Fuel Prices Continue To Climb

Despite oil prices holding or even slipping, fuel prices continue to move higher across the United States, a trend that started in late December.  West Texas crude traded lower in Monday’s action, down by a little more than 1%, coming in at $77 per barrel.  But gasoline and diesel prices continue to climb, and there’s no indication at this point when the trend will stop.

New data from the Energy Department shows regular unleaded in the U.S. increased seven cents this week to $3.48 per gallon.  That figure is 12 cents higher than what consumers were paying a year ago.  The Rocky Mountain Region has seen prices go up 11 cents in the past week.

And something that will no doubt impact oil and fuel prices in the coming years, Saudi Arabia announced Monday it will spend some $270 billion on low-carbon energy projects by 2030.

“We are determined to be the leading exporter of hydrogen, as well as to provide clean hydrogen for local uses in heavy industries to produce green products such as green steel, green aluminum, fertilizers, and others at competitive prices,” said Energy Minister Abdulaziz bin Salman bin.

The ultimate goal for the kingdom, the energy minister said, become an electricity exporter.

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