Oil countries predict an oversupply of gasoline by 2030 – driving down prices at US pumps
6 months, 3 weeks ago

Oil countries predict an oversupply of gasoline by 2030 – driving down prices at US pumps

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Good news for drivers, as a surge in national oil production and the Americas is expected to outapce demand by 2030, which should drive down already declining gas prices. Total supply capacity is forecast to rise to nearly 114 million barrels a day by 2030 – a staggering 8 million barrels per day above projected global demand, a new report by the International Energy Agency has found. open image in gallery A surge in US oil production and the Americas is expected to outstrip demand by 2030, driving down already declining gas prices It comes as gas prices begin to decline once again across the US, bringing relief to drivers paying a little less to fill up their tanks. This report’s projections, based on the latest data, show a major supply surplus emerging this decade, suggesting that oil companies may want to make sure their business strategies and plans are prepared for the changes taking place.” Despite the slowdown in growth, the IEA notes, global oil demand is still forecast to be 3.2 million barrels per day higher in 2030 than in 2023 unless stronger policy measures are implemented or changes in behavior take hold.

Oil Gas Prices Demand 2030 Gas Prices Iea Countries Predict  demand  pumps  gasoline  oversupply  countries  predict  prices  global  expected  million  production  gas  driving  oil  day  2030

History of this topic

What to expect for gas prices in 2025
1 week, 3 days ago

What to expect for gas prices in 2025

CNN  

New York CNN — More good news is coming to inflation-weary drivers: Gas prices are expected to drop in 2025 for the third straight year, according to GasBuddy projections shared exclusively with CNN. However, De Haan warned that this projection for tame gas prices could be disrupted by several X-factors, including President-elect Donald Trump’s threatened tariffs on Canada and Mexico. …

Trump’s pick for fracker-in-chief will have a tough time pumping a lot more oil
1 month, 3 weeks ago

Trump’s pick for fracker-in-chief will have a tough time pumping a lot more oil

CNN  

CNN — President-elect Donald Trump may find the road to cheaper gas prices is a little rocky. Andy Cross/The Denver Post/Getty Images The United States produces more than 13.4 million barrels of oil each day and oil production is projected to increase to an estimated 13.6 million by the end of 2025 — the most oil produced by any country …

Oil sheds 5% in five days on subdued China demand, slow pace of US Fed rate cuts; Brent sits 2% lower to $71
1 month, 3 weeks ago

Oil sheds 5% in five days on subdued China demand, slow pace of US Fed rate cuts; Brent sits 2% lower to $71

Live Mint  

International crude oil prices settled down more than two per cent in the previous session as investors fretted about weaker Chinese oil demand and a potential slowing in the pace of US Federal Reserve interest rate cuts after the latest macroeconomic data. Back home, crude oil futures settled 1.86 per cent lower at ₹5,660 per barrel on the multi commodity …

IEA lifts 2024 oil demand forecast but trims 2025 projections
1 month, 3 weeks ago

IEA lifts 2024 oil demand forecast but trims 2025 projections

Live Mint  

The International Energy Agency lifted its forecast for this year’s oil-demand growth but slightly trimmed next year’s estimates, citing the impact of China’s economic slowdown on consumption. “China’s marked slowdown has been the main drag on demand, with its growth this year expected to average just a tenth of the 1.4 million barrels a day increase in 2023," the IEA …

Oil prices fall as reality of weak global demand overtakes risk of wider war in Middle East
2 months, 1 week ago

Oil prices fall as reality of weak global demand overtakes risk of wider war in Middle East

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Global oil prices are falling …

US gas prices are falling. Experts point to mild demand at the pump ahead of summer travel
6 months, 4 weeks ago

US gas prices are falling. Experts point to mild demand at the pump ahead of summer travel

Associated Press  

NEW YORK — Gas prices are once again on the decline across the U.S., bringing some relief to drivers now paying a little less to fill up their tanks. Beyond pandemic-specific impacts, experts note that high gas prices seen following Russia’s invasion of Ukraine in 2022 and persistent inflation may have led many Americans to modify their driving habits. That’s …

