July 17th, 2014 by Kerrie
ORLANDO, Fla., (July 17, 2014) – “Today’s Senate Commerce hearing again sheds light on the unacceptable failure of GM executive management to adequately oversee and respond to early warning signals of potential vehicle safety problems. AAA acknowledges GM’s recent steps to transform its corporate culture by implementing new protocols and procedures intended to help prevent similar crises in the future. However, it is clear more must be done to restore public trust in the recall process, repair compromised vehicles and compensate motorists who have been impacted by GM’s failure to protect their safety. This includes a thorough examination of the existing regulatory structure, and putting in place any changes deemed necessary.”
“AAA continues to support efforts by Congress to raise the maximum fine that NHTSA can levy on automakers, along with legislation introduced by Senators Markey and Blumenthal calling for increased transparency in the recall process. These steps should be taken immediately, and Congress should further use its authority to identify additional ways to help ensure that a tragedy such as this is never allowed to occur again.”
July 10th, 2014 by admin
(WASHINGTON, July 10, 2014) “Funding for America’s roads and bridges is once again in imminent danger of running out. Both the House and Senate will act today on short-term plans to prop up the Highway Trust Fund, but it remains unclear whether either proposal will help meet the long-term needs of drivers.
“The only way that a short-term patch of the Highway Trust Fund is acceptable is if it buys Congress a few months to work on finalizing a bipartisan, long-term agreement later this year. Any proposal that allows this issue to be pushed into 2015 would kill the momentum to find a real funding solution. Renewing the debate next year under a new Congress would start us over at square one, making it nearly impossible to secure long-term transportation funding anytime soon.
“It’s time our leaders in Washington stop the hand-wringing and start taking real steps to shore up funding for the roads and bridges that we rely on every day. Continuing to put off tough decisions about how to fund transportation will risk road safety and compromise our economic vitality.”
July 7th, 2014 by admin
(WASHINGTON, July 7, 2014) The national average price of gas has fallen for ten straight days, but remains the highest price for this calendar date since 2008. Yesterday, for the first time since June 11, the national average price for regular unleaded gasoline reflected a month-over-month discount. Today’s average is $3.65 per gallon. This price is two cents less than one week ago and fractions of a penny less than one month ago, but it remains 18 cents more than this date in 2013.
With Independence Day in the books, this year’s holiday registered the highest price since 2008 at $3.66. This surpassed the price per gallon for the holiday from each of the previous five years: 2013 ($3.48); 2012 ($3.34); 2011 ($3.57); 2010 ($2.74); and 2009 ($2.62), but was still well below the all-time-high for the date of $4.10 in 2008.
The pump price in four states continues register above $4.00 per gallon: Hawaii ($4.33), Alaska ($4.22), California ($4.14) and Washington State ($4.01). While prices in all but three states (Idaho, Wyoming and Utah) are higher than the same date last year, prices in 38 states have dropped over the past week, led by a handful of Midwestern states: Michigan (-10 cents), Ohio (-7 cents), Missouri (-6 cents), Kentucky (-6 cents), Illinois (-5 cents) and Minnesota (-4 cents). Prices over the past two weeks have been more evenly split. Prices in 23 states and Washington, DC have increased – led by Alaska (+7 cents), Utah (+6 cents) and Idaho (+5 cents) – while prices in 27 states have fallen – led by Ohio (-17 cents), Indiana (-12 cents) and Illinois (-12 cents). With high wholesale gasoline prices beginning to subside in many parts of the country, AAA expects pump prices for many US motorists to continue to tick lower over the coming week.
Violence in Iraq continues to impact global oil prices, but as production in the south of the country remains unaffected, the fear of a disruption to supply has abated. Market watchers are keeping a close eye on the situation, but the risk premium that had pushed oil prices to 2014 highs has subsided in recent trading sessions. These elevated oil prices have meant stubbornly high pump prices for motorists, but as oil prices have eased retail gas prices have finally started to follow suit.
At the close of formal trading on the NYMEX, West Texas Intermediate (WTI) crude oil settled 53 cents lower at $103.53.
June 30th, 2014 by admin
AAA Monthly Gas Price Report
(WASHINGTON, June 30, 2014)
Drivers Stuck Paying Highest Gas Prices in Six Years for Independence Day
- U.S. drivers will pay the most expensive Independence Day gas prices since 2008, primarily because Iraqi violence has increased global petroleum costs. AAA predicts that 34.8 million Americans will travel 50 miles or more by car during the holiday weekend despite high gas prices.
