Clipper Oil: Latest Fuel News - U.S. Average Retail Gasoline Prices In 2019 Were Slightly Lower Than In 2018

Latest Fuel News

January 2020

U.S. Average Retail Gasoline Prices In 2019 Were Slightly Lower Than In 2018

U.S. regular retail gasoline prices averaged $2.60 per gallon (gal) in 2019, 11 cents/gal (4%) lower than in 2018. Gasoline prices rose steadily during the first quarter of the year, rising from $2.24 on January 7 to $2.90/gal on May 6, before gradually declining through the rest of the year. Because the cost of crude oil accounts for about 52% of retail gasoline’s final cost, the price of gasoline generally follows movements in crude oil prices, which followed a similar price path during 2019.

Each Monday, in its Gasoline and Diesel Fuel Update , the U.S. Energy Information Administration (EIA) collects and publishes data on retail gasoline and diesel fuel prices for 10 cities, 9 states, 5 regions, and the United States as a whole. Variations in gasoline prices across the country reflect differences in gasoline specifications, state and local taxes, and supply and demand balances in regional markets. Continue reading here (Source: U.S. Energy Information Administration ).

Oil Prices Drop Sharply as Worry Over Iran Attacks Fades

Oil prices plunged after President Donald Trump said he believed Tehran was “standing down” from its retaliation after the U.S. killed a top Iranian general on Thursday.

Iran fired missiles at U.S. military bases in Iraq late on Tuesday, though no U.S. fatalities were reported. Oil prices spiked last week and again after the Tuesday attack as investors worried that supplies could be disrupted in the Middle East, only to fall back again in response to signs that tensions are diminishing. Continue reading here (Source: MarketWatch ).

Energy Commodity Prices Rose More Than Other Goods In 2019

The energy portion of the S&P Goldman Sachs Commodity Index (GSCI) ended 2019 22% higher than it began the year. Price indexes for other commodity types also increased in 2019, but not as much as the energy commodity index.

Composed of 24 individual commodity contracts organized into five sub-indexes, the values of the GSCI and its sub-indexes are calculated as weighted averages. The weight assigned to each commodity reflects its significance to the world economy in a given year as measured by its production volume and liquidity.

Prices for West Texas Intermediate (WTI) crude oil and Brent crude oil ended the year 31% and 20% higher, respectively, than on January 2, 2019. WTI’s increase of 31% was the largest increase of all GSCI commodities in 2019. Continue reading here (Source: U.S. Energy Information Administration).

EIA Gasoline and Diesel Retail Prices Update, January 7, 2020

U.S. crude oil stockpiles rose unexpectedly last week, while gasoline and distillate inventories jumped sharply higher, the Energy Information Administration said on Wednesday.

Crude inventories rose by 822,000 barrels in the week to Dec. 6 to 447.9 million barrels, compared with analysts’ expectations in a Reuters poll for a 2.8 million-barrel drop. At 447.9 million barrels, crude stocks were about 4% above the five-year average for this time of year, the EIA said.

Stocks at the Cushing, Oklahoma, delivery hub for West Texas Intermediate crude futures (WTI) USOICC=ECI fell by 3.4 million barrels last week, their biggest decline since February 2018, the EIA said. Continue reading here ( Source: Fuels Market News).

China Raises Sales Target For Electric Vehicles To 25% Of New Car Sales By 2025

China has raised its sales target for electric vehicles to 25% of new car sales by 2025, according to a draft policy by China's Ministry of Industry and Information Technology.

The Chinese government announced in 2017, its latest roadmap for the industry, that so-called "new energy" vehicles which include full-electric, fuel cell and plug-in hybrids, should represent more than 20% of vehicle sales by 2025. Continue reading here ( Source: F&L Asia).

'Chill Out': Gas Prices Not Spiking Due To Iran Attack, But That Could Still Change

Oil prices briefly surged Tuesday night after Iran fired missiles at U.S. and coalition troops at two Iraqi bases, retaliating for the American killing of a top Iranian general. But don't expect the attack to translate into a big spike in gas prices.

At least not yet.

The price of crude oil, which is refined into gasoline, spiked more than 4% to top $65 for a short period as traders absorbed news of the retaliatory attack Tuesday night. But the commodity gave up most of those gains and was up only 1.3% shortly after 10 p.m. On Wednesday, the price of West Texas Intermediate, the U.S. benchmark, was down $2.42, or 3.9%, in mid-day trading at $60.28. Brent, the global benchmark, was at $65.80. down $2.71,or about 4%. Continue reading here (Source: USA Today).