Gas Prices on the Rise but Demand Slowing in the U.S. - kcentv.com - KCEN HD - Waco, Temple, and Killeen

Gas Prices on the Rise but Demand Slowing in the U.S.

Posted: Updated:
(CNN) -- While violence in Iraq may squeeze drivers' wallets this summer, the U.S. is headed for a gas glut over the next few years as demand slows.

Despite rising slightly last year U.S. gas demand will decline by about 1% a year for the rest of the decade, according to the International Energy Agency.


"Tightening fuel efficiency standards for automobiles, and changing consumer preferences look set to send U.S. gasoline demand back on the declining course on which it embarked in 2007," the Paris-based agency said in its latest forecast published Tuesday.

U.S. demand for gas alone accounts for about 10% of world oil consumption, and the decline will coincide with more ample supply, according to the IEA.

The U.S. energy boom is boosting output of oil that is rich in gasoline at a time when refineries are under pressure to produce more diesel and jet fuel amid an increase in industrial activity and air travel.

But the refineries still have to sell the gas produced from processing each barrel, and will be looking for markets to soak up that surplus.

The IEA estimates that North America could swing from being a small net importer of gas to exporting 1.3 million barrels per day in 2019.

Globally, the growth in world oil demand is expected to peak in 2015 and 2016, before slowing toward the end of the decade, IEA said.

Meanwhile, Iraq is the wild card.

Oil prices rose by about $4 a barrel last week as an offensive by Islamic militants in northern Iraq raised fears about exports from OPEC's second-biggest producer.

And that could translate into higher gas prices for U.S. consumers during the peak summer driving season.

The IEA also acknowledged that the recent surge in violence in Iraq meant there was "significant downside risk" to its forecast for OPEC oil production over the next few years.
  • Latest NewsMore>>

  • Statutory Rape Victim Forced to Pay Child Support

    Statutory Rape Victim Forced to Pay Child Support

    Tuesday, September 2 2014 5:31 PM EDT2014-09-02 21:31:25 GMT
    Nick Olivas became a father at 14, a fact he wouldn't learn for eight years.While in high school, Olivas had sex with a 20-year-old woman. As he sees it now, she took advantage of a lonely kid going through a rough patch at home.State law says a child younger than 15 cannot consent with an adult under any circumstance, making Olivas a rape victim. But Olivas didn't press charges and says he didn't realize at the time that it was even something to consider.The two went th...More >>
    Nick Olivas became a father at 14, a fact he wouldn't learn for eight years.While in high school, Olivas had sex with a 20-year-old woman. As he sees it now, she took advantage of a lonely kid going through a rough patch at home.State law says a child younger than 15 cannot consent with an adult under any circumstance, making Olivas a rape victim. But Olivas didn't press charges and says he didn't realize at the time that it was even something to consider.The two went th...More >>
  • Hewitt Woman's Body Found Days After Crash in Falls County

    Hewitt Woman's Body Found Days After Crash in Falls County

    Tuesday, September 2 2014 4:39 PM EDT2014-09-02 20:39:15 GMT
    A Hewitt woman's body was found Monday night in Falls County, four days after she crashed her car, a Department of Public Safety spokesman said Tuesday.More >>
    A Hewitt woman's body was found Monday night in Falls County, four days after she crashed her car, a Department of Public Safety spokesman said Tuesday.More >>
  • Home Depot's Credit Cards May Have Been Hacked

    Home Depot's Credit Cards May Have Been Hacked

    Tuesday, September 2 2014 4:28 PM EDT2014-09-02 20:28:28 GMT
    (USA Today) -- A massive batch of credit and debit card information that went on sale on a criminal Internet site Tuesday may be from Home Depot stores and could be linked to hackers responsible for breaches at Target and P.F. Chang's, security experts say.The credit card information was offered for sale Tuesday on an underground site that traffics in stolen financial information, journalist Brian Krebs reported on his blog,Krebsonsecurity.com.The breach could have begun in late April or earl...More >>
    (USA Today) -- A massive batch of credit and debit card information that went on sale on a criminal Internet site Tuesday may be from Home Depot stores and could be linked to hackers responsible for breaches at Target and P.F. Chang's, security experts say.The credit card information was offered for sale Tuesday on an underground site that traffics in stolen financial information, journalist Brian Krebs reported on his blog,Krebsonsecurity.com.The breach could have begun in late April or earl...More >>
Click for Local Doppler Radar
Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and KCEN. All Rights Reserved. Users of this site agree to the Terms of Service, Privacy Notice/Your California Privacy Rights, and Ad Choices.