- “Most drivers are paying about 15-20 cents more per gallon than expected heading into the busy Independence Day weekend due to market fear about Iraq,” said Avery Ash, AAA spokesman. “It is frustrating that events overseas will make it more expensive to celebrate Fourth of July here at home.”
- With Independence Day only a few days away, today’s national average price of gas is $3.68 per gallon. This average is considerably more expensive than recent years for the holiday. The national average on July 4 in previous years was: $3.48 (2013); $3.34 (2012); $3.57 (2011); $2.74 (2010); $2.62 (2009); and $4.10 (2008).
- AAA does not believe that high gas prices will have a significant impact on the number of people traveling, but it could result in some consumers cutting back on dining, shopping or other trip activities. AAA’s full Independence Day forecast can be found here.
- The monthly average price of gas in June was $3.67 per gallon, which was the most expensive for June since 2011, and it was the highest average for any month since March 2013. Last year gas prices averaged $3.60 per gallon in June.
- Gas prices often decline in June as refineries complete maintenance and increase gasoline production in anticipation of the summer driving season. During the previous three years, the national average price of gas declined in June by an average of 21 cents per gallon. A month ago, AAA predicted the national average could decline 10-15 cents per gallon in June, but this did not happen due to the unexpected events in Iraq.
- On June 10, insurgents known as the Islamic State of Iraq and the Levant (ISIL), captured Mosul, which is Iraq’s second largest city. Following this attack, there were concerns in the market that the rebels would take Baghdad or disrupt the southern oil producing regions of the country. These concerns helped drive up global oil prices, which made it more expensive to produce gasoline. Iraq is the second largest oil producer in OPEC, and any decline in exports could impact global oil supplies.
Gas Prices to Remain Expensive During Summer Driving Season
- Gas prices this July likely will remain expensive due to high crude oil costs and rising summertime demand. AAA expects the national average price of gas in July will range from $3.60-$3.70 per gallon, though prices could climb higher if there are new developments in Iraq or a major hurricane. Last year gas prices averaged $3.58 per gallon nationally in July.
- “It is shaping up to be a hot and expensive summer for gas prices, and we have not even hit the busiest time of the year yet,” continued Ash. “It is clear that most drivers will pay high prices as they fill up for their summer road trips.”
- AAA expects the national average price of gas likely will remain relatively flat in the near future and could even decline a few cents as the situation stabilizes in Iraq. Price increases from recent ISIL attacks in Iraq already are reflected in current prices, and it would take major new developments, such as ISIL moving into southern oil producing regions, for prices to rise significantly higher in the days ahead.
- Gas prices have increased by an average of 16 cents per gallon in July during the previous three years as strong summer demand pushed up prices. July is typically the second busiest month of the year on the roads behind August. Last year Americans drove a total of 263.2 billion miles in July.
- From Memorial Day through Labor Day in 2013, gas prices nationally averaged $3.58 per gallon. The most expensive summer driving period was in 2008 when prices averaged $3.95 per gallon. Gas prices have averaged $3.67 per gallon so far this summer.
National Average Price of Gas Has Remained Flat This Week
- Today’s national average price of gas is $3.68 per gallon, which is the same as a week ago. Gas prices nationally have stopped increasing and have remained relatively flat in recent days as the situation stabilizes in Iraq. The conflict in Iraq is unlikely to send gas prices significantly higher unless there are major developments in Baghdad or in the southern oil producing regions.
- The five states with the highest average prices today include: Hawaii ($4.34), Alaska ($4.22), California ($4.13), Washington ($4.00) and Oregon ($3.98). The five states with the lowest average prices include: South Carolina ($3.39), Alabama ($3.42), Mississippi ($3.45), Tennessee ($3.46) and Arkansas ($3.48).
- Despite high gas prices in most parts of the country, drivers in four states are paying less than a year ago. These four states include Utah (-8 cents), Idaho (-6 cents), Montana (-1 cent) and Colorado (-0.1 cents). The states with the largest price increases compared to a year ago include Michigan (42 cents), Kentucky (37 cents) and Ohio (32 cents).
- The most expensive metro area in the continental United States is San Luis Obispo-Atascadero-Paso Robles, Calif. at $4.24 per gallon. The least expensive metro area in the United States is Greenville-Spartanburg-Anderson, S.C. at $3.33 per gallon.
