Latest news with #RamananKrishnamoorti
Forbes
15-06-2025
- Business
- Forbes
Gas Prices Are Under $3 In Half Of U.S. States—Here's Why That Likely Won't Last
The average price for a gallon of regular gas has dropped below $3 in 25 states as of Sunday, though the escalating conflict between Israel and Iran in the Middle East could soon lead to higher prices, some industry analysts say. Israel launched attacks on Iran last week, raising concerns among investors about disruptions to the ... More global oil trade. American drivers are paying about $3.13 for a gallon of gas on average as of Sunday, with prices below $3 in 25 states, including the lowest per-gallon average of $2.66 in Mississippi, according to AAA data. Oil prices rose last Friday after Israel attacked Iran: The West Texas Intermediate, a national benchmark for crude oil, surged by more than 7.2% to $72.98 per barrel while the global benchmark, Brent Crude, rose by 7% to $74.23 per barrel. Patrick de Haan, GasBuddy's head petroleum analyst, said he expects national gas prices to increase between five and 15 cents 'over the next week or two' in response to rising oil prices and Israel's conflict with Iran, after earlier estimating an increase by as much as 25 cents per gallon. Oil prices could rise even farther if Israel and Iran's conflict escalates, Ramanan Krishnamoorti, a petroleum engineer professor at the University of Houston, told ABC News, suggesting oil prices could substantially spike (up to $120 per barrel) if Iran's oil infrastructure is damaged. If oil prices reached $120 per barrel, gas prices could increase to around $5.13 per gallon, Krishnamoorti said. States in the western U.S. have the most expensive gas on average, according to AAA. California ranks highest, with an average price of $4.65 per gallon, followed by Hawaii ($4.47), Washington ($4.37) and Oregon ($3.98). Richard Joswick, head of near-term oil analysis at S&P Global Commodity Insights, said in an investor note Friday that an increase in gas prices likely won't last long. A spike in gas prices after Israel and Iran last traded strikes in October 2024 was short-lived, Joswick said, though he noted the conflict at the time did not significantly escalate 'and had no impact on oil supply.' 'We're ready to act,' Fatih Birol, executive director of the International Energy Agency, wrote Friday, adding the organization is 'actively monitoring' the Iran-Israel conflict and has over 1.2 billion barrels of emergency oil in stockpiles. OPEC+ opposed Birol's statement, writing on X it 'raises false alarms and projects a sense of market fear through repeating the unnecessary need to potentially use oil emergency stocks.' About one-fifth of the world's oil supply passes through the Strait of Hormuz between Oman and Iran, according to U.S. Energy Information Administration data from 2023. Gas prices have fluctuated in the U.S. as tensions have escalated in the Middle East over the last year. Israel's war with Hamas, Russia's invasion of Ukraine and Israel's latest attacks on Iran have factored into a spike in oil prices. It's unclear whether Israel's conflict with Iran will deescalate soon, despite President Donald Trump signaling both countries 'should make a deal, and will make a deal.' Israeli Prime Minister Benjamin Netanyahu has suggested Israel's military campaign would intensify, following reports that Israel had targeted Iran's oil and gas industry for the first time, though it's unclear whether the attacks have disrupted oil production or infrastructure.
