WASHINGTON (AP) — U.S. consumer prices edged down in August, the first monthly drop since the spring of 2013, as gasoline, airline tickets and clothing prices all fell. It was the latest evidence that inflation remains under control.
Consumer prices edged down 0.2 percent last month following a tiny 0.1 percent gain in July, the Labor Department reported Wednesday. It was the first decline since a similar 0.2 percent drop in April 2013. Core prices, which exclude energy and food, were unchanged in August, the first time there hasn't been an increase since October 2010.
Some experts and analysts may conclude that lifting the ban on crude exports would end up lowering gasoline prices, but a University of New Hampshire poll found that 85 percent of those surveyed said the U.S. should keep a lid on crude exports if it prevents an increase in gasoline prices, FuelFix reports.
Averaging just over $3.42 a gallon, a drop of more than 6 percent since Memorial Day, gasoline prices will get even cheaper as a result of record domestic oil production, an AAA spokesman told Bloomberg.
NEW YORK (AP) — Exporting more U.S. crude around the world would lower the price of gasoline for U.S. drivers and benefit the U.S. economy, according to a new study released Tuesday.
While the conclusion may be counter-intuitive, the reasoning is straightforward: Exports would encourage more U.S. oil production and put that crude on the global market. That would lower the global price of oil, the price that is linked most closely to the price of gasoline in the U.S.
Exports of U.S. crude oil have been banned, with few exceptions, since soon after the 1973 Arab oil embargo.
CAMARILLO, Calif. (AP) — A national survey says the average price of a gallon of regular gasoline has dropped 2 cents over the last two weeks, to $3.46, bringing the decline to 25 cents over the last 11 weeks.
Industry analyst Trilby Lundberg said Sunday that falling crude oil prices drove the declines, although the drop was more moderate than earlier this summer. If crude prices don't rise, Lundberg says prices at the pump may fall more as refiners shift to winter-grade gasoline, which costs less to produce.
Barring unforeseen crises, reduced autumn driver demand and a switch by refiners to winter fuel blends should push gasoline prices lower in the coming weeks, possibly under $3 a gallon, the AAA said Thursday, The Hill reports.
CAMARILLO, Calif. (AP) — The average U.S. price of gasoline has dipped 4 cents per gallon in the past two weeks, and prices in California have fallen 5 cents in the same time period.
According to the Lundberg Survey released Sunday, the average nationwide price for a gallon of regular is now $3.48 — 8 cents below what it was a year ago. The average price for midgrade gasoline is $3.69, and premium is $3.84.
WASHINGTON (AP) — U.S. consumer prices rose in July at the slowest pace in five months, held back by a drop in gasoline prices.
Consumer prices edged up a seasonally adjusted 0.1 percent last month, after larger gains of 0.3 percent in June and 0.4 percent in May, the Labor Department reported Tuesday. It was the smallest increase since a similar 0.1 percent rise in February.
The July price restraint came from falling gasoline prices, which had surged in June. All energy prices were down 0.3 percent and this helped offset a 0.4 percent rise in food costs, which have been pushed up by adverse weather including a drought in California.
The Energy Information Administration will put out two major reports on crude oil next month, according to its chief Adam Sieminski: One on crude processing and one analyzing the relationship between crude production and gasoline prices, Platts reports.
Short-covering and the expiration of the front month contract helped power oil prices to a huge gain Friday. West Texas Intermediate crude for January delivery shot up 5 percent, or $2.41, to settle at $56.52 a barrel on the Nymex, while in London February Brent finished $2.11 higher at $61.38, Reuters reports.
Oilfield services company Baker Hughes reported Friday that 1,875 rigs were drilling for oil and gas in the U.S. this week, a drop of 18 and the second week in a row that the number has fallen, FuelFix reports.
Comparing present-day statistics with numbers during the oil bust in the mid-1980s has led JP Morgan Chase economist Michael Feroli to warn that Texas could slip into a regional recession next year, FuelFix reports.
Job losses in the power generation sector over the past three years topped 5,800, according to data released by the Energy Information Administration Friday, which said all parts of the industry were affected other than renewable energy, The Hill reports.
Avenue Capital, the hedge fund run by Marc Lasry that specializes in buying distressed companies’ debt, is raising $750 million for a fund that will focus on the energy sector, according to the Pennsylvania Public School Employees’ Retirement Board, which confirms it has put in $200 million, the New York Post reports.
Tesla is testing the market for battery swaps: Near California supercharging stations where Model S owners can top up their batteries for free, the company is creating a facility where drivers can pay a cost equivalent to a tank of gasoline and get a fully-charged battery installed in three minutes, The Wall Street Journal reports.
The growth of global carbon emissions slowed in 2013 -– although the total of 35.3 billion tons did set a record -- and the rate of increase tailed off despite an uptick in economic activity, says a report from the European Commission’s Emissions Database for Global Atmospheric Research, or EDGAR, according to E&E.
INEOS hopes to get commercial shale gas production under way in Britain before the end of the decade, according to documents the government released Friday, which detailed the company’s presentation to the Department of Energy and Climate Change in February, Platts reports.