Entries in Gas (76)


Oil Production Could Make US Energy Independent by 2035

Comstock/Thinkstock(NEW YORK) -- The news is all good from the International Energy Agency about the United States' energy future.

The agency predicted on Monday that the U.S. will become the top producer of oil globally within five years.

Furthermore, America is on a path to become a leading oil exporter in less than 20 years and should be able to end its dependence on most foreign fuel sources by 2035.

While all this may seem too good to be true since the country now imports about 20 percent of oil and natural gas to fulfill its energy needs, the IAE credits a variety of reasons for America's sudden surge as an energy powerhouse.  Among them: dramatic gains in oil, shale gas and bio-energy production due to hydraulic fracturing, more commonly known as fracking.

Meanwhile, vehicle fuel efficiency is improving steadily and significant inroads have been made in the clean energy industry.

Copyright 2012 ABC News Radio


New Jersey Couple Aids Hunt for Gas with Twitter

iStockphoto/KIMIHIRO HOSHINO/AFP/Getty Images(CHERRY HILL, N.J.) -- Anna Sandler and and husband Michael started the Twitter handle @njgas earlier this year to alert fellow New Jersey residents to cheap gas they spotted in their travels. But after finding they were broadcasting to less than 50 people, the couple gave up.

Fast forward to this past Thursday when it was clear that the lack of power caused by Hurricane Sandy was contributing to a gas shortage in New York and New Jersey. That's when the Sandlers noticed people started following their handle.

"We picked up, like, 500 followers," Anna said. "People wanted to know about gas, but this time it was about where it was and the lines, not how cheap it was."

It was their calling.

Since then, the two, who live in Maplewood but have been headquartered out of Michael's parents house near Cherry Hill with their three kids since they lost power, have been taking turns manning the Twitter handle. They have helped clarify the New Jersey gas rationing rules, they have retweeted intelligence about lines at certain gas stations and they've warned those looking to fill up cans that gas stations might turn them away if they don't bring a red canister.

As some in the state have panicked, scrambling around for gas stations with lights on before their tanks hit empty, the Sandlers have been an unexpected comfort to those inconvenienced by the effect of the storm.

"I think we've proven that you don't have to go to Staten Island and other hard hit areas to help out," Anna Sandler said. "We're hoping to make a difference from the warmth of the home we're in."

In just a couple days, the @njgas handle has accumulated more than 6,000 followers, partly because Anna Sandler is good at what she does. She co-owns a social media firm called Sandler Wald that helps out small businesses in New Jersey.

The Sandlers quickly became experts at the science of finding gas and spreading the information. Stop at gas stations in-town instead of at highly trafficked rest stops. Be wary of information, especially supposed news of gas truck deliveries, many of which don't pan out. And don't be afraid to do what most never do, tip the attendants.

The Twitter handle quickly filled a niche.

Besides Hess, which tweeted out gas inventory volume at its locations every two hours, the big brands weren't doing anything to help and clarification about the gas rationing rules in New Jersey wasn't easy to find.

Anyone following @njgas realized that if they had an odd number license plate and gas was allowed that day for odd numbers, they had to make sure they got to the front of the line before the clock struck midnight.

"We tried to make sure that people knew the rules before they waited for hours in line," Anna Sandler said. "A lot of people got on line and didn't realize that they could only pay cash."

The handle also served individual requests by retweeting people looking for help.

"I would follow the thread and sometimes you'd see 10 or 12 people help give that person some information," she said.

After a tense weekend filled with hour-long or longer lines at gas stations across the state, more areas are having their power restored and the gas is becoming more plentiful.

It's possible that there will be no need for @njgas by this Wednesday or Thursday.

Said Anna Sandler: "I'd be thrilled. I don't have time to do this all day."

Copyright 2012 ABC News Radio


Gas Price Drops as Hurricane Sandy Keeps Drivers off Road

Jupiterimages/Thinkstock(WASHINGTON) -- The weekly national average gas price fell about 2 cents to $3.57 for a gallon of regular, the Energy Department’s Energy Information Administration reported on Monday, though Hurricane Sandy may affect East Coast refineries enough to push prices higher later.

Oil prices were falling before the financial markets closed on Monday due to Hurricane Sandy, and analysts are expecting a drop in demand as drivers stay off the road as a result of the storm.

Patrick DeHaan, senior petroleum analyst with gas price tracking website GasBuddy, said the company has seen a major drop in price reports submitted by drivers in areas affected by Sandy. Normally, GasBuddy receives hundreds of thousands of gas price updates from the 50 states, he said.

In Washington, D.C., price reports dropped 55 percent compared to last Monday.

DeHaan said Hurricane Sandy may not affect gasoline prices significantly, “but long term changes will depend on how hard the region is hit.”

If refineries in the region restart operations quickly after the storm subsides, he said he expects minimal pricing increases.

“If there are long term outages at refineries, there may be a more pronounced increase,” he said.

After Hurricane Irene in August 2011, the national average rose about 8 cents a gallon, according to GasBuddy.

“For Sandy, I’d expect even less of an increase at this point,” he said.

Prices may rise 5 to 15 cents a gallon in the Northeast, he said, “but the biggest impact remains to be seen after Sandy moves out.”

Copyright 2012 ABC News Radio


Gas Prices Fall Again

Jupiterimages/Thinkstock(WASHINGTON) -- Gas prices are working their way down again.

