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OIL AND GAS
AAA: Gas prices should stay low short-term
by Daniel J. Graeber
Washington (UPI) Jan 6, 2015


disclaimer: image is for illustration purposes only

Oil prices should stay low as supplies offset most production shortfalls, meaning U.S. drivers can expect to pay less for gasoline through 2015, AAA said.

The motor club lists a national retail average price for a gallon of regular unleaded gasoline at $2.19, the lowest average price in close to six years. Tuesday's price marks 103 consecutive days since the national average price at the pump dropped.

"Barring any significant fluctuations in the price of crude oil, the average price at the pump is likely to remain below $3 per gallon in 2015, although prices may see seasonal increases this spring as refineries undergo maintenance, or this summer as demand increases during the busy summer driving season," AAA said in a Monday brief on gasoline prices.

AAA attributed the slump in gasoline prices to the steady decline in oil prices on the international stage. The price for West Texas Intermediate, the U.S. benchmark, fell below the $50 per barrel mark Monday for the first time since 2009.

Globally, the motor club said it expects global oil prices to stay relatively low for the first half of the year. While violence may impact overall production from members of the Organization of Petroleum Exporting Countries, namely Libya and Iraq, output from non members should ease market concerns about global supplies.

Eight states are posting an average price for gasoline below the $2 per gallon mark. The national average price on this date in 2014 was $3.31.


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IHS: Islamic State financing war campaign with oil
Washington (UPI) Oct 21, 2014
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