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Giving a sense of the international community's reaction to the national election, the dollar index rose overnight, gaining 0.21 percent to 80.80 on the International Exchange.
On the New York Mercantile Exchange, West Texas Intermediate crude oil for December delivery gave up $3.85 to $84.60 per barrel. Reformulated gasoline prices added 3.19 to $2.5973 per gallon. Home heating oil lost 0.3 cents to $2.9624 per gallon.
Natural gas prices lost 0.8 cents to $3.57 per million British thermal units. At the pump, the national average price of unleaded gasoline dropped to $3.462 per gallon, down from Tuesday's $3.463, AAA said.
Read more: WTI crude drops sharply on election results, giving dollar a boost - UPI.com
The Energy Department's Energy Information Administration reports the average price for a gallon of regular unleaded gasoline for the week, starting Monday, was $3.49, about 6 cents higher than the same time last year. For 2010, gasoline prices averaged $2.78 per gallon.
Washington had considered tapping into strategic petroleum reserves early this year to help settle markets reacting to geopolitical concerns with Iran. Refinery closures in California coupled with the fallout for hurricanes Isaac and Sandy caused regional spikes in retail gasoline prices. The EIA, in its short-term energy outlook for November, said retail gasoline consumption has been relatively static. It attributed much of that to fewer drivers, because of age restrictions and improvements in fuel economy of new automobiles.
Washington in August finalized plans to increase fuel economy standards for passenger vehicles to 54.5 miles per gallon by model year 2025. "EIA expects regular gasoline retail prices, which averaged $3.53 per gallon in 2011, to average $3.64 per gallon in 2012 and $3.44 per gallon in 2013," the agency's report read.
Read more: U.S. Energy Department predicts lower gasoline prices - UPI.com
Gas prices comin' down...
Crude oil drops under $85
Nov. 7,`12 (UPI) -- Crude oil prices shifted lower in New York Wednesday, slipping under $85 per barrel as traders reacted to President Barack Obama's re-election victory.
Giving a sense of the international community's reaction to the national election, the dollar index rose overnight, gaining 0.21 percent to 80.80 on the International Exchange.
On the New York Mercantile Exchange, West Texas Intermediate crude oil for December delivery gave up $3.85 to $84.60 per barrel. Reformulated gasoline prices added 3.19 to $2.5973 per gallon. Home heating oil lost 0.3 cents to $2.9624 per gallon.
Natural gas prices lost 0.8 cents to $3.57 per million British thermal units. At the pump, the national average price of unleaded gasoline dropped to $3.462 per gallon, down from Tuesday's $3.463, AAA said.
Read more: WTI crude drops sharply on election results, giving dollar a boost - UPI.com
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U.S. can expect lower gasoline prices
WASHINGTON, Nov. 7,`12 (UPI) -- The U.S. Energy Department said it expects U.S. retail gasoline prices to be, on average, 20 cents less in 2013 than this year.
The Energy Department's Energy Information Administration reports the average price for a gallon of regular unleaded gasoline for the week, starting Monday, was $3.49, about 6 cents higher than the same time last year. For 2010, gasoline prices averaged $2.78 per gallon.
Washington had considered tapping into strategic petroleum reserves early this year to help settle markets reacting to geopolitical concerns with Iran. Refinery closures in California coupled with the fallout for hurricanes Isaac and Sandy caused regional spikes in retail gasoline prices. The EIA, in its short-term energy outlook for November, said retail gasoline consumption has been relatively static. It attributed much of that to fewer drivers, because of age restrictions and improvements in fuel economy of new automobiles.
Washington in August finalized plans to increase fuel economy standards for passenger vehicles to 54.5 miles per gallon by model year 2025. "EIA expects regular gasoline retail prices, which averaged $3.53 per gallon in 2011, to average $3.64 per gallon in 2012 and $3.44 per gallon in 2013," the agency's report read.
Read more: U.S. Energy Department predicts lower gasoline prices - UPI.com
