10-CENT DROP IN GAS PRICES POSSIBLE, AGENCY REPORTS.Byline: Nora Macaluso Bloomberg Bloomberg A major global provider of 24-hour financial news and information including real-time and historic price data, financials data, trading news and analyst coverage, as well as general news and sports. Business News Gasoline gasoline or petrol, light, volatile mixture of hydrocarbons for use in the internal-combustion engine and as an organic solvent, obtained primarily by fractional distillation and "cracking" of petroleum, but also obtained from natural gas, by prices could drop as much as 10 cents a gallon gallon: see English units of measurement. this summer, the Energy Department said Thursday. The decline could be ``even more in California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). ,'' Energy Secretary Hazel hazel, any plant of the genus Corylus of the family Betulaceae (birch family), shrubs or small trees with foliage similar to the related alders. They are often cultivated for ornament and for the edible nuts. O'Leary said in releasing a 45-day study ordered by President Bill Clinton on April 29. Clinton asked the DOE to look into the reason for this spring's surge in gasoline prices at the pump on the same day that he directed the DOE to begin sales of 12 million barrels of oil from the nation's strategic petroleum reserves
The Strategic Petroleum Reserve , a move designed to drive pump prices lower. The study found what the industry has been saying all along: Gasoline prices rose this spring because of a jump in crude oil prices. The volatility was exacerbated by companies' low inventories from using up more oil than planned to meet demand in a colder-than-normal winter. The rise in California was especially sharp because pumps in the state, which was having refinery problems, deliver a ``clean'' type of gasoline that's not produced anywhere else, the study found.DOE officials plan to look further into oil companies' increasing use of ``just-in-time'' inventories, the practice of keeping only enough on hand to meet anticipated needs. The study was merely an analysis of market data and didn't address the question of whether oil companies had any hand in keeping prices high, Energy Department officials said. |
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