Kansas Common crude at CHS in McPherson dropped $1.25 on Friday. It starts the week Monday at $44.50 per barrel. That's down $3.25 from a week ago and $6.75/bbl lower than at the start of the year.

The free-fall in crude prices continued Monday, with the benchmark U.S. futures contract dropping more than two percent for the fourth consecutive trading session.  In late morning trading, the near-month contract for WTI on the Nymex was down $1.52 to $52.67 per barrel.  London Brent was off more than three percent, down $1.84 to $58.85. The international benchmark dropped below $60 a barrel for the first time since mid-October.

At least one international energy banker indicates the outbreak of China's coronavirus could hurt energy demand.  MarketWatch cites a note to clients of Commerzbank: “The virus is fueling fears of a cooling of oil demand, which would mean that the global oil market would be oversupplied to an even greater extent if no further measures are taken to reduce supply.” 

Regulators granted permits for drilling at eleven new locations across the state last week, four of them east of Wichita and seven in Western Kansas. That's 38 new permits so far this year.

Independent Oil &amp; Gas reports 29 newly-completed wells across the state, 57 so far this year. There were eight new completions in eastern Kansas, and 21 in the western half of the state, including one in Russell County and two in Stafford County.

The weekly rig count from Independent Oil &amp; Gas Service was down one to eight rigs in eastern Kansas, and up two to 15 rigs west of Wichita. The total is 18% lower than a month ago and 30% lower than a year ago at this time.  Drilling was underway on one lease in Russell County.

Baker Hughes reports 796 active drilling rigs across the U.S., an increase of 14 oil rigs and one seeking natural gas.  The count in Texas was up five rigs, while New Mexico and North Dakota were each up three.  Canada reported 244 active drilling rigs, up 41 from a week ago.

Oil-by-rail in the U.S. continues to show increases over the same period a year ago, despite a broad downturn in freight-train traffic.  The Association of American Railroads reports 14,303 tanker cars moved petroleum and petroleum products during the week ending January 11. That's up 2.8% from the same week of 2019. Canada reports a 12.9% increase.

Top executives of the world's largest oil companies debated some surprising anti-pollution goals at the recent World Economic Forum, including the possibility of targeting not just emissions from their own operations, but those produced by the fuels they sell.  Targeting so-called "Scope 3" emissions would be a big shift for an industry that accounts for the bulk of greenhouse gases. Several companies have already pledged reductions in Scope 1 and Scope 2 emissions, which come directly from pumping and refining operations. Yet these account for less than 10% of total emissions from the life cycle of oil and gas. Bloomberg lists Shell, Chevron, Total, Saudi Aramco and BP among those represented in the talks at the World Economic Forum. The panel took no action. 

Pirates off the Atlantic coast of West Africa are holding to a different strategy than their predecessors in Somalia nearly a decade ago.  Reporting by Lloyd's List indicates that Nigerian pirates are maximizing returns by seeking to seize larger vessels in order to kidnap more crew members.  Insurers are paying ransoms of between $30,000 and $50,000 dollars per crew member. A specialist tells Lloyds' that pirates in the Gulf of Guinea are at greater risk of discovery by the military or other gangs, and that limits the amount of time the crew can be held. Stephen Askins says the pirates have no desire to hold hijacked vessels, and without immediate access to the crew, they leave. During an earlier peak in piracy eight years ago, hijacked ships and crew were held hostage for months, even years, off the coast of Somalia before their release was negotiated and a multi-million dollar ransom was paid.