CBC
15-04-2025
- Business
- CBC
Keystone Pipeline restarted after oil spill in rural North Dakota
The operator of the Keystone oil pipeline restarted the system Monday after a spill onto farmland in North Dakota last week shut down the line. South Bow said it was watching inclement weather conditions before beginning "a carefully controlled restart" that will include 24/7 monitoring, reduced operating pressures, cleanup of the site and compliance with federal regulators' requirements. The federal Pipeline and Hazardous Materials Safety Administration said South Bow restarted the pipeline at a reduced pressure. The failed section was dug out and replaced and will be taken to a metallurgical lab in Houston for testing, while the repaired pipeline will be tested at different pressures to ensure its integrity, the agency said. The agency's investigation is ongoing. It is unclear what caused the spill. The company said it has finished all repairs, inspections and testing at the spill site. The agency said it signed off on the company's restart plan. South Bow also said it will put certain pressure restrictions on the pipeline's Canadian sections, and has shared those details with Canadian regulators. The company's update did not mention a cause of the spill, though the company said it would share investigation findings when available. An employee heard a "mechanical bang" and shut down the pipeline within two minutes, a state spill response official previously said. The spill is estimated at 3,500 barrels, or 556,000 litres. Vacuum trucks had recovered 1,170 barrels of crude oil, or 186,000 litres, as of early Friday, according to the Pipeline and Hazardous Materials Safety Administration. The spill occurred in a field north of Fort Ransom, North Dakota, a tiny town in a forested area known for scenic views and outdoor recreation. The 4,327-kilometre Keystone Pipeline carries crude oil from Alberta to refineries in Illinois, Oklahoma and Texas. The pipeline was shut down from Alberta to points in Illinois and a liquid tank terminal Oklahoma, though the line remained open between Oklahoma and the Texas Gulf Coast, according to a map from South Bow. Lower oil prices due to tariff issues helped mute challenges from the pipeline shutdown on gas prices, though diesel prices could still inch up, said Ramanan Krishnamoorti, vice-president for energy and innovation at the University of Houston. Gas prices have fallen in almost every state in the last week due to the oil price drop resulting from the tariff and trade war concerns, said Patrick De Haan, head of petroleum analysis for GasBuddy, which tracks gas prices. "I wouldn't have expected this to really have much of an impact anyway, but with oil prices actively having plummeted over the last week, yes, I would say that the decline was more than offset," he said.
CBS News
15-04-2025
- Business
- CBS News
Keystone Pipeline restarted after oil spill in rural North Dakota
The operator of the Keystone oil pipeline restarted the system Monday after a spill onto farmland in North Dakota last week shut down the line. South Bow said it was watching inclement weather conditions before beginning "a carefully controlled restart" that will include 24/7 monitoring, reduced operating pressures, cleanup of the site and compliance with federal regulators' requirements. The federal Pipeline and Hazardous Materials Safety Administration said South Bow restarted the pipeline at a reduced pressure . The failed section was dug out and replaced and will be taken to a metallurgical lab in Houston for testing, while the repaired pipeline will be tested at different pressures to ensure its integrity, PHMSA said. The agency's investigation is ongoing. It is unclear what caused the spill. The company said it has finished all repairs, inspections and testing at the spill site. PHMSA said it signed off on the company's restart plan. South Bow also said it will put certain pressure restrictions on the pipeline's Canadian sections, and has shared those details with Canadian regulators. The company's update did not mention a cause of the spill, though the company said it would share investigation findings when available. An employee heard a "mechanical bang" and shut down the pipeline within two minutes, a state spill response official previously said. The spill is estimated at 3,500 barrels, or 147,000 gallons. Vacuum trucks had recovered 1,170 barrels of crude oil, or 49,140 gallons, as of early Friday, according to PHMSA. The spill occurred in a field north of Fort Ransom, North Dakota, a tiny town in a forested area known for scenic views and outdoor recreation. The 2,689-mile (4,327 kilometers) Keystone Pipeline carries crude oil from Alberta, Canada, to refineries in Illinois, Oklahoma and Texas. The pipeline was shut down from Alberta to points in Illinois and a liquid tank terminal Oklahoma, though the line remained open between Oklahoma and Texas' Gulf Coast, according to a map from South Bow. Lower oil prices due to tariff issues helped mute challenges from the pipeline shutdown on gas prices, though diesel prices could still inch up, said Ramanan Krishnamoorti, vice president for energy and innovation at the University of Houston. Gas prices have fallen in almost every state in the last week due to the oil price drop resulting from the tariff and trade war concerns, said Patrick De Haan, head of petroleum analysis for GasBuddy, which tracks gas prices. "I wouldn't have expected this to really have much of an impact anyway, but with oil prices actively having plummeted over the last week, yes, I would say that the decline was more than offset," he said.
