cost of a liter of regular gasoline by 24 percent amid globally low oil prices that have cut into the country's revenues.
Starting Aug. 1, drivers will pay 2.14 dirhams (58 cents) per liter of gasoline at the pump instead of 1.72 dirhams (47 cents), or about $2.21 a gallon instead of $1.78, the government's new fuel price committee said.
Pioneer Natural Resources is the second U.S. firm, after Enterprise Products, to begin exploring how to take advantage of the end of the U.S. oil export ban and could begin shipments by the middle of next year, The Hill reports.
Two competing initiatives designed to give Florida residents a constitutional right to rooftop solar energy are running out of time without enough signatures yet to make next November's ballot, the Naples Daily News reports.
SolarCity CEO Lyndon Rive joined Sen. Charles E. Schumer in Buffalo this week to call the five-year extension of a federal tax subsidy "super important" to the continued growth of the solar power industry, The Buffalo News reports.
Continued concerns about oversupply forced oil prices downward early Wednesday, nearing an 11-year low already reached once this week. London Brent fell 31 cents to $37.05 a barrel while U.S. crude remained unchanged at $37.50, Reuters reports.
A group of researchers at MIT, the University of California-Berkeley, and the University of Colorado have developed a new computer microchip that uses optical technology and creates the potential to make future computer data centers more energy efficient, the journal Science reports.
A Japanese court on Thursday rejected safety concerns and approved letting Kansai Electric Power, the country's second biggest utility, restart four nuclear reactors shuttered since the 2011 Fukushima disaster, Reuters reports.