(CALIFORNIA) Gas Price Report: This week, the Najah’s Desert Oasis gas station put up a sign of the times. It read: $6.39 for regular it has the highest gas prices in the country…..But breaking the $6 mark is a monumental occasion, even for Najah’s #AceNewsDesk report

#AceNewsReport – Nov.21: This remote gas pump isn’t your average fuelling station, to be sure, and even at the best of times, it has the highest gas prices in the country. But breaking the $6 mark is a monumental occasion, even for Najah’s.

#AceDailyNews U.S. Gas Report: In California as a whole, the average gas prices are a painful and record-breaking $4.68 per gallon, and the nationwide average for a gallon of regular gasoline is now $3.41 — a whopping $1.29 more than just a year ago.

Indeed, inflation rates across the country are at a 31-year high, and Americans are really feeling the squeeze, and many are casting about who to blame for the hardship:

Although global demand for electricity has bounced back to pre-pandemic levels, global oil production has not — not by a long shot. In the US, oil production remains 12% lower than in February 2020, right before the impact of the pandemic ripped through oil markets.

That’s the equivalent of pulling the US’s entire production in the Gulf of Mexico out of the global economy. And oil and gas production levels have remained low even as the world suffers from an extreme energy crunch and skyrocketing fuel prices.

And whose fault is it? Depending on who you ask, the answer is either Vladmir Putin and a geopolitical power play on the part of Russia, Joe Biden and his dastardly plan to do away with fossil fuels and suck US coffers dry in the process, or OPEC+ and their stingy refusal to respond to the energy crisis unfolding in Europe, Asia, and (to a lesser extent) the United States. Now, President Joe Biden is pointing the finger at another culprit: the conniving and greedy domestic oil and gas industry.

This week the US president asked federal regulators to open an investigation into the US oil and gas industry to determine whether companies are engaging in illegal conduct by profiting off of consumers’ pain, citing mounting evidence of anti-consumer behavior by oil and gas companies.”

The bottom line is this: gasoline prices at the pump remain high, even though oil and gas companies’ costs are declining,”President Biden wrote this week in a letter to FTC chair Lina Khan. ……The Federal Trade Commission has authority to consider whether illegal conduct is costing families at the pump.

I believe you should do so immediately………..Indeed, the price of unfinished gasoline has declined more than 5% over the last month. Typically this decline would be reflected in prices at the pump, but instead, gas station sticker shock continues to intensify across the US.

This unexplained large gap between the price of unfinished gasoline and the average price of the pump is well-above the pre-pandemic average,” Biden continued, adding that Big Oil is raking in <em>“significant profits off higher energy prices.”…….Backing up President Biden’s claims, Bloomberg released a report this week that oil and gas explorers in the United States may point to politics as the reason that they are holding back on upping production to ease oil prices, but the real reason is much simpler: they are making money hand over fist.

According to figures from Deloitte LLP, US oil companies are making more money now than at any other point in the entire history of the nation’s shale revolution.<em>“And this may just be the beginning,”</em> Bloomberg Markets wrote. …….Free cash flow, the key metric watched by investors, probably will increase by 38% next year, presuming oil prices remain elevated.”

The American Petroleum Institute has fired back at President Biden in the wake of his plea to the FTC, saying that the move is merely a <em>“distraction from the fundamental shift that is taking place and the ill-advised government decisions that are exacerbating this challenging situation………….A representative of API went on to criticize Biden’s allocation of his time and energy to fight…..

#AceNewsDesk report ………..Published: Nov.21: 2021:

Editor says …Sterling Publishing & Media Service Agency is not responsible for the content of external site or from any reports, posts or links, and can also be found here on Telegram: https://t.me/acenewsdaily all of our posts fromTwitter can be found here: https://acetwitternews.wordpress.com/ and all wordpress and live posts and links here: https://acenewsroom.wordpress.com/and thanks for following as always appreciate every like, reblog or retweet and free help and guidance tips on your PC software or need help & guidance from our experts AcePCHelp.WordPress.Com

#california, #gas, #gasoline, #nationwide, #prices, #youtube

(LONDON) Fuel Prices Report: Petrol prices have hit 142.94p a litre, their highest level to date, according to the RAC motoring organisation #AceNewsDesk report

#AceNewsReport – Oct.26: The RAC said the increase was partly due to a doubling of the oil price since last year. Some analysts believe the oil price could rise further: The price of unleaded petrol has jumped by 28p a litre since last October, the RAC said, meaning it now costs £78.61 to fill a family car…..