June 30th, 2014 by admin
( WASHINGTON, June 30, 2014) The national average price of gas has stopped increasing as we approach the Independence Day holiday, though prices remains at a six-year high for this time of year. Today’s national average for regular unleaded gasoline is $3.68 per gallon. The price has remained relatively stable over the past seven days, and the current price is just a penny more than one month ago.
Consumers have seen little fluctuation in the national average for the month of June; however the current price at the pump is 19 cents more than at this time last year ($3.49). In comparison to previous Independence Day holidays, motorists will face prices that are the highest since 2008, with today’s average ($3.68) surpassing the holiday’s price per gallon from: 2013 ($3.48); 2012 ($3.34); 2011 ($3.57); 2010 ($2.74); and 2009 ($2.62).
The situation in Iraq continues to put pressure on global oil prices, as markets weigh the potential for supply disruptions from OPEC’s second largest producer. These elevated oil prices have ultimately meant stubbornly high retail gasoline prices for motorists.
This past Friday (June 27), the price at the pump reached the $4.00 mark in the state of Washington ($4.00 today) for the first time since 2013 (May 24). The Evergreen State joins Hawaii ($4.34), Alaska ($4.21) and California ($4.13) with prices at or above $4.00 per gallon. Prices have remained relatively stable (+/- 2 cents) over the last week in 43 states and Washington, D.C., and consumers in just four states have seen prices either rise or fall more than a nickel over this same period: Alaska (+7 cents), Illinois (- 6 cents), Ohio (-10 cents) and Indiana (-11 cents). Prices over the last 30 days have been more universally volatile with consumers in 31 states and Washington, D.C. posting averages that have moved either up or down over a nickel, led by Alaska (+21 cents), Ohio (-23 cents) and Indiana (-25 cents).
Regardless of geographic location, motorists in nearly every state are paying more at the pump than one year ago. Motorists in 40 states and Washington, D.C., are experiencing a bit of sticker shock, with prices up a dime or more compared to this time last year. This largest increases are in Michigan (+42 cents), Kentucky (+37 cents) and Ohio (+30 cents). However, four states are outside of this trend and have posted year-over-year declines: Colorado (-0.1 cent), Montana (-1 cent), Idaho (-6 cents) and Utah (-8 cents).
Energy market analysts continue to monitor the situation in Iraq and the movements of the group ISIL (Islamic State of Iraq and the Levant). After capturing Mosul, Iraq’s second largest city, it was rumored that ISIL would enter Baghdad or the country’s southern oil producing. These concerns caused global prices to rise, but, many analysts now see this action as unlikely in the near term barring a major offensive move by ISIL.
The conversation regarding domestic production was revived this week when two Texas energy companies received permission to export ultra-light oil to foreign buyers. The decision relates to a decades long ban on crude exports, enacted in response to the 1973 OPEC oil embargo and the historic gasoline shortages of the 1970s. The move falls short of relaxing the ban on oil exports, which oil producers have called for, and will remain a topic of discussion in the coming months.
At the close of formal trading on the NYMEX, West Texas Intermediate (WTI) crude oil settled 37 cents lower at $105.37.
June 23rd, 2014 by admin
( June 23, 2014) As we approach the end of the first full month of the 2014 summer driving season, the national price for regular unleaded gasoline is $3.68 per gallon, which is the highest price for early summer in six years. The average price at the pump has increased for 12 consecutive days for a total of four cents per gallon, narrowing the gap between the current retail price and the 2014 peak of $3.70 per gallon reached on April 28. Today’s average is two cents more than one week ago, three cents more than one month ago, and motorists are paying 11 cents more per gallon than a year ago.
Violence keyed by the militant group known as ISIS (the Islamic State in Iraq and the Levant) has continued to expand toward southern Iraq, where the majority of the country’s oil production is located. These concerns have helped to increase global oil prices, which makes it more expensive to produce gasoline. AAA had previously predicted that the national average price of gas would fall 10-15 cents per gallon in June, but that now appears unlikely due to higher oil costs. This means that even though the national average has only increased a few cents per gallon since the Iraq violence intensified, drivers are likely to pay substantially higher gas prices than they would have otherwise.
