Tag: crude oil prices

In Case of Emergency

Last month, the Department of Energy announced its plans to build a gasoline storage reserve in the Northeast. Widespread shortages caused by massive super storm Sandy sparked plans to mitigate future risks in affected Northeastern states. The gasoline reserve will hold nearly one million gallons of gasoline, providing power to first responders and generators. The […]  More »

Oil production to grow at fastest rate ever

With rising crude production, gasoline prices are expected to drop from $3.63 per gallon of regular in 2012 to $3.34 in 2014, according to the federal projections.  More »

Lack of pipelines drives price gap between Brent and WTI Index

The price differences between Brent crude oil and West Texas Intermediate (WTI) crude oil market prices are the result of a shortage of U.S. pipeline capacity and will continue to increase, according to energy pricing consultants.  More »

Already pricey gasoline isn’t following crude’s surge – yet

In a deviation from the usual pattern, gasoline prices have stayed relatively stable amid a surge in the price of oil that sent benchmark crude over $100 a barrel Wednesday.  More »

Crude closes at $90.20, down $2.97

Crude oil dropped the most in more than three weeks after a government report showed a larger-than- projected gain in U.S. stockpiles and amid concern that European debt-crisis talks are stalling.  More »

Oil drops below $100 ahead of OPEC meeting

Benchmark crude settled at $99.01 per barrel on the New York Mercantile Exchange as investors and economists awaited a key OPEC meeting this week and the government’s outlook on U.S. supply and demand.  More »

Oil settles at $100 on weakened dollar

Crude advanced 11 cents as the euro extended gains following an announcement by Moody’s Investors Service that it may place the U.S. government’s rating under review for possible downgrade. Oil fell earlier after a government report showed an unexpected increase in inventories to the highest level in two years.  More »

Oil settles near $100 on signs of slower economic growth

Oil prices fell on Thursday after the government said the economy grew at an annual rate of 1.8 percent in the first quarter. The commerce department cited high gasoline prices, weaker-than-expected consumer spending and government budget cuts as reasons for the sluggishness.  More »

Oil rises near $100, pump prices fall again

Benchmark crude added $1.89 to settle at $99.59 per barrel on the New York Mercantile Exchange. Retail gasoline prices fell for a 12th straight day to an average of $3.828 per gallon.  More »

Crude’s climb tied to Mississippi River flooding

After plummeting last week, oil prices jumped today on fears that potential flooding of the Mississippi River could shut oil refineries in south Louisiana — a notion one analyst characterized as “bizarre.”  More »

Oil above $100 fattens budgets in Texas, Louisiana, Alaska

The run-up in crude prices gives oil producing states gains from energy taxes that are tied to market prices. In Texas, that may provide relief for a deficit of as much as $27 billion.  More »