#AceDailyNews says according to a BBC Business Report: Fuel prices were last around this level in April 2012: It is now £15 more expensive to fill up an average family car than a year earlier, said the RAC, which called the new high a “dark day for drivers”.

Petrol image

“This will hurt many household budgets and no doubt have knock-on implications for the wider economy,” a spokesman for the RAC said.

The organisation said that other costs, aside from oil, had also pushed up fuel prices. 

Retailers had increased their profit margins by 2p a litre from around 5.5p in April last year to 7.5p a litre. 

The RAC said retailers, particularly the smaller, independent ones, were trying to rebuild their profits after the steep fall in sales prompted by the first UK lockdown in spring last year. 

In addition to this, the ethanol component of unleaded petrol was doubled to 10% last month in the more eco-friendly E10 fuel, but as ethanol is more expensive than petrol, that added about 1p a litre.

Duty paid on fuel is currently 57.95p a litre, more than the cost of the combined bio and petrol components, which amount to around 50p. 

VAT, currently around 24p a litre, is applied on top of all other elements of the petrol price, including duty and the retailer’s profit margin. 

Petrol and diesel cars are slowly being phased out as part of pledges to tackle climate change.

The government says it will ban the sale of these from 2030. 

The introduction of the E10 fuel as standard this summer is also part of that drive.

The Department for Transport says bringing in this new fuel could cut carbon emissions by 750,000 tonnes a year, the equivalent of taking 350,000 cars off the road.

#AceNewsDesk report ……………Published: Oct.26: 2021:

Editor says …Sterling Publishing & Media Service Agency is not responsible for the content of external site or from any reports, posts or links, and can also be found here on Telegram: https://t.me/acenewsdaily all of our posts fromTwitter can be found here: https://acetwitternews.wordpress.com/ and all wordpress and live posts and links here: https://acenewsroom.wordpress.com/and thanks for following as always appreciate every like, reblog or retweet and free help and guidance tips on your PC software or need help & guidance from our experts AcePCHelp.WordPress.Com

#fuel, #london, #oil, #prices, #rac

(LONDON) GOVUK Explainer sets out the background to the issue affecting ‘wholesale gas prices’ and the action the government is taking to protect the UK’s energy supply, industry & consumer #AceNewsDesk report

#AceNewsReport – Sept.19: There has recently been widespread media coverage of wholesale gas prices, and the effect this could have on household energy bills. The impact on certain areas of industry, and its ability to continue production, has also attracted attention #AceNewsDesk report

#AceDailyNews reports on UK gas supply and Natural gas prices that have been steadily rising across the globe this year for a number of reasons. This has affected Europe, including the UK, as well as other countries around the world……

We have a diverse range of gas supply sources, with sufficient capacity to more than meet demand. The UK’s gas system continues to operate reliably and we do not anticipate any increased risk of supply emergencies this winter.

Why are there high global gas prices?

The prices that are currently visible reflect the high value being placed on gas at the present time, with prices being determined by global supply and demand. They are not necessarily representative of pre-existing contracts and therefore do not apply to all of the gas being consumed in the UK this winter.

Current prices reflect a number of factors including:

  • as the world comes out of COVID-19 lockdowns and economies reopen, we are seeing an uptick in global gas demand this year. *combined with a cold winter (which has an impact on gas demand as gas is often used for heating homes) this has led to a much tighter gas market with less spare capacity
  • in particular, high demand in Asia for Liquified Natural Gas (LNG), natural gas transported globally by ship, means less LNG than expected has reached Europe *some essential maintenance projects rescheduled from 2020 due to coronavirus coincided with necessary scheduled projects in 2021, while weather events in the US have adversely affected their LNG exports to Europe

How are high global gas prices impacting the UK?

The gas market is crucial to the UK’s energy supply because of its significance in heating, industry and power generation.

Over 22 million households are connected to the gas grid and in 2020, 38% of the UK’s gas demand was used for domestic heating, 29% for electricity generation and 11% for industrial and commercial use.

High gas wholesale prices have subsequently driven an increase in wholesale power prices this year.

