Oil fell to the lowest price in six weeks due to reports that U.S. crude stockpiles increased more than estimated. Crude for March delivery on the New York Mercantile Exchange fell as much as 95 cents to $96.66 a barrel, the lowest since Dec. 20.
Euro zone debt concerns and dismal demand numbers is placing downward pressure on oil prices. Meanwhile geopolitical tension with Iran and signs of economic recovery in the U.S. is placing upward pressure on prices. The net impact has been the price of crude oil prices remaining steady in recent weeks and finally decreasing this week.
Despite Rising Gas Prices, Dunphy’s ExtermaPest Uses FieldLogix GPS Fleet Tracking System to Cut Gas Costs by $700 a Month For a 10 Vehicle Fleet
Gas prices are typically low in January, but not this year. Currently the U.S. average price for a gallon of self-serve regular gas is $3.44, 17 cents more than one month ago, and 35 cents more than one year ago, according to the AAA Fuel Gauge Report.
Gas prices are rising steadily across the United States, but the worst may be yet to come.
January has been a tough month for drivers, as gas prices have been record-setting high. Gas prices are currently 35 cents higher than they were one year ago. Now analysts are saying there will be no relief at the pump anytime soon due to refinery closures in the US and Europe.
Gas prices are usually low in January, but not this year. Gas prices are record-setting high.
2012 has started on a bad note for drivers, as gas prices rose 10 cents to $3.37 a gallon for regular gasoline, which is 14 cents more expensive than one month ago, and 27 cents more expensive than one year ago, according to the AAA Fuel Gauge Report.
Gasoline prices rose in most of the U.S. during the last week.
Lowest Gas Prices in 10 Months
As crude oil prices dropped last week, the price of gasoline at the pump continued to decline and is now at the lowest point since February 23.
Record High Gas Spending in 2011, U.S. Consumers Spent $4,155 More On Gas This Year
Even though gas prices have been falling in recent weeks, consumers have spent more money on gasoline in 2011 than any other, according to the Oil Price Information Service (OPIS).
Iran may be playing military games as speculation rises that its military will soon be shutting down the Strait of Hormuz, a shipping channel where one-sixth of the world’s oil supply passes through.
Oil prices rose the most in almost four weeks on speculation supplies will be disrupted after a report that Iran may be planning to close the Strait of Hormuz. Crude advanced as much as 3.6 percent after the state-run Fars news agency reported the military drills at the strait, however Iran’s Foreign Ministry denied the report.
Oil traders remain fearful that Iran could try and block the strategically-sensitive Strait of Hormuz that links the Gulf with the Gulf of Oman and through which much of the region’s oil is transported. Most of the crude exported from Saudi Arabia, Iran, the United Arab Emirates, Kuwait and Iraq – together with nearly all the liquefied natural gas from lead exporter Qatar – must slip through a 4-mile wide shipping channel between Oman and Iran.