February 11, 2013 |
Hedge funds, commodity pools and other high-roller investors have thrown close to $12.5 billion into a collective bet that gasoline prices will rise, and some analysts say it's one reason why gasoline prices are at a record for this date in California and nationally. The details were contained in the Commodity Futures Trading Commission report released Friday, showing that betting on higher gasoline prices was closing in on the highest level ever of $13 billion, set last March. Quiz: Why are California gas prices so high?
October 9, 2012 |
For the fourth straight day, California has a new record for gasoline prices, but the rise has apparently lost nearly all of its momentum. The average cost of a gallon of regular gasoline in California today is $4.671 a gallon, up just 0.3 cents overnight, according to the AAA Fuel Gauge Report, which tracks prices from 100,000 retail outlets across the U.S. That's still 48.9 cents a gallon higher than it was a week ago and 86.6 cents a...
March 16, 2010 |
Gasoline prices at the pump rose slightly last week, the Energy Department said Monday, as oil futures fell to their lowest levels in March. The average price of a gallon of regular in California rose 1.5 cents to $3.061, according to the agency's weekly telephone survey of filling stations. Nationally, prices rose 3.7 cents to an average of $2.788 a gallon. In some potentially good news for motorists, analyst Tom Kloza said that prices nationally were already within 25 cents of their likely peak for the year, with the summer driving season yet to come.
November 6, 2012 |
Gasoline prices are headed lower and might even drop below their average a year ago by early next week, analysts said. In California, the average price for regular gas Monday was $3.996 a gallon, 17.3 cents less than a week earlier, according to the Energy Department's weekly survey. It was the first time that the California average has been less than $4 a gallon since Aug. 6, when it was $3.868. Barring any new refinery or petroleum pipeline problems, drivers in most parts of the U.S. can expect prices to inch lower, experts said.
February 4, 2010 |
Flying J Inc. has agreed to sell its 66,000-barrel-a-day Bakersfield refinery to Paramount Petroleum Corp., a division of Alon USA Energy Inc., if that firm is the successful bidder in an upcoming bankruptcy auction. Flying J, based in Ogden, Utah, filed for Chapter 11 bankruptcy protection in December 2008 after oil prices tumbled from record-high levels and credit markets dried up. Since then, the refinery operated by subsidiary Big West of California has struggled to keep operating and to maintain a regular supply of crude for processing.
August 25, 2009 |
Motorists are paying a little less for gasoline in most parts of the country despite the recent increase in oil prices. The average price of a gallon of regular gasoline in California fell 1.6 cents to $3.031 while the national average declined by 0.9 of a cent to $2.628 a gallon, according to the Energy Department's weekly survey of filling stations, released Monday. Prices rose only in the Rocky Mountain states, where the average increased half a penny to $2.616 a gallon. Some analysts were sticking to predictions of a slide in prices by sometime in September to $2.75 to $3 a gallon in California and an average of $2.50 to $2.75 a gallon nationally.
October 29, 2012 |
The storm-related shutdown of an important New Jersey refinery and cutbacks on production runs at other refineries along the Delaware River may kick up East Coast gasoline prices at the pump later this week, but analysts were predicting that any price jump would probably be short-lived. Phillips 66 said that it has closed its 240,000-barrel-a-day Bayway refinery in Linden, N.J., because of the possibility of storm surges from Hurrican Sandy. Tom Kloza, chief oil analyst for the Oil Price Information Service in New Jersey, said that buyers were reacting to that news by scrambling for supplies.
February 23, 2010 |
Pump prices for gasoline in California edged slightly lower over the last week but were on the rise just about everywhere else in the nation, the Energy Department said Monday. The bump in retail prices also helped drive oil futures marginally higher, Wall Street analysts said. Gasoline prices had drifted as low as they could go in recent weeks, those analysts said, because some recent refinery outages had limited supply -- and demand is expected to go up. Experts were expecting a surge in demand as motorists returned to driving after harsh storms dropped large amounts of snow in parts of the Eastern U.S. The average price of a gallon of regular gasoline in California fell 0.8 cents to $2.918, its lowest level since Dec. 21, according to the Energy Department's weekly survey of filling stations.
December 28, 2010 |
Oil prices fell from a two-year high Monday, but pump prices were on a course of their own, rising near year-end record highs. Oil was weighed down by China's second interest-rate hike since October. That raised fears that the manufacturing giant's economic growth will slow as the country tries to rein in inflation. China is the world's No. 2 oil consumer behind the U.S. Crude oil futures for February delivery dropped 51 cents, or 0.6%, to close at $91 a barrel on the New York Mercantile Exchange.