Gas prices Rise, Iraqi Gas Headed For Europe

"U.S. Gasoline Price Rises to $2.3010 a Gallon, Lundberg Says"
The average price of regular gasoline at U.S. filling stations rose to $2.3010 a gallon as refiners cut production and inventories fell to the lowest since December. Regular gasoline climbed 24.61 cents in the three weeks ended May 15, according to a survey of 5,000 filling stations nationwide by Trilby Lundberg, an independent gasoline analyst. That’s an average 8.2 cents more a week, the biggest increase on that basis in a year. “Between our two survey dates this year, crude oil prices increased nearly $5 a barrel,” Lundberg said today in an interview. Gasoline consumption.....Complete Story

"US Geological Survey Spies 'Promising' Hydrate Reserve in GOM"
A research team led by the U.S. Geological Survey in search of producible hydrate to add to the nation's energy portfolio has identified "the most promising" gas hydrate deposits yet in the Gulf of Mexico, according to a report by Reuters. Researched for years as a potential new energy source, gas hydrate is a combination of nearly pure methane and water frozen by low temperatures and high pressures in permafrost or beneath the sea, the report noted. Prolific throughout the world, gas hydrate has not been commercially viable since most finds have been too shallow to tap for production.....Complete Story

"OMV, Mol Buy 20% of Iraqi Gas Producer to Supply Fuel to Europe"
OMV AG, central Europe’s biggest oil company, and Hungary’s Mol Nyrt. bought a combined 20 percent of an Iraqi natural-gas producer in a cash-and-stake deal, as part of a plan to supply gas to Europe through the Nabucco pipeline. OMV will pay $350 million for a 10 percent stake in Pearl Petroleum, which holds the United Arab Emirates’ Dana Gas PJSC and Crescent Petroleum’s upstream interests in the Kurdistan region of Iraq, the companies said in a statement today. Mol will own 10 percent of Pearl in exchange for Dana and Crescent each becoming 3 percent shareholders in the Hungarian refiner.....Complete Story


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