Gasoline prices rose in Oklahoma and across the U.S. over the past week with the national average pump...
Gasoline prices rose in Oklahoma and across the U.S. over the past week with the national average pump price hitting $3.72 while Oklahoma’s average was up to $3.47 per gallon.
“Slack demand and lower oil prices should take some pressure off rising gas prices,” said Andrew Gross, AAA spokesperson. “But Hurricane Ian could cause problems, depending on the storm’s track, by disrupting oil production in the Gulf of Mexico and impacting large coastal refineries.”
Oklahoma’s $3.47 average is up from $3.44 a week ago but one cent below the average from a month ago reported AAA. However, Gas Buddy reported Wednesday prices as low as $2.89 per gallon.
Prices in Oklahoma City averaged $3.46, a penny higher than last week and two cents lower than a month ago.
Goldman Cuts 2023 Oil Price Forecast Due to Weakening Demand Outlook
Goldman Sachs on Sept. 27 cut its 2023 oil price forecast due to expectations of weaker demand and a...
Goldman Sachs on Sept. 27 cut its 2023 oil price forecast due to expectations of weaker demand and a stronger U.S. dollar but said the ongoing global supply disappointments only reinforced its long-term bullish outlook.
Goldman’s commodities research division lowered the forecast for next year by $17.5/bbl on average, even as it saw a seasonally adjusted global oil market deficit in the fourth quarter of 2022 and in 2023.
It revised its oil price forecast lower by $19 per barrel on average for the period stretching from the fourth quarter of 2022 to the fourth quarter of 2023 and sees global oil demand growing in 2023 by 2 million bbl/d at current prices, versus a previous forecast of 2.5 million bbl/d, according to a research note issued by the investment bank.
Chevron plans $400M expansion at Pasadena refinery
Chevron will spend $400 million to boost the light crude oil processing capacity of its Pasadena refinery...
Chevron will spend $400 million to boost the light crude oil processing capacity of its Pasadena refinery in Texas by nearly 15% to 125,000 barrels per day, with completion expected in 2023. In addition to increasing capacity, the project will bring jet fuel into the refinery's product range and help drive significant emission reductions.
Natural gas abundance reduces US reliance on imports
The US imported an average 0.08 billion cubic feet per...
The US imported an average 0.08 billion cubic feet per day of liquefied natural gas in the first six months of 2022, the lowest in at least 15 years, as growing domestic dry gas production helps wean the nation off foreign LNG, the Energy Information Administration reports. LNG's share of US natural gas imports declined from 17% in 2007 to less than 1% in 2021, while domestic natural gas production climbed more than 80% over the same period.