Biden releasing 1 million barrels of gasoline from Northeast reserve in bid to lower prices at pump
7 months, 2 weeks ago

Biden releasing 1 million barrels of gasoline from Northeast reserve in bid to lower prices at pump

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The Biden administration said …

Biden releasing 1 million barrels of gasoline from Northeast reserve in bid to lower prices at pump
7 months, 2 weeks ago

Biden releasing 1 million barrels of gasoline from Northeast reserve in bid to lower prices at pump

Associated Press  

WASHINGTON — The Biden administration said Tuesday it is releasing 1 million barrels of gasoline from a Northeast reserve established after Superstorm Sandy in a bid to lower prices at the pump this summer. The move, which the department said is intended to help “lower costs for American families and consumers,″ follows a mandate from Congress to sell off the …

Average petrol prices increase again as drivers feel pain at the pumps
8 months, 2 weeks ago

Average petrol prices increase again as drivers feel pain at the pumps

The Independent  

Stay ahead of the curve with our weekly guide to the latest trends, fashion, relationships and more Stay ahead of the curve with our weekly guide to the latest trends, fashion, relationships and more Stay ahead of the curve with our weekly guide to the latest trends, fashion, relationships and more SIGN UP I would like to be emailed about …

OPEC sticks to oil demand view, cuts non-OPEC supply growth forecast
8 months, 4 weeks ago

OPEC sticks to oil demand view, cuts non-OPEC supply growth forecast

Live Mint  

The Organization of the Petroleum Exporting Countries left its estimates for global oil-demand growth unchanged, but lowered its forecast for non-OPEC supply growth for this year and next. The group cut its non-OPEC supply growth forecast to 1 million barrels a day for 2024 from 1.1 million barrels a day previously, saying the main drivers of growth are expected to …

Gas inflation is back! Prices at the pump surge to $3.47 a gallon but costs vary by as much as $30 a tank between states - here are where motorists are worst-hit
9 months, 2 weeks ago

Gas inflation is back! Prices at the pump surge to $3.47 a gallon but costs vary by as much as $30 a tank between states - here are where motorists are worst-hit

Daily Mail  

Costs have been pushed up by recent drone attacks on Russian oil refineries Gas prices are up year-on-year for the first time in 2024, experts said Motorists are facing an average of $52 to fill up a tank of gas, new figures show Motorists are facing an average of $52 to fill up a tank of gas after prices at …

Oil prices slip amid interest rate outlook; Brent crude at $81.42/bbl
10 months, 1 week ago

Oil prices slip amid interest rate outlook; Brent crude at $81.42/bbl

Live Mint  

Oil prices experienced a slight decline amid speculation that unexpectedly robust inflation figures might postpone reductions in high interest rates, which have been restraining global fuel demand growth. Brent crude futures saw a decrease of 20 cents, marking a 0.3% drop to $81.42 per barrel by 1415 GMT. This downward trend follows last week's losses, with Brent experiencing a decline …

Higher global oil supply set to satisfy demand increase, IEA says
10 months, 3 weeks ago

Higher global oil supply set to satisfy demand increase, IEA says

Live Mint  

Global oil demand is expected to grow at a significantly weaker pace this year, while soaring output from the Americas will help boost supply despite output curbs from OPEC and its allies, the International Energy Agency said. On Wednesday, the Organization of the Petroleum Exporting Countries reiterated that it anticipates global oil-demand growth at 2.2 million barrels a day this …

US gas prices have fallen or remained steady for 10 weeks straight. Here’s why
1 year, 1 month ago

US gas prices have fallen or remained steady for 10 weeks straight. Here’s why

Associated Press  

NEW YORK — It’s not just you. Gas prices have fallen or remained steady since Sep. 19 — marking about a 70-day trajectory of decline, Andrew Gross, spokesperson for motor club AAA, said Tuesday. “If you amplify that times 30 cents, we’re talking about Americans that are spending hundreds of millions less on gasoline today than they were a year …

Pain at the pump as gas prices hit the HIGHEST seasonal level in a decade: Average price stands at $3.811 a gallon
1 year, 4 months ago

Pain at the pump as gas prices hit the HIGHEST seasonal level in a decade: Average price stands at $3.811 a gallon

