LOS ANGELES (CNS) – The average price of a gallon of self-serve regular
gasoline in Los Angeles County dropped today for the 12th consecutive day,
decreasing seven-tenths of a cent to $2.935.
According to the San Jose Mercury-News, Californians are paying almost a dollar more than the rest of the country. Read about it HERE.
The average price has dropped 14 cents over the past 12 days, including
1.4 cents on Sunday, and is 10.1 cents less than one week ago, according to
figures from the AAA and Oil Price Information Service.
However, the average price is 16.7 cents more than one month ago and
40.4 cents higher than one year ago due to a 17-day streak of increases from
Dec. 18 to Jan. 3 when it rose 32.3 cents.
The Orange County average price also dropped for the 12th consecutive
day, decreasing a half-cent to $2.92. It has dropped 14.9 cents over the past
12 days, including 1.5 cents on Sunday, and is 11.2 cents less than one week
ago.
However, the Orange County average price is 16.4 cents more than one
month ago and 41.6 cents higher than one year ago due to a 17-day streak of
increases from Dec. 17 to Jan. 2 when it rose 33.5 cents.
The dropping pump prices are the result of reduced demand and the
continuing low price of crude oil, said Jeffrey Spring, the Automobile Club of
Southern California’s communications manager.
The price of crude oil accounts for two-thirds to three-quarters of the
price of a gallon of gasoline, according to Tupper Hull, vice president,
strategic communications, of the Western States Petroleum Association, a trade
association representing major oil companies in five Western states.LOS ANGELES (CNS) – The average price of a gallon of self-serve regular
gasoline in Los Angeles County dropped today for the 12th consecutive day,
decreasing seven-tenths of a cent to $2.935.
The average price has dropped 14 cents over the past 12 days, including
1.4 cents on Sunday, and is 10.1 cents less than one week ago, according to
figures from the AAA and Oil Price Information Service.
However, the average price is 16.7 cents more than one month ago and
40.4 cents higher than one year ago due to a 17-day streak of increases from
Dec. 18 to Jan. 3 when it rose 32.3 cents.
The Orange County average price also dropped for the 12th consecutive
day, decreasing a half-cent to $2.92. It has dropped 14.9 cents over the past
12 days, including 1.5 cents on Sunday, and is 11.2 cents less than one week
ago.
However, the Orange County average price is 16.4 cents more than one
month ago and 41.6 cents higher than one year ago due to a 17-day streak of
increases from Dec. 17 to Jan. 2 when it rose 33.5 cents.
The dropping pump prices are the result of reduced demand and the
continuing low price of crude oil, said Jeffrey Spring, the Automobile Club of
Southern California’s communications manager.
The price of crude oil accounts for two-thirds to three-quarters of the
price of a gallon of gasoline, according to Tupper Hull, vice president,
strategic communications, of the Western States Petroleum Association, a trade
association representing major oil companies in five Western states.
Below is all you need to know about oil prices:
Here’s a look at crude oil reserves and production around the world.
Facts:
Crude oil is a form of liquid petroleum, extracted from rock formations and used for fuel and other purposes.
Members of the Organization of the Petroleum Exporting Countries (OPEC) produce about 40% of the world’s crude oil, and possess almost 73% of the world’s total proven crude oil reserves, according to OPEC and U.S. Energy Information Administration data.
The 12 countries/members of OPEC: Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates and Venezuela.
The following countries have the world’s largest reserves of crude oil, according to the U.S. Energy Information Administration (as of 2014):
— Venezuela – 298 billion barrels
— Saudi Arabia – 268 billion barrels
— Canada – 173 billion barrels (non OPEC country)
— Iran – 157 billion barrels
— Iraq – 140 billion barrels
— Kuwait – 104 billion barrels
— United Arab Emirates – 98 billion barrels
— Russia – 80 billion barrels (non OPEC country)
— Libya – 48 billion barrels
— Nigeria – 37 billion barrels
Production and Consumption in the U.S.:
In 2014, the United States produced about 8.7 million barrels of crude oil per day. The U.S. ranks third in the world in crude oil production, behind Saudi Arabia and Russia.
The United States consumed an average of 19.11 million barrels of petroleum products per day in 2014. The United States is the world’s largest consumer of petroleum products.
About 27% of the petroleum used in the United States was imported in 2014, the lowest annual average since 1985, according to the U.S. EIA. About 37% of this petroleum is imported from Canada.
U.S. dependence on imported oil peaked in 2005.
Records:
July 3, 2008 – U.S. light, sweet crude oil settles at $145.29 a barrel on the New York Mercantile Exchange, a record closing high.
July 3, 2008 – U.S. light, sweet crude oil hits an all-time intraday high of $145.85.
September 22, 2008 – Oil prices experience the biggest one-day increase ever, settling up $16.37 to $120.92 a barrel.
Timeline:
1973-1974 – Due to U.S. support of Israel in the Arab-Israeli conflict, the members of OPEC decide to raise the cost of oil from $3/barrel to around $12/barrel.
October 1973 – OPEC issues an embargo that halts exports of oil to the United States. Americans experience long lines at gas stations and at times cannot find gasoline at all. Gasoline prices go from 36 cents a gallon in 1972 to over 50 cents a gallon in 1973.
March 18, 1974 – At an OPEC meeting, seven members lift the ban on exports to United States. The countries are Algeria, Saudi Arabia, Kuwait, Qatar, Bahrain, Egypt and Abu Dhabi. Libya and Syria refuse to drop the ban and Iraq boycotts the talks.
December 31, 1974 – Libya lifts its 14-month-old oil embargo against the United States.
December 22, 1975 – U.S. President Gerald Ford establishes the Strategic Petroleum Reserve when he signs into law the “Energy Policy and Conservation Act.” The law is created in response to the oil embargo of 1973-1974 and the severe effect it had on the economy. It mandates that the country maintain a stockpile of one million barrels of petroleum, which is the largest emergency supply in the world.
July 3, 2008 – U.S. light, sweet crude oil settles at $145.29 a barrel on the New York Mercantile Exchange, a new record closing high.
July 3, 2008 – U.S. light, sweet crude oil hits an all-time intraday high of $145.85.
September 22, 2008 – Oil prices experience the biggest one-day increase ever, settling up $16.37 to $120.92 a barrel.
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