Latest news with #fuelprices
Yahoo
16 hours ago
- Automotive
- Yahoo
High imports, soft summer demand weigh on US gasoline
By Nicole Jao and Shariq Khan NEW YORK (Reuters) -U.S. gasoline prices could fall below $3 a gallon this summer for the first time in over four years as a stretch of bad weather events dampens fuel demand and a jump in imports fills inventories. Gasoline prices have been in a lull in recent months, a boon for Americans traveling this summer. Consumers endured record prices at the pumps after Russia's 2022 invasion of Ukraine upended energy markets. Gasoline prices fell 8.3% over the 12-month period ended June, the latest Consumer Price Index report showed, as U.S. crude prices tumbled more than 20% amid concerns over lackluster demand and a trade war with China. Lower oil prices reduce the cost to refiners for producing motor fuels, with some of the savings typically passed on to consumers. U.S. President Donald Trump has promised to lower fuel prices, although analysts say presidents ultimately have little influence on pump prices. Fuel demand in the week ended July 4, typically among the periods of highest consumption, was down 2.5% from the same time last year. Analysts said the slowdown was likely due to extreme heat blanketing parts of the country, which may have discouraged some driving. The national average price of gasoline after the Independence Day holiday dipped to $3.14 per gallon, the lowest during summer months in four years, AAA data showed. Average gas prices across the U.S. have not fallen below $3 a gallon since May 2021. Summer is typically the peak season for gasoline consumption in the U.S., but gasoline product supplied, the U.S. Energy Information Administration's proxy for demand, has averaged 9.2 million barrels a day over the past four weeks, down by 1% from the same period last year. More fuel-efficient vehicles on the road and post-pandemic changes in driving patterns - particularly remote working - are expected to permanently reduce U.S. gasoline consumption from its peak of more than 9.3 million bpd in 2018. "As we head toward August, I think gasoline will see additional weakness," said Patrick De Haan, head of petroleum analysis at GasBuddy. "The national average has a good chance of falling below $3 per gallon in September," he added. That downward momentum could continue, De Haan said, as OPEC's decision to boost crude production by a larger-than-expected 548,000 bpd in August adds more pressure to oil prices. IMPORTS JUMP Imported gasoline flowing into the U.S. has also caused a surge in storage demand. Weekly U.S. gasoline imports peaked in mid-June at 100,700 bpd, the highest in over a year, government data shows, driven by an influx of shipments from Canada and Europe. Imports in June were up around 7% compared to the same period a year ago. In the U.S., demand for tanks to store gasoline has climbed since March, reaching a three-year high in June, according to data from storage broker The Tank Tiger. "If refiners are producing more gasoline, you need a place to park it if it's not being consumed," said Steven Barsamian, chief operating officer at The Tank Tiger. On the U.S. East Coast, which represents nearly a third of total U.S. consumption of refined products and relies heavily on imports to meet that demand, a steady stream of shipments helped pull gasoline prices about 5 cents a gallon under the national average, according to government data. Nigeria's Dangote oil refinery has ramped up production of gasoline that meets U.S. standards, boosting imports, and shipments from the 320,000-bpd Irving Oil refinery in New Brunswick have also landed at the New York Harbor consistently, GasBuddy's De Haan said. With limited pipeline and transportation capacity, the U.S. East Coast market typically gets oversupplied quicker than other markets in the U.S., The Tank Tiger's Barsamian said. An increase in flows on Colonial Pipeline's main gasoline artery, which delivers fuel from the U.S. Gulf Coast to East Coast markets, likely also contributed to larger flows of gasoline to the East Coast. Colonial Pipeline recently informed shippers it will boost capacity on Line 1 by 5% to 7% above typical summer volumes, according to a notice seen by Reuters. A Colonial spokesperson confirmed the pipeline volume increase. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
16 hours ago
- Automotive
- Reuters
High imports, soft summer demand weigh on US gasoline
