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This could be Big Oil's last surge
  + stars: | 2023-03-19 | by ( Catherine Boudreau | Jacob Zinkula | ) www.businessinsider.com   time to read: +12 min
The era of Big Oil could end sooner than its massive profits suggest, analysts told Insider. But the worst-case scenario for the environment — that oil and gas companies reinvest all their extra money to keep growing — isn't happening, Logan said. The role of oil and gas companies in the energy transition is an ongoing debate, analysts told Insider. The UK company cited the need for an "orderly" energy transition. And while Big Oil's finances may begin to show some cracks over the next decade, he doesn't expect them to "suffer financially" for another 25 to 35 years.
We’re currently in the thick of fourth quarter earnings reports, but traders don’t seem to care about how companies fared during the final months of 2022. These slowdowns have been partially factored into stock prices, he said, “but not necessarily in full.”The upside: Market reaction appears to go both ways. Gas prices are surging this month. Gas prices are rocketing higher. Why are gas prices jumping?
Gas prices have surged 40 cents in a month
  + stars: | 2023-01-27 | by ( Matt Egan | ) edition.cnn.com   time to read: +4 min
But something unusual is happening this year: Gas prices are rocketing higher. Although that’s a far cry from the record of $5.02 a gallon last June, gas prices have increased by 12 cents in the past week and 40 cents in the past month. AAA says some states have experienced much bigger gains over the past month, including Colorado (95 cents), Georgia (68 cents), Delaware (63 cents), Florida (60 cents) and Ohio (59 cents). That helps explain why gas prices in Colorado have surged by nearly $1 a gallon over the past month. Oil prices bounce off lowsBeyond the refinery problems, oil prices have crept higher, helping to drive prices at the pump northward.
Gas prices could surge toward $7 a gallon in some US states in 2023, according to GasBuddy. It could be expensive," said Patrick De Haan, head of petroleum analysis at the firm, which tracks fuel costs, in its 2023 fuel outlook. Cities in the West Coast state of California, such as San Francisco and Los Angeles, could see gas prices approach nearly $7 a gallon in the summer of 2023, according to GasBuddy. That means 2022 will close with a yearly national average for gasoline of $3.95 a gallon, the highest yearly average recorded, De Haan tweeted. As China has reopened, oil prices have rebounded," he said in a Friday interview on CNBC.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe window for ultra-low gas prices may be closing, says GasBuddy's Patrick De HaanPatrick De Haan, head of petroleum analysis for GasBuddy, joins CNBC's 'Squawk Box' to break down the outlook for gas prices in 2023 as China moves to reopen its economy.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailConsumers will spend close to $50 billion less on fuel in 2023, says GasBuddy's De HaanPatrick De Haan, GasBuddy head of petroleum analysis, joins 'Power Lunch' to discuss the outlook for gas prices the first three months of 2023, if China's reopening will push gas prices higher and more.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGood news for gas prices as we close out 2022: Gas Buddy's Patrick De HaanPatrick De Haan of Gas Buddy joins Brian Sullivan and the 'CNBC Special: Taking Stock 2023' to discuss where gas prices are headed next year.
$4 gas could return as soon as May, GasBuddy projects
  + stars: | 2022-12-27 | by ( Matt Egan | ) edition.cnn.com   time to read: +5 min
New York CNN Business —Gas prices will probably be significantly cheaper overall next year. Yet the national average could still climb back above the $4-a-gallon threshold as soon as May, according to GasBuddy projections shared exclusively with CNN. Why gas prices are droppingIn December 2021, before Russia amassed troops at Ukraine’s border, GasBuddy projected the national average for gas would be $3.41 a gallon in 2022. The national average is now about 20 cents below the same period of a year ago, according to AAA. Gas prices are not expected to return to $5 this summer – although GasBuddy isn’t ruling that out.
Gas prices tumble to 15-month low
  + stars: | 2022-12-16 | by ( Matt Egan | ) edition.cnn.com   time to read: +2 min
CNN —The plunge in gasoline prices hit another milestone on Friday, with the national average sinking to the lowest level since September 2021. Nineteen states currently have an average gas price of less than $3 a gallon, including Minnesota, Ohio and Colorado. In a sign that gas prices could continue to slide, US oil prices dropped another 3% to $73.58 a barrel Friday morning. He noted that by GasBuddy’s metrics, the median gas price tumbled to $2.99 as of Friday morning. The slide in gas prices has been driven by a variety of forces — not all of them positive.
Gasoline prices are now cheaper across the U.S. than they were a year ago, and the price per gallon could fall below $3 for most Americans by the end of the year. Unleaded gasoline was at a record $5.01 per gallon June 14 and stayed high through the summer and fall. Gas prices fell 15 cents per gallon in the past week and are down from $3.80 a gallon a month ago. Even with OPEC+ reaffirming a 2 million barrel a day production cut this past week, oil prices have still fallen. But for now, gasoline prices are in decline.
London CNN Business —US gasoline prices are now cheaper than they were one year ago, providing relief to Americans that have spent 2022 grappling with the worst inflation in decades. Gas prices peaked just above $5 a gallon in June, hitting a record high. Average US prices have dropped by 14 cents over the past week and 47 cents over the past month. But so far, oil prices have continued their descent. Concerns about the economic impact of those restrictions have been a key reason oil prices have dropped in recent months.
US gas is cheaper than before Russia invaded Ukraine
  + stars: | 2022-12-01 | by ( Matt Egan | ) edition.cnn.com   time to read: +2 min
That is down about 12 cents in the past week and 29 cents in the past month. Gas prices were climbing in January and February as investors worried about disruptions from a Russian invasion of Ukraine. A range of factors have led to the drop in gas prices – and not all of them are positive. Although gas prices are still relatively high for this time of the year, they have also completely reversed the spike caused by the war in Ukraine. Looking ahead, some forecasters see gas prices continuing to dip, although there remains uncertainty over where oil prices go from here due to questions about OPEC policy and China’s Covid lockdowns.
US gas prices fell to their lowest since February and could drop below $3 a gallon, GasBuddy said. Three states — Oklahoma, Texas and Mississippi — now have average prices of $2.99 a gallon, De Haan said in a tweet. Gas prices topped $5 a gallon in June, as global oil prices soared thanks Russia's war with Ukraine and an energy crisis in Europe. On Monday, crude oil prices have came under downward pressure as traders worried about a fall in demand from China, the world's second-biggest economy, as public protests erupted over the country's strict zero-Covid policies. Meanwhile, US demand for oil is under seasonal pressure, as cooler temperatures encourage Americans to stay at home, GasBuddy said.
It was the longest losing streak for gasoline prices since the early months of the pandemic: For 98-consecutive days this summer, American drivers experienced declining gas prices thanks in part to a slower worldwide demand for oil. According to AAA, the national average gas price climbed to $3.92 a gallon Monday. Prices are likely to keep going higher from here as oil prices continue to climb, according to Patrick De Haan, chief petroleum analyst at gas price tracking group GasBuddy.com. In a note to clients Monday, Andy Lipow, president of Lipow Oil Associates LLC consultancy, said he also expects gasoline prices to rise to as high as $4. "When prices are going up each day, when spot prices are going up each day, it’s costing us a little more because we bought it today at the highest price versus four days ago," Galanti said.
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