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Gasoline futures rise on Venezuela sanctions

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February 17th, 2019

Gasoline gears higher

Gasoline futures prices are starting to climb again, hitting drivers at the pump. After dropping to a three-year low recently, prices rebounded by over 30 cents per gallon.

Oil prices have been climbing as well, pulled higher by concerns that U.S. sanctions on Venezuela are restricting that nation’s exports. Venezuela is an OPEC member and was once the world’s second-largest oil producer. Political unrest and economic collapse have reduced its production capacity and recent sanctions have slowed the flow of oil to U.S. refineries.

If an alternate source isn’t procured quickly, some U.S. refineries could be forced to reduce their output of gasoline and diesel, creating supply tightness of the fuels.

These concerns pushed gasoline futures near $1.57 per gallon this week, a wholesale price that excludes taxes and transportation costs. Meanwhile, crude oil futures jumped to $55.50 on Friday, near a three-month high.

 - NewsOK.





 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See Also: Crude Oil, Natural Gas, Heating Oil, Unleaded Gas, Ethanol, Gasoline Blendstock

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