Gasbuddy.com Senior Petroleum Analysts Patrick DeHaan and Dan McTeague collaborated on a fuel price outlook for 2018.
Though the men did predict an expensive year ahead when they issued the prediction on January 3rd, McTeague said conservative figures were utilized in order to avoid making any assumptions that could have been considered too high. Five weeks into the New Year even the maximum predictions have been surpassed.
McTeague explained that one factor currently contributing to dwindling crude oil inventories is a leak to a frequently used pipeline. Continue reading →
Gas prices in the immediate area have taken a dip in recent weeks.
Those trends are largely in line with predictions made by GasBuddy.com analysts during the holiday period. Gas was predicted to stay below $2 per gallon through the New Year, pushing as high at $1.99 in some areas. Continue reading →
The County’s Recycling and Transfer Station typically accepts plastic for recycling, the idea being that they eventually sell the plastic to vendors which use the bales as an alternative to newly produced plastic in their products. Continue reading →
Indiana’s elected representatives in Washington are speaking out against a decision by the Obama Administration to reject the construction of the U.S. portion of the Keystone XL Pipeline. Continue reading →
New safety standards may soon be embraced by oil companies around the nation.
Officials with the American Petroleum Institute say those standards – which were developed over the last two years or so – will enhance safety when constructing and maintaining oil pipelines around the country. Continue reading →
Oil prices fell below $92 yesterday due to weak demand.
The oil market is responding to a series of events that have raised concerns that Iran will try to block oil shipments through a narrow waterway in the Persian Gulf – a pathway where the world’s oil travels every day.
Analysts say Middle East tensions could cause further spikes for oil but they might not be long-lasting. The world’s two biggest crude consumers, the U.S. and China, are both struggling with economic slowdowns that are crimping demand for oil.
Second District U.S. Congressman Joe Donnelly this week commented on the rapidly increasing gasoline prices at the pump, by going after the speculators.
“We are going after the speculators who I think are driving the market up. I have sent a letter this week to go after these speculators. I think what they are doing to the American people is shameful,” Donnelly said.
At least one of the Republican presidential contenders, Newt Gingrich has been campaigning on lower gas prices by saying in campaign speeches that he would bring prices down to the $2.50 a gallon level. Donnelly invited Gingrich to join him in going after the speculators.
“The best thing Newt could do to help everybody is to go after the speculators, and try to get the people who are causing the price increases out of the market,” said Donnelly.
Donnelly and others in congress are attempting to make it harder for the speculators to trade in the futures by forcing the buyer to take actual delivery of the product. Republicans have also called for more U.S. Production.
Both parties agree that oil prices will be unstable until a resolution to the Iranian Nuclear program problem is settled. Iran has threatened to shut down the Strait of Hormuz if attacked, or other sanctions are sought. That would cut off 2.2 million barrels a day to the world markets. The U.S. is banned from receiving oil from Iran.
Have you ever wondered why gas prices go up at the pump when consumption is down, or why pricing varies so much from station to station or even town to town? What about why, when oil prices drop considerably, prices at the pump only drop a few pennies?
Well, WKVI Radio has arranged for those questions and more to be answered by an “insider.” Scott Imus, Executive Director of the Indiana Petroleum Marketers and Convenience Store Association, will be in Knox August 25th at the Knox Community Center for a presentation and will be available to answer your questions. All governmental officials and individuals alike are invited to attend. Imus will begin his presentation at 6:30 p.m. CT.
The session is co-sponsored by Senator Ed Charbonneau, Representative Nancy Dembowski, and Knox Mayor Rick Chambers.