Daily Mail  

Gas prices are now at their highest seasonal level in more than a decade - following a surprise rally toward the end of the summer driving season. At the same time, gasoline demand ballooned back to levels well above those last summer, leaving national stockpiles largely below seasonal norms The decision was billed by both Riyadh and Moscow as a …

Gas prices are rising (again). The heat and supply cuts impact what you pay at the pump, experts say
1 year, 5 months ago

Gas prices are rising (again). The heat and supply cuts impact what you pay at the pump, experts say

Associated Press  

NEW YORK — U.S. gas prices are continuing to rise — giving drivers across the country another headache at the pump. The national average for gas prices stood at about $3.82 a gallon on Thursday — about 29 cents higher than that seen one month ago, according to motor club AAA. While today’s prices at the pump remain far lower …

Why are gas prices rising? Experts point to extreme heat and oil production cuts
1 year, 5 months ago

Why are gas prices rising? Experts point to extreme heat and oil production cuts

Associated Press  

NEW YORK — Drivers are in for another headache at the pump as U.S. gas prices continue to rise. The national average for gas prices stood at about $3.78 a gallon on Tuesday — about 25 cents higher than that seen one month ago, according to motor club AAA. There are a few factors causing oil prices to rise, Gross …

Oil Prices Slide on Economic Concerns Despite Saudi Output Reduction
1 year, 7 months ago

Oil Prices Slide on Economic Concerns Despite Saudi Output Reduction

News 18  

Oil prices eased on Tuesday as worries sluggish global economic growth could reduce energy demand outweighed Saudi Arabia’s pledge to deepen output cuts. Both crude benchmarks climbed higher for a third day in a row on Monday after Saudi Arabia, the world’s top exporter, said over the weekend that its output would drop by 1 million barrels per day to …

Oil prices remain steady as high inventories balance US debt bill development
1 year, 7 months ago

Oil prices remain steady as high inventories balance US debt bill development

Live Mint  

Oil prices held steady on Thursday as news of rising inventories in the largest oil consumer in the world overshadowed likely pauses in US interest rate hikes and the passage of the crucial vote on the US debt ceiling bill. While US West Texas Intermediate crude declined by 16 cents, or 0.23%, to $67.93, Brent crude futures dropped 17 cents, …

Oil prices surge on concerns over tightening supply
1 year, 7 months ago

Oil prices surge on concerns over tightening supply

Live Mint  

Oil prices gained on Wednesday after U.S. oil and fuel supplies tightened and as a warning from the Saudi energy minister to speculators raised the prospect of further OPEC output cuts. Industry data late Tuesday showed U.S. crude oil and fuel inventories fell sharply. Crude inventories fell by about 6.8 million barrels in the week ended May 19, according to …

China’s Demand for Oil Hits Record as IEA Raises Global Forecasts
1 year, 7 months ago

China’s Demand for Oil Hits Record as IEA Raises Global Forecasts

Live Mint  

China’s insatiable demand for oil is growing at a faster-than-expected pace, threatening to tighten crude markets and send oil prices higher as supplies struggle to keep up, the International Energy Agency said. In its closely watched monthly oil market report, the IEA raised its forecast for global oil demand growth this year by 200,000 barrels a day, to 2.2 million …

Oil heads for fourth weekly decline on demand growth concerns in US, China
1 year, 7 months ago

Oil heads for fourth weekly decline on demand growth concerns in US, China

Live Mint  

Oil prices declined on May 12, heading for a fourth weekly drop, as renewed economic concerns in the United States and China weighed on demand growth in the near-term, a potential trigger for greater volatility in oil markets. The US Federal Reserve may need to raise interest rates again in its next meeting as the inflation data so far has …

Oil Prices Today: Oil sinks on US inflation anxiety, sudden rise in inventories
1 year, 7 months ago

Oil Prices Today: Oil sinks on US inflation anxiety, sudden rise in inventories

Live Mint  

Oil prices dropped on May 10, ending a three-day rally as an unexpected rise in US oil inventories sparked demand concerns and markets saw cautious trading as investors' anxiety as they await inflation data. Surprise increase to US crude oil inventories US crude inventories rose by about 3.6 million barrels in the week ended May 5 while petrol stockpiles rose …

