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Share to Twitter Share to Linkedin Topline The average national price of gas fell below $4 per gallon on Thursday for the first time since March, according to the American Automobile Association’s (AAA) tracker , but the cost remains higher than lows seen earlier this year, while analysts warn of another potential spike in the future. Key Facts According to AAA’s tracker, the national average price of gas dropped to $3.990 per gallon on Thursday, down from a peak of more than $5 in June. Gas Buddy, which also tracks gas prices, reported a slightly lower average price of $3.969 per gallon. While the drop will offer some relief to Americans at the pump, prices of gasoline still remain higher than the $3.318 per gallon at the start of 2022. The price also remains significantly elevated compared to the $3.184 price from 12 months ago. The fall in gas prices has been attributed to multiple factors, including a drop in demand … [Read more...] about Gas Prices Fall Below $4—But Are Still Higher Than Before Russia Invaded Ukraine

Share to Twitter Share to Linkedin Gasoline prices have risen significantly in recent months. What’s behind the price spike? Is it the cancelation of the Keystone XL pipeline? Is it the supply disruptions from COVID-19? Is it Russia invading Ukraine? There are many opinions on the issue. Let’s look at the facts. Background Gasoline prices rise and fall with the price of crude oil, though not always in sync or to the same degree. Oil is a global commodity and as such, its price is determined primarily by global supply and demand. When supply is greater than demand, prices fall. Conversely, when demand is greater than supply, prices rise. The following chart is from an article I published in 2015. It illustrates how supply and demand were catalysts for oil price movements. If you take a minute to study the chart, you will see how crude oil prices followed the supply-demand trend quite well. A Look at Global Production The U.S. is the world’s largest … [Read more...] about The Real Reason Behind Surging Gas Prices

New York (CNN Business) United Airlines gave a $10 million deposit to a startup developing electric aircraft — all for the goal of shuttling customers to and from the airport by air rather than gridlocked roadways. It's not clear when or if the plan will come to fruition, as Archer, the company developing the electric air taxis, is still in the development phase. However, the company said Wednesday that's it's finishing the design of its production model. Archer estimates the first of its four-seater helicopters could be in operation by 2024. California-based Archer, which was founded in 2018, has raised nearly a billion dollars, according to analytics company Crunchbase . It refers to its aircraft as an eVTOL, or "electric vertical takeoff and landing" configuration. The company states they'll be able to travel up to 60 miles at up to 150 miles per hour. The aircraft is expected to lift off much like a helicopter, and it'll rotate its propellers from providing vertical to … [Read more...] about United Airlines puts $10 million behind plan to shuttle customers by electric aircraft

(Representative Image) Oil India Ltd (OIL) , the nation's second-largest state explorer, reported a tripling of its net profit in the June quarter on record oil and gas price realisation. Its net profit was Rs 1,555.46 crore, or Rs 14.34 per share, in April-June compared to Rs 507.94 crore, or Rs 4.68 a share, in the same period a year back, the company said in a statement. The earnings rose as the company got USD 112.72 per barrel price for crude oil it sold in the quarter as opposed to USD 67.15 a barrel rate realised in the same period last year. Gas price realisation more than doubled to USD 6.1 per million British thermal unit from USD 1.79. Higher crude oil and natural gas prices stem from the rally in international oil prices that followed Russia's invasion of Ukraine. Turnover nearly doubled to Rs 6,029.86 crore in the first quarter of the current fiscal year that began on April 1. The earnings were also aided by a 4 per cent rise in crude oil production at 0.78 … [Read more...] about Oil India net profit triples on oil in June quarter, gas price boost

AFP Kyiv, Ukraine   ● Thu, August 11, 2022 2022-08-11 10:40 0 b2587592dd54281f57bdb7dba90e4981 2 Europe Ukraine-war,Russia,nuclear-power,death,offensive,oil-and-gas,Germany,Volodymir-Zelensky,Vladimir-Putin Free Ukraine on Wednesday accused Russia of carrying out rocket strikes that killed 14 civilians in areas near a nuclear power plant, as the G7 warned that Russian control of the facility "endangers the region". Overnight strikes in the Dnipropetrovsk region in central Ukraine killed 13 people and injured 11, with five reported to be in a serious condition, regional governor Valentin Reznichenko wrote on Telegram. "It was a terrible night," he said, urging residents to shelter when they hear air raid sirens. "I am asking and begging you... Don't let the Russians kill you," he wrote. A woman died after Russian missiles slammed into a village in the Zaporizhzhia region on Wednesday morning, local governor Oleksandr Starukh wrote on Telegram. Most … [Read more...] about Russian strikes near Ukraine nuclear plant kill 14