For more than a month, drivers in three states have paid more than $4.00 dollars per gallon at the pump: Hawaii (currently $4.34), California (currently $4.15) and Alaska (currently $4.10). Prices in 43 states and the District of Columbia have increased during the previous week and prices in 18 states are up by a nickel or more. Motorists in only five states have seen pump prices fall by a penny or more: Indiana (-14 cents), Ohio (-13 cents), Michigan (-10 cents), Illinois (-4 cents) and Kentucky (-3 cents).
In 41 states and Washington, D.C., drivers are paying more at the pump in comparison to this date last year, and 33 states and Washington, D.C. are paying a dime or more per gallon. Of the eight states with lower prices at the pump, only the drivers in North Dakota (-13 cents) and Utah (-12 cents) are experiencing savings in the double-digits.
After a run-up to a new nine-month high to end last week, and with no major market-moving news over the weekend, crude oil prices moved slightly lower today. At the close of formal trading on the NYMEX, West Texas Intermediate (WTI) crude oil settled 66 cents lower at $106.17.
June 16th, 2014 by admin
(WASHINGTON, June 16, 2014) The national average price for regular unleaded gasoline is $3.66 per gallon. Today’s average is fractions of a penny more than a week ago, a little over a cent more than a month ago, and a nickel per gallon more than the same date last year. After falling for nine straight days, the national average has increased for five consecutive days for a total of about two cents per gallon as violence in Iraq has intensified.
AAA has predicted that drivers will pay relatively high prices this summer, ranging from $3.55 – $3.70 cent per gallon, however this range may be higher if unrest in Iraq escalates or disrupts oil production in the region. Given the increase in crude oil prices to nearly a nine-month high, retail gas prices are likely to rise to or near the current 2014 high ($3.70 on April 28) in the coming days.
Gas prices often decline in June with the national average falling the previous three years at an average of about 20 cents per gallon. The recent turmoil in Iraq is likely to prevent that trend from repeating this year. A year ago the national average was turning lower as domestic production and distribution issues eased, although market watchers were keeping a close eye on geopolitical tensions in Syria. While Syria is not a major oil producing nation, there was concern that fighting might spread to other countries in the region, which kept some upward pressure on crude oil prices.
Drivers in Hawaii ($4.35), California ($4.09) and Alaska ($4.06) continue to pay more than $4 per gallon for regular unleaded gasoline, a trend that has lasted for 23 days. Prices have remained relatively stable (+/- 2 cents) in 34 states and the District of Columbia over the past week, however consumers in five states have seen prices climb a nickel or more: Montana and Ohio (+6 cents) and Illinois, Arkansas, and Missouri (+5 cents).
The overall picture for the states is reflecting a bit of regional variation, especially when looking at the month-over-month and year-over-year averages. The biggest fluctuations in price are evident when comparing year-over-year averages, where prices in 29 states and the District of Columbia have swung by 10 cents or more. The biggest price drops have been in the Midcontinent and Mountain States: North Dakota (-26 cents), Colorado (-22 cents) South Dakota (-19 cents) and Utah (-18 cents). The biggest price increase is Pennsylvania (+23 cents).
The month-over-month picture reflects a similar picture of price volatility. Consumers in Michigan (+20 cents), Illinois (+16 cents), Montana (+14 cents) and Wisconsin (+14 cents) are paying the largest premiums per gallon. Meanwhile, drivers in parts of the South have watched pump prices fall: Alabama (-11 cents), Georgia (-8 cents), South Carolina (-7 cents) and Florida (-7 cents).
Much of the attention of global market watchers has shifted from Ukraine and Russia, to widespread violence in Iraq. According to the EIA, Iraq has the fifth largest proven oil reserve in the world and is the second largest producer of crude oil in the Organization of the Petroleum Exporting Countries. Markets will continue to monitor the conflict closely due to the potential for violence to spread to neighboring oil producing nations, and the overarching regional foreign policy implications associated with an Iraqi civil war.
After a run-up late last week, and with no major market-moving news over the weekend, crude oil prices were relatively steady today. At the close of formal trading on the NYMEX, West Texas Intermediate (WTI) crude oil settled at $106.90, just a penny shy of Friday’s settlement, which was the highest since September 18.
June 10th, 2014 by admin
WASHINGTON, D.C. (June 10, 2014) – Two-thirds of Americans (68 percent) believe the federal government should invest more than it does now on roads, bridges and mass transit systems, according to a new AAA omnibus survey of 2,013 adults. Only five percent of respondents believe the federal government should spend less on transportation. These results come as AAA urges members of Congress to increase the fuel tax, which will address significant transportation safety and congestion issues nationwide.