Oil Prices Today: Oil edges lower in cautious trade ahead of US inflation data
1 year, 8 months ago

Oil Prices Today: Oil edges lower in cautious trade ahead of US inflation data

Live Mint  

Oil prices edged lower on May 9, relinquishing some of the strong gains of the previous two sessions amid cautious trading ahead of US inflation data for April, which will be key to the Federal Reserve's next interest rate decision. The oil cartel last cut crude output in April with an aim to provide market stability, as per Saudi Arabia, …

US oil prices hit lowest level in nearly a year. Gas is down 6% in a month
2 years, 1 month ago

US oil prices hit lowest level in nearly a year. Gas is down 6% in a month

CNN  

London CNN Business — US oil prices have fallen to their lowest level since December 2021 on concerns that protests in China against Covid-19 lockdowns will dent demand. Global oil prices have fallen about 35% since June as strict coronavirus restrictions in China have kept demand weak, and as some of the world’s major economies have signaled they are heading …

OPEC cuts oil demand outlook as it starts to curb production
2 years, 1 month ago

OPEC cuts oil demand outlook as it starts to curb production

Live Mint  

OPEC reduced its forecasts for global oil demand again as the group implements production cutbacks aimed at keeping markets in balance. This means the supply cut of 2 million barrels a day agreed by the group and its allies last month -- drawing fierce criticism from US President Joe Biden -- should bring output down to levels that balance markets, …

Oil prices up 1% on decline in US crude inventory
2 years, 2 months ago

Oil prices up 1% on decline in US crude inventory

Live Mint  

NEW DELHI: Global crude oil prices rose over 1% on Wednesday following a decline in US stockpiles. Rahul Kalantri, vice president for commodities at Mehta Equities, said, “Despite aggressive interest rate hikes by the US Fed so far, crude oil demand has remained robust, as per the industry data released on Tuesday. The American Petroleum Institute reports showed crude oil …

OPEC raises long-term oil demand view, calls for investment
2 years, 2 months ago

OPEC raises long-term oil demand view, calls for investment

The Hindu  

OPEC raised its forecasts for world oil demand in the medium- and longer-term in an annual outlook released on Monday and said $12.1 trillion of investment is needed to meet this demand despite the energy transition. “However, chronic underinvestment into the global oil industry in recent years, due to industry downturns, the COVID-19 pandemic, as well as policies centred on …

US gas prices tick up, ending 99-day streak of lower costs
2 years, 3 months ago

US gas prices tick up, ending 99-day streak of lower costs

Associated Press  

A 99-day run of falling gasoline prices — a streak that gave consumers a glimmer of hope that red-hot inflation might be cooling — has ended, with pump prices still much higher than a year ago. “I suspect that we will see choppy prices for gasoline through year end, with some down days and up days,” said Tom Kloza of …

Gas prices are rising, with the Los Angeles County average jumping 8.5 cents overnight
2 years, 3 months ago

Gas prices are rising, with the Los Angeles County average jumping 8.5 cents overnight

LA Times  

The question now is whether pump price increases are just a blip or the precursor to the return of sustained higher prices. Los Angeles County’s average gas price rose Wednesday to $5.545 for a gallon of self-service regular, up 8.5 cents from the day before, AAA data show, as refinery problems accelerated increases that began nearly three weeks ago. He …

Explained: Why gas prices in the US are falling and will they continue to fall?
2 years, 4 months ago

Explained: Why gas prices in the US are falling and will they continue to fall?

