USA: Gasbuddy Publishes Fuel Price Outlook for 2012
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Monday, 23 January 2012 |
Gasbuddy has unveiled its forecasts for fuel prices over the next year in its Annual Fuel Price Outlook. The Fuel price tracking company projects that prices could once again breach the $4 per gallon barrier in April, edging towards $5 per gallon in some markets on Labor Day.
The company identified a number of issues that are likely to significantly impact fuel prices in 2012, singling out Iran in particular as a factor. "2012's Iran situation isn't 2011's Libya situation - not by any means; it's far worse. Consumers who think the Iran situation is over-hyped clearly don't understand the high stakes behind not only the Strait of Hormuz, but behind the Iran's feud with the West," said Gasbuddy Senior Petroleum Analyst Patrick DeHaan. The company also noted that increasing exports arising from slim refining margins and the Keystone XL pipeline could potentially affect prices.
"The proposed new pipeline has the potential to shake up prices in either direction. Taking a cheap source of crude away and subjecting it to international markets will likely mean higher prices for Canadian sour, a grade of oil used nearly exclusively by Midwest refiners. Approval could mean higher prices for Canadian sour crude, thus an increase being passed on to motorists. It could also result in slimmer margins for refineries that have long enjoyed profitability using the oil," said the company in a statement.
PetrolWorld 23012012
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