Posted on 09/11/2014 9:31:34 AM PDT by GonzoII
(Reuters) - Benchmark Brent crude dropped to a two-year low on Thursday, falling for a sixth straight session as increasing supply and signs of weakening demand countered worries that conflicts in the Middle East could curb output.
...
Brent for October was down 66 cents at $97.38 a barrel at 11:38 a.m. EDT (1538 GMT) It fell as low as $96.72, its weakest since July 2012.
U.S. crude was up 35 cents at $92.17 a barrel, turning higher after sliding to $90.43, its lowest since May 2013.
Brent hit a high above $115 in June as Islamist insurgents swept across northern Iraq, taking control of several oilfields, but prices have now fallen more than 15 percent from their highs as supply from other countries has increased and demand has remained tepid.
(Excerpt) Read more at in.reuters.com ...
Explain $3.29 regular unleaded, much less the $3.60 I pay for diesel.
In part, gasoline is easily shipped and priced globally. They won’t sell it for $2 here when they can get $5 in Europe. Natural gas is not easily shipped and much cheaper since the shale boom.
The other parts are regulation, ethanol, taxes, shipping costs, and refinery capacity.
And crude oil. But that is only one of many factors.
as long as the bottom drops out of the LP gas market I’ll be happy.
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