Firstpost  

Falling gas prices gave Americans a slight break from the pain of high inflation, with the average price dipping below $4. Most analysts don’t think prices will spike in the short term unless something unexpected happens United States consumers are breathing a bit easier now that gasoline prices have come down from record levels, but pump prices are still high, …

Gasoline Prices Fall Below $4 a Gallon but Many Americans Still Fear a Possible Recession
2 years, 4 months ago

Gasoline Prices Fall Below $4 a Gallon but Many Americans Still Fear a Possible Recession

News 18  

Gas prices in the United States fell below $4 a gallon Thursday, retreating to their lowest level since March, a sign of relief for Americans struggling with historically high inflation and a political boost for President Joe Biden, who has been under pressure to do more to bring down prices. The decline below $4 per gallon “is providing much needed …

US petrol prices below $4 a gallon for first time since March
2 years, 4 months ago

US petrol prices below $4 a gallon for first time since March

Al Jazeera  

Petrol prices in the United States have now fallen for eight straight weeks, according to the American Automobile Association. The average price of petrol in the United States dropped below $4 a gallon on Thursday, providing some much-needed relief to American drivers after prices soared to record highs earlier this year. At one point, global benchmark Brent crude oil, the …

OPEC+ oil boost likely not much help to high gasoline prices
2 years, 6 months ago

OPEC+ oil boost likely not much help to high gasoline prices

Associated Press  

NEW YORK — The OPEC oil cartel and allied producing nations decided Thursday to boost production of crude by an amount that will likely do little to relieve high gasoline prices at the pump and energy-fueled inflation plaguing the global economy. Before that, it had been adding about 432,000 barrels per day monthly to put oil back on the market …

Gas prices fall below $5 per gallon in the first weekly drop since April
2 years, 6 months ago

Gas prices fall below $5 per gallon in the first weekly drop since April

NPR  

Gas prices fall below $5 per gallon in the first weekly drop since April Enlarge this image toggle caption Marta Lavandier/AP Marta Lavandier/AP A gallon of regular gas costs just under $5 in the U.S. — still much higher than a year ago, but it's also the first time in nine weeks that the weekly national average has fallen. Crude …

Crippling cost of living continues: Gas price rockets to $5.014 a gallon, food prices hike 12%
2 years, 6 months ago

Crippling cost of living continues: Gas price rockets to $5.014 a gallon, food prices hike 12%

Daily Mail  

The average cost of a gallon of gasoline in the US has risen to $5.014 as grocery costs saw the highest surge in a year since 1979. Surveys show that Americans see high inflation as the nation's top problem, and most disapprove of Biden's handling of the economy After the release of the Labor Department's May numbers, President Biden finally …

Several factors are converging to push gas prices higher
2 years, 6 months ago

Several factors are converging to push gas prices higher

Associated Press  

DALLAS — There is little evidence that gasoline prices, which hit a record $5 a gallon on Saturday, will drop anytime soon. The United States is the world’s largest oil producer, but U.S. capacity to turn oil into gasoline is down 900,000 barrels of oil per day since the end of 2019, according to the Energy Department. At the end …

Nationwide average for gallon of gas reaches new high: $5
2 years, 6 months ago

Nationwide average for gallon of gas reaches new high: $5

LA Times  

The nationwide average price for a gallon of gasoline reached a new high of $5 on Saturday, according the American Automobile Assn. The national average price has jumped 19 cents in the last week, and it’s up $1.93 from this time last year. Global oil prices are rising, compounded by sanctions against Russia, a leading oil producer, because of its …

US: Gasoline average price tops $5 per gallon in historic first
2 years, 6 months ago

US: Gasoline average price tops $5 per gallon in historic first

Al Jazeera  

The average price for regular unleaded petrol rose to $5.004 a gallon on Saturday from $4.986 a day earlier, AAA says. The price of US gasoline has averaged more than $5 a gallon for the first time, data from the AAA showed, extending a surge in fuel costs that is driving rising inflation. The national average price for regular unleaded …

Oil rises 4% as US gasoline prices jump to record high
2 years, 7 months ago

Oil rises 4% as US gasoline prices jump to record high

Al Jazeera  

Global benchmark Brent fell for the first time in three weeks. Oil prices rose about 4 percent on Friday as United States gasoline prices jumped to a record high, China looked ready to ease pandemic restrictions and investors worried supplies will tighten if the European Union bans Russian oil. Automobile club AAA said US prices at the pump rose to …

US inflation dips from 4-decade high but still causing pain
2 years, 7 months ago

US inflation dips from 4-decade high but still causing pain

Associated Press  

WASHINGTON — Inflation eased slightly in April after months of relentless increases but remained near a four-decade high, making it hard for millions of American households to keep up with surging prices. Those price jumps “make clear that there is still a long way to go before inflation returns to more acceptable levels,” said Eric Winograd, U.S. economist at asset …