Yahoo
14-04-2025
- Business
- Yahoo
Company plans to restart Keystone Pipeline after oil spill in rural North Dakota
BISMARCK, N.D. (AP) — The operator of the Keystone oil pipeline said it planned to restart the system Monday after a spill onto farmland in North Dakota last week shut down the line. South Bow said it's watching inclement weather conditions before beginning 'a carefully controlled restart' that will include 24/7 monitoring, reduced operating pressures, cleanup of the site and compliance with federal regulators' requirements. The company said it has finished all repairs, inspections and testing at the spill site. South Bow said the federal Pipeline and Hazardous Materials Safety Administration signed off on its plans to repair and restart the line. The Associated Press emailed the agency for comment. The company also said it will put certain pressure restrictions on the pipeline's Canadian sections, and has shared those details with Canadian regulators. South Bow's update did not mention a cause of the spill, though the company said it would share investigation findings when available. An employee heard a 'mechanical bang" and shut down the pipeline within two minutes, a state spill response official previously said. The spill is estimated at 3,500 barrels, or 147000 gallons. Vacuum trucks had recovered 1,170 barrels of crude oil, or 49140 gallons, as of early Friday, according to PHMSA. The spill occurred in a field north of Fort Ransom, North Dakota, a tiny town in a forested area known for scenic views and outdoor recreation. The 2,689-mile (4,327 kilometers) Keystone Pipeline carries crude oil from Alberta, Canada, to refineries in Illinois, Oklahoma and Texas. The pipeline has been shut down from Alberta to points in Illinois and a liquid tank terminal Oklahoma, though the line remained open between Oklahoma and Texas' Gulf Coast, according to a map from South Bow. Lower oil prices due to tariff issues helped mute challenges from the pipeline shutdown on gas prices, though diesel prices could still inch up, said Ramanan Krishnamoorti, vice president for energy and innovation at the University of Houston. Gas prices have fallen in almost every state in the last week due to the oil price drop resulting from the tariff and trade war concerns, said Patrick De Haan, head of petroleum analysis for GasBuddy, which tracks gas prices. 'I wouldn't have expected this to really have much of an impact anyway, but with oil prices actively having plummeted over the last week, yes, I would say that the decline was more than offset,' he said.
Associated Press
14-04-2025
- Business
- Associated Press
Company plans to restart Keystone Pipeline after oil spill in rural North Dakota
BISMARCK, N.D. (AP) — The operator of the Keystone oil pipeline said it planned to restart the system Monday after a spill onto farmland in North Dakota last week shut down the line. South Bow said it's watching inclement weather conditions before beginning 'a carefully controlled restart' that will include 24/7 monitoring, reduced operating pressures, cleanup of the site and compliance with federal regulators' requirements. The company said it has finished all repairs, inspections and testing at the spill site. South Bow said the federal Pipeline and Hazardous Materials Safety Administration signed off on its plans to repair and restart the line. The Associated Press emailed the agency for comment. The company also said it will put certain pressure restrictions on the pipeline's Canadian sections, and has shared those details with Canadian regulators. South Bow's update did not mention a cause of the spill, though the company said it would share investigation findings when available. An employee heard a 'mechanical bang' and shut down the pipeline within two minutes, a state spill response official previously said. The spill is estimated at 3,500 barrels, or 147000 gallons. Vacuum trucks had recovered 1,170 barrels of crude oil, or 49140 gallons, as of early Friday, according to PHMSA. The spill occurred in a field north of Fort Ransom, North Dakota, a tiny town in a forested area known for scenic views and outdoor recreation. The 2,689-mile (4,327 kilometers) Keystone Pipeline carries crude oil from Alberta, Canada, to refineries in Illinois, Oklahoma and Texas. The pipeline has been shut down from Alberta to points in Illinois and a liquid tank terminal Oklahoma, though the line remained open between Oklahoma and Texas' Gulf Coast, according to a map from South Bow. Lower oil prices due to tariff issues helped mute challenges from the pipeline shutdown on gas prices, though diesel prices could still inch up, said Ramanan Krishnamoorti, vice president for energy and innovation at the University of Houston. Gas prices have fallen in almost every state in the last week due to the oil price drop resulting from the tariff and trade war concerns, said Patrick De Haan, head of petroleum analysis for GasBuddy, which tracks gas prices. 'I wouldn't have expected this to really have much of an impact anyway, but with oil prices actively having plummeted over the last week, yes, I would say that the decline was more than offset,' he said.
