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OIL AND GAS
European optimism sparks crude oil rally
by Daniel J. Graeber
New York (UPI) May 5, 2015


AAA: Gas prices up for 20 straight days
Washington (UPI) May 5, 2015 - Higher crude oil prices and seasonal maintenance at U.S. refineries means gasoline prices have increased for 20 straight days, motor club AAA said.

AAA reports a national average retail price for a gallon of regular unleaded gasoline at $2.63 per gallon, a 3.5 percent increase from last week. Gas prices Tuesday are 10 percent, or 24 cents, more per gallon than they were a month ago and mark the 20th consecutive day for an increase in price at the pump.

Spring prices are typically elevated as refineries conduct seasonal maintenance and switch over to a summer blend of gasoline, which is more expensive to produce because of additional environmental safeguards.

"Unexpected refinery issues are also keeping upward pressure on the national average and consumers may see prices rise a bit higher over the next few weeks," the motor club said in a weekly brief.

California and Nevada both post state average prices above the $3 per gallon mark. South Carolina has the lowest state average in the nation with $2.34 per gallon. Despite the steady increase, AAA said the national average price for gasoline should stay below the $3 mark for the year.

The rise in gasoline prices is mirroring the increase in crude oil prices. AAA said that, although crude prices have recovered from January lows below the $50 per barrel mark, it's unclear how long prices will remain at their current level.

"Domestic oil production companies are keeping a watchful eye on the price and they could ramp up or resume production in order to capitalize on any upward movement," the motor club said.

The national average price for a gallon of gasoline on this date in 2014 was $3.67.

A report of better-than-expected growth in the European economy sent crude oil prices to new 2015 levels, with key indices up more than 2 percent Tuesday.

Brent crude oil prices were up more than 2 percent from the previous close to hit $67.83 in early Tuesday trading. Brent prices are up more than 2.5 percent since the start of May.

Crude oil prices plummeted in late 2014 as markets heavily favored the supply side because of a weakened economy and the increase in production from U.S. shale deposits. Low crude oil prices forced companies to spend less on exploration and production and the global economy has since gained momentum in 2015.

The European Commission expects real gross domestic production to increase across the European Union by 1.8 percent this year, higher than predicted by the commission three months ago.

"The European economy is enjoying its brightest spring in several years, with the upturn supported by both external factors and policy measures that are beginning to bear fruit," European Commissioner for Economic Affairs Pierre Moscovici said in a statement.

While the commissioner said "more needs to be done," real GDP next year should increase by 2.1 percent.

For 19 key economies in Europe, the seasonally-adjusted unemployment rate was 11.3 percent in March, relatively unchanged from February but down from the 11.7 percent for March 2014.

Eurostat, the statistical office of the EU, said last week the annual inflation rate for April was nil, up from the negative 0.1 percent for March.

West Texas Intermediate, the U.S. benchmark price, broke into new territory Tuesday, hitting its highest level for the year at $60.41. That's the highest price since Dec. 10 and marks a 2 percent increase since May 1.


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