"U.S. retail gas prices dip to lowest level in year"
Bloomberg News
10:49 a.m. CST, December 18, 2012
"Retail gasoline prices have fallen to the lowest level in a year as refineries restored production and stockpiles rose to an eight-month high, blunting criticism of President Barack Obama's energy policies.
"Regular gasoline dropped 9.5 cents, or 2.8 percent from a week earlier, to $3.254 a gallon Monday, the lowest since Dec. 19, 2011, according to data posted on the Energy Department's website. Crude prices, by comparison, were up 1.9 percent in the same week in New York.
"In the Chicago area, regular gas averaged $3.398 Tuesday, down from $3.631 a month ago but up from $3.369 last year at this time, according to AAA-Chicago Motor Club.
"High refinery utilization rates have helped U.S. gasoline stocks," Abhishek Deshpande, an oil analyst at Natixis in London, said in an emailed response to questions. "Gasoline demand is back to its structurally low levels."
"Prices at the pump rose as high as $3.878 in September, stoking debate over Obama's policies before the presidential election. Retail costs are down 16 percent since then, with demand for gasoline lagging pre-recession levels, U.S. refineries coming back online after disruptions, and domestic crude production rising. "
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Bloomberg News
10:49 a.m. CST, December 18, 2012
"Retail gasoline prices have fallen to the lowest level in a year as refineries restored production and stockpiles rose to an eight-month high, blunting criticism of President Barack Obama's energy policies.
"Regular gasoline dropped 9.5 cents, or 2.8 percent from a week earlier, to $3.254 a gallon Monday, the lowest since Dec. 19, 2011, according to data posted on the Energy Department's website. Crude prices, by comparison, were up 1.9 percent in the same week in New York.
"In the Chicago area, regular gas averaged $3.398 Tuesday, down from $3.631 a month ago but up from $3.369 last year at this time, according to AAA-Chicago Motor Club.
"High refinery utilization rates have helped U.S. gasoline stocks," Abhishek Deshpande, an oil analyst at Natixis in London, said in an emailed response to questions. "Gasoline demand is back to its structurally low levels."
"Prices at the pump rose as high as $3.878 in September, stoking debate over Obama's policies before the presidential election. Retail costs are down 16 percent since then, with demand for gasoline lagging pre-recession levels, U.S. refineries coming back online after disruptions, and domestic crude production rising. "
More...