Trends in the US Oil Market

After banning imports of Russian oil, the U.S. is searching for new supplies.

WTI Hits $100 As Sanctions Weigh On Russian Oil Flows

The average price of a gallon of regular gasoline across the U.S. is now $4.25, according to the latest American Automobile Association survey. Kansas and Oklahoma have the cheapest average price at $3.79, while California pays the highest price: $5.57. Regardless of location, U.S. consumers are feeling the higher cost of fuel, which has surpassed the previous record set in 2008.

Source: Geopolitical Futures

Higher fuel prices are no surprise given trends in oil markets. The price of Brent crude has been climbing for the past four months and passed the $100 mark on March 1, days after Russia’s invasion of Ukraine. As of March 11, the price was $112 a barrel, after reaching $127 on March 8.

The U.S. consumes more oil than any other country by far. Before the pandemic, the U.S. had been reducing its crude oil imports for more than a decade, largely thanks to increased domestic production and the growth of renewables. But with its ban on oil imports from Russia, the U.S. now needs to replace about 7 percent of its imports.

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About Stu Turley 4195 Articles
Stuart Turley is President and CEO of Sandstone Group, a top energy data, and finance consultancy working with companies all throughout the energy value chain. Sandstone helps both small and large-cap energy companies to develop customized applications and manage data workflows/integration throughout the entire business. With experience implementing enterprise networks, supercomputers, and cellular tower solutions, Sandstone has become a trusted source and advisor.   He is also the Executive Publisher of www.energynewsbeat.com, the best source for 24/7 energy news coverage, and is the Co-Host of the energy news video and Podcast Energy News Beat. Energy should be used to elevate humanity out of poverty. Let's use all forms of energy with the least impact on the environment while being sustainable without printing money. Stu is also a co-host on the 3 Podcasters Walk into A Bar podcast with David Blackmon, and Rey Trevino. Stuart is guided by over 30 years of business management experience, having successfully built and help sell multiple small and medium businesses while consulting for numerous Fortune 500 companies. He holds a B.A in Business Administration from Oklahoma State and an MBA from Oklahoma City University.