An Airbus A319-115 passenger bus veered off the runway during takeoff and caught fire in the Tibet region of China Thursday.  The crash sent black smoke billowing into the air and injured more than 36 passengers and aircrew. The Airbus A319-115, with 122 people aboard, left Chongqing for Nyingchi, in the Tibetan region of China, after leaving the city of Chongqing in the southwestern part of the country. In videos shared by state media, the aircraft’s left side appeared to be on fire as people headed away from the scene. Tibet Airlines said that the videos also showed fire trucks spraying water on the Airbus A319. Tibet Airlines reported that the accident occurred at 8:09 a.m. (0109 GMT). All 113 passengers and nine flight crew aboard the Airbus A319-115 jet were evacuated. Passengers injured evacuation the Airbus A319. According to the Civil Aviation Administration of China (CAAC), 36 people were injured during the evacuation. During the takeoff, the … [Read more...] about Fire on Airbus A319-115 Injures 36 Passengers in China

- A + A LONDON (Aug 11): Global shares edged higher on Thursday as investors bet on the pace of interest rate hikes slowing after data pointed to inflation peaking, leaving the US dollar struggling after its biggest fall in five months. Oil prices languished below US$100 a barrel in search of direction, while better-than-expected earnings from Zurich lifted the insurer's shares. Figures on Wednesday showed that US consumer prices were unchanged in July compared with June, a two-year rise in inflation stopped in its tracks by a drop in gasoline prices. Investors now turn to US producer prices data, along with the latest jobless claims numbers, ahead of Wall Street's open. Michael Hewson, chief markets analyst at CMC Markets, said peaking inflation could mean less aggressive interest rate hikes from the US Federal Reserve when it meets in September. The Bank of England and European Central Bank also meet next month. "Markets are getting ahead of themselves, and … [Read more...] about Peak inflation bet lifts stocks, US dollar in doldrums

- A + A (Aug 11): OPEC+ is unlikely to increase output in the coming months because of limited spare capacity, according to the International Energy Agency. Furthermore, the “largely symbolic” 100,000 barrel-a-day hike promised for September may actually turn into a cut as Russian production declines, the IEA said. “Comparatively low levels of operational spare production capacity, held mainly by Saudi Arabia and the United Arab Emirates, may thus all but rule out substantial further OPEC+ output increases in the coming months,” the IEA said in its monthly report on Thursday. The outlook from the Paris-based organisation that advises major developed economies on energy policy suggests the burden of satisfying global oil demand growth in the latter part of the year will fall on countries outside the Organization of Petroleum Exporting Countries and its allies. Non-OPEC+ supply is projected to rise by 1.7 million barrels a day this year and 1.9 million next year, … [Read more...] about IEA sees little chance that OPEC+ will supply more oil

- A + A (Aug 11): Russia’s oil output is set to fall roughly 20% by the start of next year as a European Union import ban comes into force, according to the International Energy Agency. Gradual monthly declines will start as soon as this month as Russia cuts back refining, and will quicken as the embargo takes effect, the IEA said in a market report. The agency expects to see close to two million barrels a day shut in by the start of 2023, despite a healthy recovery in production in recent months. The EU is set to halt most crude purchases from Russia from Dec 5 in a bid to cut off revenue streams that the Kremlin uses to finance its war in Ukraine. From Feb 5, an EU ban on Russian oil-product shipments takes effect. Some one million barrels per day of Russian products and 1.3 million barrels per day of crude would have to find new homes due to the planned EU restrictions, according to the IEA estimates. Russia’s oil output has risen in the past three months, … [Read more...] about IEA sees Russia oil output down 20% when EU ban takes effect

(CNN) A polio case identified in New York last month is "just the very, very tip of the iceberg" and an indication there "must be several hundred cases in the community circulating," a senior official with the US Centers for Disease Control and Prevention told CNN on Wednesday. The case was found In Rockland County, which has a stunningly low polio vaccination rate. Dr. José Romero, director of the CDC's National Center for Immunization and Respiratory Diseases, noted that the majority of people with polio don't have symptoms and so can spread the virus without knowing it. Polio 101: Signs, symptoms and dangers of an ancient virus "There are a number of individuals in the community that have been infected with poliovirus. They are shedding the virus," he said. "The spread is always a possibility because the spread is going to be silent." A team of CDC disease detectives traveled last week from agency headquarters in Atlanta to Rockland … [Read more...] about ‘Silent’ spread of polio in New York drives CDC to consider additional vaccinations for some people