Gas prices jump to fresh record highs
2 years, 7 months ago

Gas prices jump to fresh record highs

CNN  

New York CNN Business — In another blow to the US economy, prices at the pump soared to fresh record highs. Real gas prices, adjusted for inflation, would need to climb above $5.30 a gallon to break the records set in 2008, according to the US Energy Information Administration. Still, the latest spike in gas prices will only make today’s …

US natural gas prices at 13-year high as Ukraine war creates global supply crunch
2 years, 8 months ago

US natural gas prices at 13-year high as Ukraine war creates global supply crunch

Hindustan Times  

US natural gas prices surged to the highest intraday level in over 13 years as robust demand tests drillers’ ability to expand supplies. FILE PHOTO: 3D printed Natural Gas Pipes are placed on displayed Russia's and Ukraine's flags in this illustration, Futures rose as high as $7.558 per million British thermal units, topping January’s short squeeze-fueled rally and roughly double …

Why Biden’s release of US oil reserves won’t end pain at the pump
2 years, 9 months ago

Why Biden’s release of US oil reserves won’t end pain at the pump

Al Jazeera  

Gas prices will keep rising amid Russian war in Ukraine as sanctions tighten and demand outstrips supply, experts say. Washington, DC – When Joe Biden announced that the United States would release more than 180 million barrels of oil from its strategic petroleum reserve over the next six months, the US president hailed it as an historic move that would …

Biden oil move aims to cut gas prices ‘fairly significantly’
2 years, 9 months ago

Biden oil move aims to cut gas prices ‘fairly significantly’

Associated Press  

WASHINGTON — President Joe Biden on Thursday ordered the release of 1 million barrels of oil per day from the nation’s strategic petroleum reserve for six months, a bid to control energy prices that have spiked after the United States and allies imposed steep sanctions on Russia over its invasion of Ukraine. Biden said Thursday he expects gasoline prices could …

Average US gas price rises 22% in two weeks to record $4.43
2 years, 9 months ago

Average US gas price rises 22% in two weeks to record $4.43

Associated Press  

CAMARILLO, Calif. — The average U.S. price of regular-grade gasoline shot up a whopping 79 cents over the past two weeks to a record-setting $4.43 per gallon as Russia’s invasion of Ukraine is contributing to already-high prices at the pump. Industry analyst Trilby Lundberg of the Lundberg Survey said Sunday the new price exceeds by 32 cents the prior all-time …

US inflation soared 7.9% in past year, a fresh 40-year high
2 years, 9 months ago

US inflation soared 7.9% in past year, a fresh 40-year high

Associated Press  

WASHINGTON — Propelled by surging costs for gas, food and housing, consumer inflation jumped 7.9% over the past year, the sharpest spike since 1982 and likely only a harbinger of even higher prices to come. “I hope I’m not wrong.” Energy prices, which soared after Russia’s invasion of Ukraine, jumped again this week after Biden said the United States would …

U.S. Inflation Sets A Fresh 40-Year High Over Past Year
2 years, 9 months ago

U.S. Inflation Sets A Fresh 40-Year High Over Past Year

Huff Post  

LOADING ERROR LOADING WASHINGTON — Propelled by surging costs for gas, food and housing, consumer inflation jumped 7.9% over the past year, the sharpest spike since 1982 and likely only a harbinger of even higher prices to come. The increase reported Thursday by the Labor Department reflected the 12 months ending in February and didn’t include most of the oil …

Inflation jumps AGAIN to 7.9% as US continues to suffer worst price hikes since 1982
2 years, 9 months ago

Inflation jumps AGAIN to 7.9% as US continues to suffer worst price hikes since 1982

Daily Mail  

President Joe Biden raised eyebrows after blaming soaring US inflation on Vladimir Putin, after the consumer price index hit another 40-year high of 7.9 percent in February. 'A large contributor to inflation this month was an increase in gas and energy prices as markets reacted to Putin's aggressive actions,' said Biden. President Joe Biden has blamed soaring inflation on Vladimir …

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