- About half of Americans (52 percent) are willing to pay higher fuel taxes per month on average for better roads, bridges and mass transit systems.
- Nearly three times as many people (51 percent) are more likely to vote for a member of Congress who supports increased federal spending on transportation than would be less likely (19 percent).
- Approximately two-thirds of Americans (67 percent) agree that taxes on gasoline and diesel consumption are appropriate for transportation funding.
- More people believe that roads, bridges and transit systems have declined in quality over the previous three years (43 percent) than those who believe the quality has improved (32 percent).
“Americans are fed up with record-long commutes, unsafe highways and never-ending potholes caused by political inaction,” said Bob Darbelnet, AAA President and CEO. “Congress must prevent severe maintenance delays during the height of the summer driving season by preventing a Highway Trust Fund bankruptcy in August.”
AAA supports a federal gas tax increase, provided the funds go towards projects that ease congestion and improve safety. The gas tax is the most efficient and fair method available to pay for transportation maintenance and improvements in the near term. An increase in fuel taxes, spent wisely, should help reduce the estimated $324 per year in additional vehicle repairs and operating costs that the average driver currently spends due to poor road conditions.
The Department of Transportation expects the federal Highway Trust Fund will run out of money this summer without Congressional action, which would delay transportation maintenance and improvement projects nationwide.
“Many of us are willing to pay a little more if it means we will have access to better roads, bridges and transit systems,” continued Darbelnet. “It is time for our nation’s leaders to stand with those in Congress who support improving our country’s transportation system.”
The federal Highway Trust Fund is supported by the 18.4 cents per gallon gas tax and 24.4 cents per gallon tax on diesel. Congress has not raised this tax since 1993. Due to inflation and increased fuel economy, the purchasing power of the current tax has been cut nearly in half.
Survey Questions and Results
- Do you believe the quality of roads, bridges and mass transit systems you regularly use have significantly improved; improved; neither improved nor declined; declined; or significantly declined in the past three years?
Total Significantly improved 4% Improved 28% Neither improved nor declined 23% Declined 27% Significantly declined 16%
- Do you think the federal government should invest more, less or the same as it does now for roads, bridges and mass transit systems?
Total More 68% Less 5% The Same 24%
- On average, U.S. drivers contribute about eight dollars per month in federal fuel taxes towards the nation’s roads, bridges and mass transit systems. How much more, if any, would you be willing to pay on a monthly basis for roads, bridges and mass transit systems?
Total Not willing to pay more 41% Willing to pay more (net) 52% $0.01-$4.99 20% $5.00-$9.99 11% $10 or more 21%
- If your Congressional representative were to support increased federal spending for U.S. roads, bridges and mass transit systems, would you be significantly more likely; somewhat more likely; neither more nor less likely; somewhat less likely; or significantly less likely to vote for them in the next election?
Total Significantly more likely 17% Somewhat more likely 34% Neither more nor less likely 27% Somewhat less likely 9% Significantly less likely 10%
- Federal funding for roads, bridges and mass transit systems comes primarily from taxes on gasoline and diesel fuel consumption. Do you think this is an appropriate way to raise funds for this transportation investment?
Total Yes 67% No 29%
AAA conducted a telephone survey among two national probability samples (landline only and cell phone), consisting of a combined total of 2,013 adults (1,009 men and 1,004 women), 18 years of age and older and living in the continental United States. Interviewing for this survey was conducted with two waves taking place on May 1-4 and May 8-11, 2014. This study has an average statistical error of 2.7 percent at the 95 percent confidence level for all US adult motorists.
As North America’s largest motoring and leisure travel organization, AAA provides more than 54 million members with travel, insurance, financial and automotive-related services. Since its founding in 1902, the not-for-profit, fully tax-paying AAA has been a leader and advocate for the safety and security of all travelers. AAA clubs can be visited on the Internet at AAA.com.
June 10th, 2014 by admin
(WASHINGTON, June 9, 2014) A day before the 50th anniversary of the modern self-serve fueling station, the national average price for regular unleaded gasoline is $3.65 per gallon. Today’s average is two cents less than a week ago and fractions of a penny less than a month ago. This time last year consumers were paying two cents less at the pump ($3.63), and the national average was beginning to trend downward toward the summer low of $3.47 (July 7, 2013).
