According to the USA Today, “U.S. refineries processed 16.8 million barrels per day for the weeks ending July 11 and July 18, eclipsing the prior record set in the summer of 2005. The amount is up 2% from a year ago and 5% from two years ago.” [Ref 1]
The Energy Information Administration reports that U.S. refineries have a combined capacity of 17.7 million barrels per day. The U.S. exports more oil-based products than it imports.
While the above information is good news for oil companies and their stockholders, what does it mean for you and me at the gas pumps with at least one more month left of the 2014 Summer Driving Season?
The following data from GasBuddy.com shows regular gas prices in the State of Arizona and the national average for the U.S.:
Arizona / U.S
Today $3.511 / $3.511
Yesterday 3.513 / 3.504
One Week Ago 3.529 / 3.542
One Month Ago 3.560 / 3.673
One Year Ago 3.544 / 3.629
Source: GasBuddy.com, 07.31.2014
On average, Arizona residents are paying 5 cents less for regular gasoline than they did one month ago. The news is even better for consumers across the U.S. As the price data shows, average gas prices are 16 cents less than they were one month ago for a gallon of 87 iso-octane.
In addition to the above, the U.S. has not experienced any major disruptions to the gas supply due to hurricanes or other weather related conditions, broken pipelines, or unscheduled refinery shutdowns. And while there is sectarian violence in Iraq, and the stand-off with Vladimir Putin, the U.S. and European countries continue, so far they’ve had little impact on crude oil prices.
That’s your gas price check for today!
1. U.S. oil refineries do record business, by Wendy Koch, USA Today, July 24, 2014, 4:23 p.m., http://americasmarkets.usatoday.com/2014/07/24/u-s-oil-refineries-do-record-business/
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