In recent weeks, this trend has been exacerbated by the weather and planned maintenance at some power stations. This has resulted in unusually low margins for this time of year. These factors have combined to cause spikes in wholesale electricity prices, with a number of short-term markets trading at, or near, record levels.

While we are not complacent, we do not expect supply emergencies this winter.

Is our gas supply at risk?

The Great Britain (GB) gas system has delivered securely to date and is expected to continue to function effectively, with a diverse range of supply sources and sufficient delivery capacity to more than meet demand.

While our largest single source of gas supply continues to be the UK Continental Shelf (approximately 48% of total supply in 2020), the maturity of that source means we have to supplement supply from international markets.

Whilst the diversity of those international sources promotes our energy security, by reducing reliance on a particular source, the UK – as with other nations – is exposed to global trends in supply and demand which affect the price of gas traded at UK’s market hub (the National Balancing Point).

We have a wide range of supply sources including direct pipelines across the North Sea from Norway to the UK, our single biggest source of imports. We are also investing millions into scaling up strong renewable energy capacity and driving down demand for fossil fuels.

GB also has a number of gas storage facilities that act as a source of system flexibility when responding to short-run changes in supply and demand.

What is the government doing on this?

Energy security is an absolute priority for this government. The government works closely with the regulator and gas supply operators to monitor supply and demand.

While wholesale gas prices have increased internationally this year, the market continues to balance supply and demand through adjusting the prices at which energy trades take place. We have no reason to suggest this will not continue but will monitor the market.

National Grid Gas has a number of tools at its disposal to mitigate the risk of a gas supply emergency, including requesting additional gas supplies be delivered to the National Transmission System. Together with the Department for Business, Energy and Industrial Strategy (BEIS), National Grid Gas has robust response plans in place in the unlikely event that risk should materialise. Read plans for network gas supply emergencies.

Will this affect energy bills?

The high wholesale gas prices that are currently visible may not be the actual prices being paid by all consumers.

This is because major energy suppliers purchase much of their wholesale supplies many months in advance, giving protection to them and their customers from short-term price spikes.

The Energy Price Cap is also in place to protect millions of customers from the sudden increases in global gas prices this winter. Despite the rising costs of wholesale energy, the cap still saves 15 million households up to £100 a year.

The current global wholesale gas price situation as set out above could have an effect on companies.

Companies without longer-term contracts may face higher costs, but we expect that companies with longer-term contracts in place may have little exposure to the current high wholesale prices. If there were an event where a supplier fails, Ofgem would work to ensure that customers are moved to a new supplier, so they are not without energy.

How is the government helping poorer households?

Our Energy Price Cap will protect millions of customers from the sudden increases in global gas prices this winter.

We are also supporting low income and fuel poor households with their energy bills in a number of ways which demonstrates the government’s commitment.

This includes through:

  • the Warm Home Discount which provides eligible households with a £140 discount
  • in addition, Winter Fuel Payments and Cold Weather Payments will help ensure those most vulnerable are better able to heat their homes over the colder months

Vulnerable people and anyone in financial distress during this time should talk to their energy supplier, who will be able to discuss personal circumstances and consider options to help, including reassessing, reducing or pausing payments. Emergency measures have been agreed between government and energy suppliers to support those most in need during the disruption caused by COVID-19, and this agreement remains in place this winter. Read details of the agreement.

As set out in the Energy white paper, we plan to extend the Warm Home Discount until 2026, increase it to £150, and help an extra 780,000 pensioners and low-income families with their energy bills. With a total of 2.7 million to get support, with the vast majority to receive the money back automatically, without having to apply as at present.

Cold Weather Payments provide vulnerable households on qualifying benefits with financial support when the weather has been, or is forecasted to be, unusually cold. £25 is available for eligible households for each 7 day period of very cold weather between 1 November and 31 March.

#AceNewsDesk report ……Published: Sept.19: 2021:

Editor says …Sterling Publishing & Media Service Agency is not responsible for the content of external site or from any reports, posts or links, and can also be found here on Telegram: https://t.me/acenewsdaily all of our posts fromTwitter can be found here: https://acetwitternews.wordpress.com/ and all wordpress and live posts and links here: https://acenewsroom.wordpress.com/and thanks for following as always appreciate every like, reblog or retweet and free help and guidance tips on your PC software or need help & guidance from our experts AcePCHelp.WordPress.Com

#gas, #govuk, #london, #prices