NEW YORK, July 22 (Reuters) - U.S. gasoline prices could fall below $3 a gallon this summer for the first time in over four years as a stretch of bad weather events dampens fuel demand and a jump in imports fills inventories. Gasoline prices have been in a lull in recent months, a boon for Americans traveling this summer. Consumers endured record prices at the pumps after Russia's 2022 invasion of Ukraine upended energy markets. Gasoline prices fell 8.3% over the 12-month period ended June, the latest Consumer Price Index report showed, as U.S. crude prices tumbled more than 20% amid concerns over lackluster demand and a trade war with China. Lower oil prices reduce the cost to refiners for producing motor fuels, with some of the savings typically passed on to consumers. U.S. President Donald Trump has promised to lower fuel prices, although analysts say presidents ultimately have little influence on pump prices. Fuel demand in the week ended July 4, typically among the periods of highest consumption, was down 2.5% from the same time last year. Analysts said the slowdown was likely due to extreme heat blanketing parts of the country, which may have discouraged some driving. The national average price of gasoline after the Independence Day holiday dipped to $3.14 per gallon, the lowest during summer months in four years, AAA data showed. Average gas prices across the U.S. have not fallen below $3 a gallon since May 2021. Summer is typically the peak season for gasoline consumption in the U.S., but gasoline product supplied, the U.S. Energy Information Administration's proxy for demand, has averaged 9.2 million barrels a day over the past four weeks, down by 1% from the same period last year. More fuel-efficient vehicles on the road and post-pandemic changes in driving patterns - particularly remote working - are expected to permanently reduce U.S. gasoline consumption from its peak of more than 9.3 million bpd in 2018. "As we head toward August, I think gasoline will see additional weakness," said Patrick De Haan, head of petroleum analysis at GasBuddy. "The national average has a good chance of falling below $3 per gallon in September," he added. That downward momentum could continue, De Haan said, as OPEC's decision to boost crude production by a larger-than-expected 548,000 bpd in August adds more pressure to oil prices. Imported gasoline flowing into the U.S. has also caused a surge in storage demand. Weekly U.S. gasoline imports peaked in mid-June at 100,700 bpd, the highest in over a year, government data shows, driven by an influx of shipments from Canada and Europe. Imports in June were up around 7% compared to the same period a year ago. In the U.S., demand for tanks to store gasoline has climbed since March, reaching a three-year high in June, according to data from storage broker The Tank Tiger. "If refiners are producing more gasoline, you need a place to park it if it's not being consumed," said Steven Barsamian, chief operating officer at The Tank Tiger. On the U.S. East Coast, which represents nearly a third of total U.S. consumption of refined products and relies heavily on imports to meet that demand, a steady stream of shipments helped pull gasoline prices about 5 cents a gallon under the national average, according to government data. Nigeria's Dangote oil refinery has ramped up production of gasoline that meets U.S. standards, boosting imports, and shipments from the 320,000-bpd Irving Oil refinery in New Brunswick have also landed at the New York Harbor consistently, GasBuddy's De Haan said. With limited pipeline and transportation capacity, the U.S. East Coast market typically gets oversupplied quicker than other markets in the U.S., The Tank Tiger's Barsamian said. An increase in flows on Colonial Pipeline's [RIC:RIC: main gasoline artery, which delivers fuel from the U.S. Gulf Coast to East Coast markets, likely also contributed to larger flows of gasoline to the East Coast. Colonial Pipeline recently informed shippers it will boost capacity on Line 1 by 5% to 7% above typical summer volumes, according to a notice seen by Reuters. A Colonial spokesperson confirmed the pipeline volume increase.
Bloomberg
a day ago
- Business
- Bloomberg
Angola Taxi Drivers Plan Three-Day Strike Over Higher Fuel Costs
Angolan taxi drivers will hold a three-day strike at the end of the month over rising fuel prices in the oil-producing African nation. The protests are scheduled to take place July 28-30 in seven of the country's biggest cities, according to the New Alliance of Taxi Drivers of Angola, or Anata. It comes after the government increased fares for public-transport, which includes taxis, by as much as 50% this month as it cuts fuel subsidies.
