All articles tagged with #gas demand
The International Energy Agency (IEA) predicts that global demand for oil and gas will continue to rise for the next 25 years unless significant changes are made to address climate issues, highlighting a concerning outlook for energy and environmental sustainability.
A massive winter storm has caused power outages for over 418,000 homes and businesses in 12 states across the eastern US, with Florida, Georgia, and North Carolina being the hardest hit. The storm is expected to be followed by a brutal freeze, leading to projected record gas demand for heating. Despite the approaching cold, spot power and gas prices have not reacted much to the storm, but gas futures have soared about 30% over the past six days. The December 2022 storm, known as Elliott, almost caused the collapse of power and natural gas systems in parts of the eastern US, and some energy companies had to impose rotating outages to maintain electric reliability.
Gas prices in Michigan have continued to decline, with the average price falling by 6 cents to $3.63 per gallon for regular unleaded. This is 10 cents less than last month and 22 cents less than last year. However, rising oil prices, higher gas demand, and tighter supply may push prices higher in the near future. The average daily gas price in metro Detroit also decreased, with the current average at $3.71 per gallon. The most expensive gas prices are in Marquette at $3.77 per gallon, while the least expensive averages are in Benton Harbor at $3.49 per gallon.