US fuel prices rise amid Venezuela sanctions, higher oil prices
by John Siciliano
| February 28, 2019 03:49 PM
Gasoline and diesel prices are rising in the wake of the administration's sanctions on Venezuelan oil late last month, with the Trump administration saying it is ever-watchful of the rising price of crude oil.
The Energy Information Administration's most recent oil analysis released on Wednesday shows the average price of gasoline rising seven cents in the last week, with prices in the Midwest and East Coast exceeding the average by as much as three cents. The average price of diesel fuel crept up four cents, which is four cents higher than it was a year ago.
The price of oil is steadily rising for a variety of reasons, including the sanctioning of oil from Venezuela, which in turn is causing fuel prices to rise, Hannah Breul, EIA's lead petroleum analyst, told the Washington Examiner.
The agency's weekly oil analysis also shows that Canadian oil imports reached a new record high for refineries on the Gulf Coast, which are most impacted by the sanctions. Gulf Coast refineries supply a huge amount the nation's gasoline supply, from Louisiana to New York City, and have been optimized to use the heavier grade of crude oil from the South American OPEC member.
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https://www.washingtonexaminer.com/policy/energy/us-fuel-prices-rise-amid-venezuela-sanctions-higher-oil-prices