The thinly traded holiday gasoline market bottomed out on December 24th with a NYMEX low of $1.2352 per gallon. Here we are a few days into the New Year trading at a high of $1.4146. Here’s what happened to push prices higher.
On September 17th I wrote about "Relief at the Pumps," talking about lower gas prices are on the way. Since then retail gas prices have moved higher. In Pittsburgh, PA 87 grade Unleaded gasoline prices are now averaging $3.15 per gallon with a high of $3.239.
The U.S. typically sees a drop in gasoline prices as demand begins to tail off at the end of the summer travel season. This year is breaking the trend with gasoline prices sitting at their highest for the season since 2014, due in large part to the global oil price rally. AAA reports that the national price average was at $2.867 as of Wednesday, September 26th. Gasoline prices were 27 cents higher per gallon than they were at the same time last year, and this backwards trend could continue into the fall and winter seasons.
One third of all food produced around the world gets discarded uneaten, and environmentalists, energy analysts and entrepreneurs are beginning to take notice. With the untapped potential for generating energy, researchers have begun to notice food waste as a way of powering vehicles. Waste-to-energy (WTE) is quickly becoming one of the fastest growing segments of the energy sector. Navigant Research, which produced the 2012 report “Waste-to-Energy Technology Markets, which analyzes the global market opportunity for WTE, expects waste-to-energy to grow from its current market size of $6.2 billion to $29.2 billion by 2022."