CTV News
5 days ago
- Business
- CTV News
Gas prices up slightly in the Maritimes
The price of gas increased slightly in all three Maritime provinces overnight while diesel prices decreased in Nova Scotia and New Brunswick. Nova Scotia The price of regular self-serve gasoline in the Halifax-area increased by 0.5 cents. The minimum price is now 144.1 cents per litre. The price of diesel decreased by 2.4 cents. The new minimum price is 155.7 cents per litre. The price of regular self-serve gasoline in Cape Breton is 146.1 cents per litre and the price of diesel is 157.7 cents per litre. Prince Edward Island The price of regular self-serve gasoline on P.E.I. increased by 1.1 cents. The minimum price is now 149.6 cents per litre. The price of diesel did not change. The minimum price on the island remains 164.2 cents per litre. New Brunswick The price of regular self-serve gasoline in New Brunswick increased by 1.5 cents. The new maximum price in the province is 146.0 cents per litre. Diesel prices decreased by 0.6 cents. The maximum price is now 158.3 cents per litre.
Zawya
6 days ago
- Business
- Zawya
Senegal, Zimbabwe, eight other African countries with highest petrol prices in July 2025
An increase in fuel prices often concerns consumers and governments across many African countries, as fuel plays a crucial role in manufacturing, transportation, and agriculture. The following, according to are top 10 African countries with highest fuel prices in July 2025. The Central African Republic leads Africa in high fuel prices with $1.869 (₦ 2857.859) despite its natural resources. This stems from limited refining, ongoing political instability, and expensive imports. These factors inflate pump rates, severely impacting transportation and commodity costs, burdening its economy and citizens. Senegal Senegal's current fuel prices are high at the rate of $1.762 (₦ 2,694.553) because the government has cut back on the money it used to spend to keep fuel affordable, and the value of the country's money keeps changing. Because of these two problems, even though the country is trying to improve its energy systems, every day, people are stuck paying more for things like transportation and imported goods, which makes daily life and business more expensive. Zimbabwe Zimbabwe faces high fuel prices due to inflation, a weak local currency, and full reliance on imported fuel paid for in scarce foreign currency. Despite its key location in Southern Africa, the country lacks its fuel production and faces high transport costs. As a result, fuel costs $1.560 (₦ 2385.412), raising the cost of goods and transport, putting pressure on businesses and making daily life harder for citizens. Ivory Coast At $1.522 (₦ 2327.114 ) per litre, Ivory Coast's economy is growing fast, but rising fuel prices are negatively affecting household budgets and increasing the cost of living. Experts link the price hikes to global oil market changes and high import and transport costs. These challenges put pressure on the country's economy and reduce what consumers can afford. Burkina Faso With fuel prices at $1.513 (₦ 2313.505), its affordability in Burkina Faso has worsened due to rising global oil prices and internal security issues that disrupt supply chains. This has led to higher pump prices, especially hurting remote rural areas that depend on poor road networks for essential goods, deepening their economic struggles. Cameroon Cameroon raised fuel prices, currently selling at $1.495 (₦ 2286.287) per litre, due to subsidy cuts and efforts to liberalise its petroleum sector, aiming to ease pressure on the national budget. While this helps government finances, it has made fuel more expensive for citizens, increasing transport costs and raising the overall cost of living. Malawi Malawi sells fuel at $1.457 (₦ 2227.843) per litre, considering that its landlocked location and reliance on distant ports drive up fuel costs due to high transport and logistics expenses. With limited subsidies and a pricing system tied to global oil prices and exchange rates, fuel prices quickly rise when the Kwacha (its official currency )weakens or oil costs increase, causing higher transport costs, pricier goods, and greater economic strain for citizens. Uganda Uganda is working toward becoming a major oil producer, which could boost its economy. Although currently selling at $1.435 (₦ 2197.856) per litre, delays in building refineries and pipelines, along with certain tax policies, mean the country still relies on fuel imports. As a result, fuel prices remain high, causing current financial strain for citizens despite hopes of future relief once local production begins. Morocco Morocco's rising fuel prices are pressuring household budgets due to its heavy reliance on imported petroleum, especially after shutting down its only refinery in 2015. With little local oil production, global price hikes quickly impact local pump rates, making energy costly and affecting transportation and essential goods across the country. It sells fuel at $1.436 (₦ 2195.670) per litre. Kenya In Kenya, fuel is sold at $1.428 (₦ 2183.145) per litre. High fuel prices stem from reliance on imports, global market volatility, and the gradual removal of government subsidies. Heavy taxes and levies, along with distribution challenges, further raise costs. These factors pressure household budgets and drive inflation. While Kenya is working toward renewable energy, the urgent issue remains making conventional fuel more affordable for citizens. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