The weekly average price of a gallon of regular gas is $3.82, down three cents compared to a week ago, according to the Department of Energy.  This price is still up 34 cents from this time a year ago.

The West Coast is working through supply issues, so prices there are also down nearly two cents compared to a week ago.  The West Coast has the most expensive gas in the country, with an average price of $4.39 a gallon.

The Gulf Coast has the least expensive gas in the country at $3.54 a gallon.

Copyright 2012 ABC News Radio


Average Gas Price Is Down to $3.80

Jupiterimages/Thinkstock(WASHINGTON) -- Gas prices are slowly coming down.

The weekly average price of a gallon of regular gas is $3.80, down two cents compared to a week ago, according to the Department of Energy.  This price is still up 37 cents from a year ago.

Unlike the rest of the country, the average price on the West Coast is up nearly two cents compared to a week ago, and the average price in New England also crept up by a penny.  The West Coast has the most expensive gas in the country with an average price of $4.08.

The Gulf Coast has the least expensive in the country at $3.56.

Copyright 2012 ABC News Radio


Average Price of Gas Down 5 Cents

Jupiterimages/Thinkstock(WASHINGTON) -- The much-anticipated gas price drop is here.
The weekly average price of a gallon of regular gas is $3.83, down five cents compared to a week ago, according to the Department of Energy.  This price is still up 32 cents from a year ago.
Crude oil has been trading lower in recent days, so analysts say these lower prices are likely here to stay for a bit.

Copyright 2012 ABC News Radio


Are Lower Gas Prices Finally on the Way?

iStockphoto/Thinkstock(NEW YORK) -- Oil prices have been sharply lower this week, down about seven percent since Friday.
In New York trading Wednesday, oil settled at $91.98, down $3.31 for the day.
The recent run-up in the price of oil may have been a bit of an anomaly.  Analysts have been saying for weeks that oil prices near the $100 mark seemed too high.
Oil prices may also be coming down because U.S. oil inventories reported by the Energy Information Administration were higher than expected.
The price drop is particularly significant because prices are coming down despite QE3. Critics of the Fed’s move often cite concerns that it could increase oil (and other commodity) prices.
Oil Wednesday had its lowest close since Aug. 3.   This confirms forecasts that gas prices will drop through the end of the month and the end of the year.

Copyright 2012 ABC News Radio


Gas Up 3 Cents; Odd Price Drop in Oil Markets

Jupiterimages/Thinkstock(WASHINGTON) -- The weekly average price of a gallon of regular gas is $3.88, up three cents compared to a week ago, according to the U.S. Department of Energy.  This price is up 28 cents from a year ago.

Gas prices are still expected to move lower in coming weeks, but protests in oil producing countries have pushed the price of crude oil higher, which contributes to higher gas prices.

The Fed’s QE3 announcement last week is another factor that could keep prices higher.

In the crude oil market Monday, prices dropped $3 in less than a minute in New York trading.  Brent crude, a separate crude oil market also saw a similar price plunge.

It was not immediately clear what caused the sharp drop, absent any concrete reason there is speculation that this was the result of a high frequency trade -- a massive computer trade.

Oil settled at $96.62 a barrel in New York trading Monday, down $2.38.

Copyright 2012 ABC News Radio


Gas Prices Inch Higher -- But Biggest Price Hikes of 2012 Likely Behind Us

Jupiterimages/Thinkstock(WASHINGTON) -- The weekly average price of a gallon of regular gasoline is $3.84, up nearly seven cents from a week ago, according to the U.S. Department of Energy, and up 17 cents from a year ago.

Prices have inched up in recent weeks because of refinery problems  brought on by Hurricane Isaac, which shut down most oil production and refining along the Gulf coast.

Experts expect prices to start coming down toward the end of  September.  The country should see some of the lowest gas prices  around Thanksgiving and Christmas, with the caveat that a surprising pick-up in the economy or unforeseen supply disruptions could keep prices higher.

Even with a price drop, we could still see the highest yearly average gas price ever in 2012.

Copyright 2012 ABC News Radio


Gas Inches Up, Oil Down as Production and Refineries Shut Down in the Gulf

Justin Sullivan/Getty Images(WASHINGTON) -- The average price of a gallon of regular gas is $3.78, up three cents from a week ago, according to the Department of Energy.  This price is also up 15 cents from a year ago.
Seventy-eight percent of the oil production in the Gulf of Mexico has been halted in preparation for Tropical Storm Isaac. The Bureau of Safety and Environmental Enforcement reports about one million barrels per day of oil production has been stopped as 346 offshore oil and gas production platforms have been evacuated.  That's 17 percent of daily U.S. oil production and six percent of consumption.
Also according to the Department of Energy, six refineries in the path of the storm reported that they are shut down or were in the process of shutting down.  The shutdowns so far represent 1,316,500 barrels a day worth of petroleum production -- this accounts for about eight percent of total U.S. refinery capacity (as in how much gas and diesel refineries can produce).
In a somewhat odd development, oil prices ended the day lower. Oil closed at $95.47, down 68 cents for the day.
Some analysts think this drop is in anticipation of a Strategic Petroleum Oil Reserve release if there is a major supply disruption after Isaac.
A possible bottleneck in refining capacity could also be causing the drop in oil prices.  Demand for oil goes down if fewer refineries are available to turn oil into gasoline.

Copyright 2012 ABC News Radio

ABC News Radio