Thursday numbers...Not much change

Hi to all,

                Here’s what I have in the way of price changes for this week:

·         Heating and stove oils show a drop of just 17/100ths of a cent

·         Diesel shows a drop of a cent.

·         Regular gasoline shows an increase of 1.4 cents a litre, and…

·         Reformulated gasoline shows an added 1.7 cents a litre.

Key market highlights

·         Key reports show the United States to become one of the world’s leading producers, even surpassing Saudi Arabia for a time. US to reach self-sufficiency by 2030.

·         Crude oil, gasoline and distillates all show inventory gains in last week’s US Energy Information Administration report.

·         Forecast for gasoline prices to start to drop, but uncertainty remains in the wake of Hurricane Sandy’s disruption of US northeast supplies.

·         OPEC sees the potential threat in shale gas. Expecting crude demand to drop by more than 1.6 million barrels a day by 2015. A combination of shale gas and rising domestic production from countries like the US, Brazil and Canada, combined with worldwide laws on conservation measures will weigh heavy.

Final thought

                With the massive changes we have been seeing in recent weeks, particularly the latest news on rising US domestic production and self-sufficiency, should Newfoundland and Labrador take another look at its energy plan and strategy, knowing that we’re looking south of the border for most of our oil and potential power sales?

That’s it for this week!

Regards,

George Murphy

Group researcher/Member

Consumer Group for Fair Gas Prices

Twitter: @GeorgeMurphyMHA