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 by Nicholas Sakelaris Washington (UPI) Sep 25, 2018
So far, rising international crude oil prices haven't trickled down to U.S. gas pumps. AAA reported cheaper or stable gas prices have been reported in 32 states on Monday. The average national gas price is $2.85, the same as last Monday. The exception is in the Great Lakes and Central regions where a handful of refineries were taken down for maintenance. Eventually, $70 to $80 a barrel crude oil prices will cause pain at the pump, analysts say. "If they trend above this level for a sustained amount of time, we could see a trend reversal in pump prices meaning it may cost more to fill-up as we get closer to the end of the year," AAA spokeswoman Jeanette Casselano said. The effects of Hurricane Florence have dissipated in North Carolina and Virginia, where average prices dropped a penny. The Department of Energy reports a few localized gas stations are out of service because of power outages or other conditions that prevent tanker trucks from reaching them. The cheapest gasoline prices are Alabama, Mississippi, Louisiana, South Carolina, Tennessee, Arkansas, Texas, Virginia, Missouri and North Carolina. The 10 cheapest states range in price from $2.53 up to $2.68. The highest gasoline prices are in Kentucky, North Dakota, Indiana, Iowa, Minnesota, Illinois, Nebraska, Wisconsin and Kansas where prices have spiked between 4 cents and 6 cents in the last week. Compared to the same time last year, Indiana, Ohio, Illinois and Michigan are paying between 46 and 58 cents more per gallon.
OPEC won't react to Trump's threats, pushing Brent crude oil prices higher Washington (UPI) Sep 24, 2018 OPEC, Russia and other countries ignored U.S. calls to increase crude oil production, sparking a Monday rally that saw Brent futures soar past the $80 mark. Brent futures were trading at $80.48 a barrel at noon Monday, up $2.24. That's the highest price for Brent since it touched $80 a barrel briefly in May. The last time prices were sustained at that level was 2014. "This is the oil market's response to the 'OPEC+' group's refusal to step up its oil production," analysts at Commerzbank ... read more
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