Why are gas prices rising?
Posted September 13, 2018 12:37:55 Gas prices are rising across the country as the U.S. Energy Information Administration projects a spike of 3.9 cents a gallon in the first quarter.
Mid-sized companies are expected to see their prices rise to 3.7 cents a gal, and smaller producers, such as oil and gas, could see prices climb to 4.5 cents a pound, the agency said in its latest report on fuel prices.
Gasoline is now cheaper in Texas than it was at the start of the year.
Midwestern states are expected the biggest winners.
Gas prices in New York, Illinois, Indiana, Michigan, Minnesota, Ohio, Pennsylvania and Wisconsin have dropped by 2 cents a quart.
Prices in Indiana are expected a little lower at 2.7 percent, but prices are expected in most other parts of the state to remain relatively flat.
Midwest states are also expected to benefit the most from the drop in fuel prices in Oklahoma and Michigan.
In Oklahoma, the state’s governor said Friday the state will save $6.5 billion in 2018, the highest savings since the state began tracking gas prices in the 1980s.
He said the price drop is “just the tip of the iceberg.”
Midwestern state Rep. Tim Huelskamp, a Republican, said he was optimistic about the state taking advantage of the cheap gas.
“We will see what the market will do in 2018,” Huelskamp said.
In Iowa, the price of gasoline fell by 5 cents a mile, the smallest drop in more than a year.
The state’s largest gasoline producer, Iowa City Refining Co., expects prices to remain stable, though they could rise slightly to $2.00 a gallon next year.
Gas will be more expensive next year in Ohio, the first state to see a gasoline spike after the oil price collapse, but the average price is expected to remain at $2 a gallon.
“It’s a pretty good price,” said Bill Buell, executive director of the Ohio Fuel Economy Council.
“The gas stations have already seen a decline.”
In Pennsylvania, the average daily price of gas rose 1.2 cents to $1.88.
The average daily average price of diesel, meanwhile, was 1.7¢ to $0.99.
The cost of oil, on the other hand, dropped 0.4 cents to a $37.20 a barrel price.
Oil prices have declined since a record $100 a barrel last year, but are now expected to fall to $50 a barrel this year.
Brent crude, which is used to make crude oil, rose to $52.10 a barrel on Friday, up 0.2 percent from a year ago.
It was trading at $51.87 a barrel a barrel earlier Friday.
The price of natural gas rose 4 cents to start the year, after the Energy Department reported that the average household in the U,S.
had used more than 4.4 billion gallons of natural-gas liquids this year, the most in more 20 years.
The number of Americans who are using natural-Gas liquids fell to the lowest level in three years, with an estimated 5.1 million households now using natural gas, down from 6.4 million households in 2013, according to the Energy Information Institute.
Natural-Gas Prices in Your State Alabama Alabama, Alabama, AL Source: Energy Information Authority, Bureau of Economic Analysis, EPA Bureau of Energy Resources, U. S. Energy Department, U-S.
Census Bureau, Energy Department Data released September 14, 2018 06:07:03 Alabama had the highest rate of natural resource extraction in the country in 2018.
The rate of extraction in Alabama increased by 18.7% in 2018 compared to 2017.
The increase in extraction was largely due to the expansion of oil and natural gas production in the state, which produced 9.1 billion barrels of oil in 2018 versus 7.4 bpd in 2017.
Total natural resource oil production in Alabama rose to 7.9 trillion cubic feet in 2018 from 6 trillion cubic fte in 2017, according the U- s Energy Department.
“In 2018, natural resources extraction is expected increase from the current rate of 5.2 trillion cubic ft. in 2017 and will continue to increase until 2020,” the agency stated.
Alabama is the only state with a natural resource recovery rate lower than 10%, according to EIA.
Alabama had an average daily oil production of 5,934,000 barrels per day in 2018 according to data from the Bureau of Engraving and Printing.
The Bureau of Resources and Geology in Alabama reported in a release on Friday that Alabama’s average oil production was 2.2 million barrels per hour, compared to 2.3 million barrels a day in 2017 as the state continues to struggle with the oil boom and the downturn in the global economy.
The oil boom is expected over the next few years to help offset the low production and increase demand for the state as more people move to