U.S. Motorists React to Rising Pump Prices: Kemp
U.S. traffic volumes are levelling off in a sign the previous stimulus from cheap gasoline prices is fading as pump prices rise. The volume of traffic on U.S. roads was down by almost 0.6 percent in April compared with the same month a year earlier, after seasonal adjustments, according to statistics released on Monday. Traffic volumes declined year-on-year for the first time since the first quarter of 2014…
U.S. Refiners to Export Gasoline as Domestic Demand Slows
U.S. gasoline consumption has levelled off as the stimulus provided by low and falling oil prices between 2014 and 2016 has faded, so refiners are increasingly turning to diesel and customers in emerging markets. U.S. gasoline consumption is forecast to rise by just 40,000 barrels per day (bpd) in 2018, after remaining essentially unchanged last year, according to the U.S. Energy Information Administration.
U.S. Gasoline Consumption Growth to Slow in 2017
U.S. gasoline consumption has been growing at the fastest rate for more than a decade as lower fuel prices and an expanding economy have combined to produce a big increase in demand. OPEC is relying on continued growth in U.S. gasoline consumption, as well as other fuels, coupled with faster growth in demand from emerging markets, to help rebalance the oil market in 2017. Gasoline demand depends on continued GDP growth in the United States…
U.S. Gasoline Demand Strong Despite Poor Jan Weather
Unexpectedly weak gasoline consumption in the United States reported for the month of January has been blamed by some market participants for the continued slide in oil prices on Tuesday. Gasoline consumption fell almost 0.6 percent in January compared with the same month a year earlier, according to the U.S. Energy Information Administration ("Petroleum Supply Monthly", EIA, April 4).
U.S. Gasoline Demand Key to 2016 Oil Outlook
U.S. gasoline consumption increased by more than 2.6 percent last year thanks to a combination of lower oil prices and economic growth. The combination of economic growth, rising employment and substantially cheaper gasoline has produced a significant increase in driving and fuel consumption since mid-2014. The volume of traffic on U.S. roads rose by 3.5 percent in the 12 months to December 2015…
With Oil Fee, Obama Shows Plan for Sector-by-sector Carbon Price
U.S. President Barack Obama's budget would raise $319 billion over 10 years from the phased introduction of an oil fee equivalent to $10.25 per barrel on crude oil, according to budget documents published on Tuesday. The oil fee is one of the largest revenue-raising items in the president's budget, but details remain scant about how it would work ("Budget of the U.S. Government, Fiscal Year 2017", Office of Management and Budget, 2016).
Obama's Call for $10 Oil Tax is DOA
President Barack Obama's final budget will propose a $10 per barrel oil tax, investing the proceeds in mass transit, high-speed rail, urban planning, highway upgrades and self-driving cars, among other programmes. "President Obama's 21st Century Clean Transportation System", outlined by the White House to reporters on Thursday, drew predictable praise from environmental groups and howls of outrage from oil producers.
Global Oil Demand Growth Slowing: Kemp
The United States was one of the biggest sources of oil demand growth in 2015 but the outlook for 2016 is much more muted, according to official forecasters. The U.S. transportation sector continues to send mixed signals about the strength of fuel demand at the end of 2015 and heading into 2016. U.S. consumers are buying a record number of new vehicles, and more of them are choosing fuel-hungry crossover utility vehicles…
California Drivers Send Warning to OPEC: Kemp
California's road traffic in 2014/2015 grew at the fastest two-year rate since 2001/2002, according to the state's Department of Transportation. OPEC is relying on continued strong growth in driving and fuel demand from the United States and other countries to help rebalance the oil market in 2016 and 2017. But continued strong growth in fuel demand is by no means assured, as the U.S.
UK Motorists Should Thank Ali Naimi
Britain's motorists have Saudi oil minister Ali al-Naimi to thank as the country's supermarkets cut the price of petrol to less than one pound per litre for the first time in six years. Morrisons, the country's fourth-largest grocer, has cut the price of unleaded gasoline to 99.9 pence per litre, the lowest price excluding special promotions since 2009, and other supermarkets are expected follow, according to the BBC.
U.S. Road Traffic Soars
Traffic on U.S. roads is growing at the fastest rate in almost two decades, as cheap gasoline, coupled with a strong economy, encourages motorists to use their cars more. U.S. motorists drove 3.12 trillion miles in the 12 months ending in September 2015, an increase of 3.4 percent from the same period ending September 2014. The increase was the fastest since 1997 according to data compiled by the Federal Highway Administration (http://tmsnrt.rs/1QHEiNh).
OPEC Winning Battle to Stimulate Gasoline Demand
OPEC's bid to curb production of high-cost oil is taking time to produce results but the organisation is already making good progress on its other objective of stimulating fuel demand. In the first half of the year, gasoline deliveries into U.S. local markets jumped by 4.3 percent compared with the same period in 2014, according to the U.S. Energy Information Administration.
U.S. Gasoline Sales Surge
Gasoline sales to U.S. motorists rose by more than 5 percent in July compared with the same month a year before, according to the U.S. Energy Information Administration (EIA). Gasoline sales are rising at the fastest year-over-year rates for more than 14 years as demand surges. Continued economic expansion, rising employment and cheaper fuel are putting a record volume of traffic on U.S.
Efficiency Mandates to Cap Recovery in Oil Demand
Lower prices should help stimulate oil consumption in advanced economies, restoring some of the demand lost over the last decade, as the cost of crude soared from less than $50 to more than $100 per barrel. In the late 1980s and through the 1990s, strong growth in demand played a crucial role in rebalancing the market after the slump caused by the two oil shocks in the 1970s.
U.S. Motorists Set New Record for April Driving
U.S. motorists drove a record number of miles in April, U.S. government data showed on Wednesday, as a resurgence in road travel that has lasted over a year showed no signs of easing. Americans logged 267.9 billion miles on U.S. roads in April, the highest for the month on record going back to 1990 and up 3.9 percent from a year earlier, according to data released by the Federal Highway Administration.
CA Gasoline Sales Push Oil Demand
Motorists in California purchased more gasoline in October 2014 than any corresponding month since 2007, according to state tax records, confirming the renewed growth in U.S. fuel demand. State gasoline consumption was 2.3 percent higher than in the same month in 2013 and 4.1 percent higher than in 2012, according to the California Board of Equalization, which collects motor vehicle fuel tax in the state.
Natural Gas Can Keep Those Motors Running
Cheap natural gas is starting to revolutionise traffic on U.S. roads, cutting bills for some of the country's heaviest fuel users while reducing carbon emissions and other pollution. The revolution is still in its very early stages. Gas remains a niche vehicle fuel, with last year's nationwide consumption less than the amount of gasoline and diesel dispensed in the tiny state of Vermont.
Lower Prices Blunt Drive for Efficiency: Kemp
For a decade, high and rising prices have created a strong incentive to use oil-derived fuels more sparingly. By the end of 2012, efficiency improvements, substitution, and changes in behaviour had cut oil consumption in the advanced economies by 8 million barrels per day (bpd) compared with the pre-2005 trend, according to James Hamilton at the University of California ("The changing face of world oil markets" July 2014).
U.S. Drivers Will Drive Oil Market Recovery
U.S. gasoline demand is increasing as motorists opt for bigger vehicles and drive more, encouraged by the sharp drop in fuel prices and an improving employment market. Increased fuel consumption in the United States and other advanced economies is one way lower oil prices will rebalance the market. Coupled with falling output from the major U.S. shale plays, increasing demand will gradually eliminate excess supply over the course of 2015 and 2016.