For the past three years, the national average has steadily declined to start the summer driving season. Although early data for summer 2014 is moving in this direction, it is too soon to say to what extent this pattern will persist for a fourth year.
For the past 16 days consumers in Hawaii, California and Alaska have all paid an average pump price of more than $4 per gallon – Hawaii is the only state within 25 cents of the state’s record price per gallon ($4.61 on April 11, 2012). The price at the pump in 35 states has remained relatively stable (+/- 2 cents) over the past seven days, and only two states are posting fluctuations of more than a nickel, both to the downside: Kentucky (-6 cents), and Ohio (-12 cents).
Consumers in 29 states and the District of Columbia are paying a bit less at the pump than a month ago, with the largest occurring savings in Alabama (-11 cents), Florida (-10 cents) and Georgia (-10 cents). For this same period, three states – Michigan (+22 cents), Indiana (+15 cents) and Wisconsin (+11 cents) – are posting double-digit increases. Motorists in 31 states are paying a year-over-year premium, and of this total more than half are paying an additional 10 cents or more per gallon, led by Pennsylvania (+25 cents), Nevada (+22 cents), South Carolina (+20 cents).
On the other side of the year-over-year spectrum, the price per gallon has dropped by a dime or more in 17 states. This time last year, the Great Lake States (Ohio, Wisconsin, Michigan, Illinois, and Indiana) were experiencing near record high prices due to supply and transportation challenges caused by unscheduled maintenance at local refineries. As a result, the largest year-over-year savings at the pump are posted by Midcontinent states, with drivers in North Dakota leading the way at 35 cents per gallon less than this date last year.
Market watchers continue to monitor the ongoing unrest in Libya and Ukraine, and its impact on global crude prices. Additionally, Organization of the Petroleum Exporting Countries (OPEC) has a meeting scheduled for this week and the proceedings will be closely monitored to see if there are any indications that production levels will be adjusted in the near future.
At the close of formal trading on the NYMEX, West Texas Intermediate (WTI) crude oil settled $1.75 higher at $104.41 per barrel, which is the highest settlement since March 3.
June 2nd, 2014 by admin
(WASHINGTON, June 2, 2014) One week into the summer driving season, the national average price for regular unleaded gasoline is $3.67 per gallon. This is one cent less than last month but it is a penny more than last week and a nickel more than on the same date last year.
Entering the summer months, AAA expects that drivers will experience little relief at the pump and prices are likely to remain near a range of $3.55-$3.70 per gallon, which is similar to last summer’s range of $3.47-$3.67. Continuing geopolitical concerns, major refinery disruptions or a severe hurricane season (June 1- November 30) could send the national average higher than anticipated, while the absence of such catalysts could allow prices to fall below this range.
After 11 straight weeks, New York and the District of Columbia have fallen out of the top ten most expensive markets, and for the ninth consecutive day consumers in Hawaii, California and Alaska are all paying more than $4 per gallon at the pump.
Although the price at the pump in the majority of states (38) and the District of Columbia has remained relatively stable (+/- 2 cents) over the past seven days, consumers in Ohio (+10 cents), Indiana (+8 cents) and Michigan (+8 cents) are experiencing a bit of sticker-shock at the pump due to week-over-week price increases that are the highest in the nation. Over the last several years Midwestern gas prices have regularly been the most volatile in the country as refinery issues, supply bottlenecks and logistical issues have caused sometimes dramatic fluctuations.
In comparison to this same date last year, drivers in 22 states and the District of Columbia are paying premiums at the pump in the double-digits, led by: Pennsylvania (+26 cents), South Carolina (+23 cents) and Kentucky (+23). Conversely, consumers seven states are paying at least a quarter less per gallon: North Dakota (- 44 cents), Iowa (-36 cents), Minnesota (-36), Colorado (-32 cents), South Dakota (-32 cents), Nebraska (-28 cents) and Kansas (-26 cents).
The situation in Russia and Ukraine remains unresolved, and pro-Russian separatists continue to clash with Ukrainian military forces throughout the region. However analysts still report that the likelihood of a disruption in supply remains low, which was supported by today’s announcement that Russia plans to delay the introduction of a prepayment system for natural gas supplies to Ukraine. At the close of formal trading on the NYMEX, West Texas Intermediate (WTI) crude oil settled 24 cents lower at $102.47 per barrel. This marks the WTI’s 15th consecutive settlement above the $100 per barrel threshold.