U.S. Gas Prices Rise on Global Oil, Refinery Shutdowns
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The average price for a gallon of gasoline in the United States rose about 6 cents over the past three weeks on higher global oil prices and capacity reductions at two refineries in the Midwest, an industry analyst said on Sunday.
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Oil prices charged toward $50 a barrel Monday, and gasoline prices surged to $1.92 a gallon last week, as petroleum output in the Gulf of Mexico returns at a slower-than-expected rate after Hurricane Ivan and geopolitical unrest keeps traders on edge.
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Oil prices rose on Monday as a gas leak  closed a large Norwegian North Sea oilfield and the threat of a  colder-than-normal U.S. winter fueled worries about low heating  oil stocks.
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Oil prices soared above $60 a barrel on Wednesday as a rash of snags affecting U.S. oil refineries, pipelines, and an oil field sparked worries of a supply crunch in the world's biggest energy consumer.
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Oil prices rose Monday as a gas leak  closed a large Norwegian North Sea oil field and the threat of  a colder-than-normal U.S. winter fueled worries about low  heating oil stocks.
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World oil prices rose on Tuesday as  Hurricane Ivan charged toward the oil-rich Gulf of Mexico,  where energy companies shut down refineries and offshore oil  rigs and evacuated thousands of workers.
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World oil prices surged almost a dollar  on Friday on worries that the ongoing storm season in the U.S.  Gulf would continue to hamper energy production and imports,  delaying vital pre-winter stock building.
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Crude oil rose to a record $49.74 a barrel in New York amid concern rebel attacks in Nigeria will reduce production and US refiners will struggle to replenish supplies disrupted by Hurricane Ivan.
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Watch out at the gas station this weekend. Oil and gasoline prices bounced back up this week. Crude oil prices neared $49 a barrel Friday, capping a rise of 7 percent for the week, as
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World oil prices rose on Tuesday as  Hurricane Ivan charged toward the oil-rich Gulf of Mexico,  where energy companies had evacuated thousands of offshore  workers and shut some production.
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The average price of a gallon of gasoline in the United States rose slightly over the past three weeks and could push higher because much of a rise in crude oil has not been passed on to consumers, an industry analyst said on Sunday.
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The U.S. government's top energy forecaster on Tuesday said it raised its estimate for world crude prices in 2010 by about 20 percent to near $60 a barrel due to delays bringing new oil fields on line.
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NEW YORK -- Oil prices rose above $70 a barrel yesterday, as persistently high fuel demand and concerns about possible supply disruptions in the Middle East and Nigeria offset news of increasing US inventories.
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Hurricane Ivan spared the critical Gulf Coast refining belt, but oil prices rose anyway Thursday on fears a new storm brewing in the Caribbean will delay tankers carrying imported crude to U.S. ports.Ivan swept east of major refineries, tank farms and other facilities in Louisiana and Texas. It also bypassed the biggest concentrations of offshore oil and gas production platforms in the Gulf of Mexico.ChevronTexaco's Pascagoula, Miss., refinery was the closest to the hurricane's path and remained closed Thursday. "The preliminary (damage) assessment is somewhat positive," said spokesman Steve Renfroe, who said the company had not determined when it could restart the plant.But on Ivan's heels Tropical Storm Jeanne knocked out a portion of production at a refinery in the U.S. Virgin Islands and barreled toward Puerto Rico.As a result, oil for October delivery rose 30 cents to &#36;43.88 a barrel on the New York Mercantile Exchange.Energy companies feared Ivan would make landfall in Louisiana or Texas and damage refineries there. The Gulf Coast accounts for nearly half of U.S. daily refining capacity of 16 million barrels. U.S. refiners are running near capacity to build stocks of winter heating fuels."The industry dodged a bullet in that the storm was really a couple of hundred miles east of refinery row (north of New Orleans) up the Mississippi River," said Jeff Dietert, refining industry analyst at Simmons &amp; Co. He said precautionary closures eliminated about 1.5 million barrels of gasoline and other products from the daily total.One of the nation's most important pipelines, the Capline carrying imported crude from New Orleans to Patoka, Ill., for Midwest refiners, was undamaged, said Shell, operator of the line.Still, Dietert predicted higher futures prices for oil and gasoline - and ultimately for consumers - after the government reports data on fuel stockpiles next week. That report will show how much oil companies and their customers have drawn from crude and gasoline inventories to make up for deliveries delayed by Ivan and Jeanne.Colm McDermott, analyst at energy research firm John S. Herold, said consumers might escape without much pain. If the impact of the refinery closures and delivery delays is short-lived, wholesalers, retailers and others in the supply chain might eat price increases rather than pass them on.Reuters reported that Ivan forced the shutdown of eight refineries, or 13% of U.S. capacity. Half of those were restarting Thursday.Offshore, Shell and other producers were flying work crews back out to some evacuated oil and gas platforms and doing aerial damage assessment of others.Shell said its refining and chemical plants in Louisiana had restarted or were never shut down. A Mobile, Ala., chemical plant remained closed, it said.
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World oil prices rose on Friday, boosted by production stoppages due to a severe hurricane in the Gulf of Mexico and worries that another storm might further delay imports into the United States.
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CAMARILLO, Calif. Nov 7, 2004 - An increase in the worldwide supply of crude oil contributed to a dip in US prices at the gas pump over the last two weeks, an industry analyst said Sunday.
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World oil prices rose on Thursday on worries about oil production shut by Hurricane Ivan and a new storm that could delay imports from entering the Gulf of Mexico.