From Reuters Oil prices shed 3% on Wednesday after fresh Chinese and European economic data revived global demand fears and U.S. crude inventories rose unexpectedly for the second week in a row. Brent crude LCOc1 settled at $59.48 a barrel, shedding $1.82, or 3%, losing some of the previous session’s sharp gains after the United States moved to delay tariffs
Plan for a country-wide network of charging stations is underway It’s one of the biggest roadblocks surrounding the widespread adaptation of electric vehicles (EVs); what happens when the battery is depleted? Walmart, in partnership with Electrify America, a wholly owned subsidiary of the Volkswagen Group of America, thinks it may have the solution to that problem. This week, the two
EIA expects retail gasoline prices to rise over the coming months As of this Memorial Day Weekend, the national average price for regular gasoline is hovering around $2.85 per gallon, just slightly below last year’s average price of $2.92. The EIA forecasts that current prices will reach the $2.92 mark in the coming months, however, as the summer season of
Molecular weight drives a series of solutions that may provide keys to driving down production costs and harvesting a century’s worth of natural gas From Purdue University School of Chemical Engineering WEST LAFAYETTE, Ind. – It is a figure that has been thrown around quite a bit lately in the energy debate – the United States has enough energy in
Drivers traveled approximately 272 million miles in March, the most on record for the month – represents about 13 million gallons of gasoline consumed by vehicles on U.S. highways in March The Fourth of July traditionally marks the beginning of the summer driving season, and with gasoline prices lower than in years past, U.S. drivers are set to travel more
Unmanned, app-friendly filling stations could expand Millennial interest in CNG fueled cars, pickups It’s been a while since the familiar Esso filling stations dotted the U.S. highways. But if you were a kid in the ‘50s and ‘60s, that means you are a Baby Boomer who rode around in your parents’ car when they pulled into an actual “service station” whenever the
Largest Weekly Build in Crude Stocks since April WTI oil price fell this morning after EIA reported that crude oil stocks has increased by 2.5 million barrels, the largest weekly build in crude stocks since April 29, 2016. The build is a reversal of the 2.5 million barrel draw the week prior. Total inventories still remain at inflated levels for
With less than six months remaining in his stay at the White House, President Obama has come out with a program to use the U.S. taxpayers’ money to guarantee loans for parties who are working to accelerate the adoption of electric vehicles and the infrastructure to charge them. The money comes into play in the form of up to $4.5 billion in loan
Oil started the day on a slight upswing, but following today’s Petroleum Weekly Status Report issued by the EIA, the price began to plummet, ending the day down 4.76%. Initial reports coming last night from the American Petroleum institute (API) showed a draw on inventories of 6.7 million barrels. However, the API was just setting up the EIA for disappointing
Stronger economic data helps lift oil prices Oil prices are on track for the first weekly gain in a month today with both WTI and Brent crude prices up on Friday. U.S. Department of Energy numbers this week showed another build in U.S. crude oil stocks, but gasoline demand rose, stoking some crude oil price gains. Data from the EIA
Increased vehicle fuel efficiencies keeping gasoline consumption low despite increased U.S. mileage Travel by vehicle is up almost 4% from its previous peak in 2007 in the U.S., but motor gasoline consumption remains below previous highs due to increased fuel efficiencies, reports the Energy Information Administration. Improvements in light-duty vehicle fuel economy have been the primary source for lower consumption
The U.S. and India will drive oil demand growth in the future – Raymond James China’s economy has been a demand-growth powerhouse over the course of the last decade as the country’s industrial sector boomed, but China’s role in global demand growth will be on the decline moving forward, according to research from Raymond James. Stepping up to take China’s