<figure>
 <img src="https://media.eaglewebservices.com/public/2019/11/1574803826328.jpeg" alt=" " />
 <figcaption> </figcaption>
 </figure><figure>
 <img src="https://media.eaglewebservices.com/public/2019/12/1577125598039.jpeg" alt=" " />
 <figcaption> </figcaption>
 </figure><figure>
 <img src="https://media.eaglewebservices.com/public/2019/12/1577125567823.jpeg" alt=" " />
 <figcaption> </figcaption>
 </figure>News from the Oil Patch, Jan. 27John P. TretbarKansas Common crude at CHS in McPherson dropped $1.25 on Friday. It starts the week Monday at $44.50 per barrel. That's down $3.25 from a week ago and $6.75/bbl lower than at the start of the year.The free-fall in crude prices continued Monday, with the benchmark U.S. futures contract dropping more than two percent for the fourth consecutive trading session. In late morning trading, the near-month contract for WTI on the Nymex was down $1.52 to $52.67 per barrel. London Brent was off more than three percent, down $1.84 to $58.85. The international benchmark dropped below $60 a barrel for the first time since mid-October.At least one international energy banker indicates the outbreak of China's coronavirus could hurt energy demand. MarketWatch cites a note to clients of Commerzbank: “The virus is fueling fears of a cooling of oil demand, which would mean that the global oil market would be oversupplied to an even greater extent if no further measures are taken to reduce supply.” Regulators granted permits for drilling at eleven new locations across the state last week, four of them east of Wichita and seven in Western Kansas. That's 38 new permits so far this year.Independent Oil &amp; Gas reports 29 newly-completed wells across the state, 57 so far this year. There were eight new completions in eastern Kansas, and 21 in the western half of the state, including one in Russell County and two in Stafford County.The weekly rig count from Independent Oil &amp; Gas Service was down one to eight rigs in eastern Kansas, and up two to 15 rigs west of Wichita. The total is 18% lower than a month ago and 30% lower than a year ago at this time. Drilling was underway on one lease in Russell County.Baker Hughes reports 796 active drilling rigs across the U.S., an increase of 14 oil rigs and one seeking natural gas. The count in Texas was up five rigs, while New Mexico and North Dakota were each up three. Canada reported 244 active drilling rigs, up 41 from a week ago.Oil-by-rail in the U.S. continues to show increases over the same period a year ago, despite a broad downturn in freight-train traffic. The Association of American Railroads reports 14,303 tanker cars moved petroleum and petroleum products during the week ending January 11. That's up 2.8% from the same week of 2019. Canada reports a 12.9% increase.Top executives of the world's largest oil companies debated some surprising anti-pollution goals at the recent World Economic Forum, including the possibility of targeting not just emissions from their own operations, but those produced by the fuels they sell. Targeting so-called "Scope 3" emissions would be a big shift for an industry that accounts for the bulk of greenhouse gases. Several companies have already pledged reductions in Scope 1 and Scope 2 emissions, which come directly from pumping and refining operations. Yet these account for less than 10% of total emissions from the life cycle of oil and gas. Bloomberg lists Shell, Chevron, Total, Saudi Aramco and BP among those represented in the talks at the World Economic Forum. The panel took no action. Pirates off the Atlantic coast of West Africa are holding to a different strategy than their predecessors in Somalia nearly a decade ago. Reporting by Lloyd's List indicates that Nigerian pirates are maximizing returns by seeking to seize larger vessels in order to kidnap more crew members. Insurers are paying ransoms of between $30,000 and $50,000 dollars per crew member. A specialist tells Lloyds' that pirates in the Gulf of Guinea are at greater risk of discovery by the military or other gangs, and that limits the amount of time the crew can be held. Stephen Askins says the pirates have no desire to hold hijacked vessels, and without immediate access to the crew, they leave. During an earlier peak in piracy eight years ago, hijacked ships and crew were held hostage for months, even years, off the coast of Somalia before their release was negotiated and a multi-million dollar ransom was paid.

News From The Oil Patch (1/27

Kansas Common crude at CHS in McPherson starts the week at $49.25 per barrel, after dropping fifty cents on Friday.

The
 government reported an increase in crude inventories that pressed on 
U.S. prices. Inventories increased last week to 431.1 million barrels, a
 jump of 1.2 million barrels. The Energy Information Administration says
 that's equal to the five-year average for this time of year. &nbsp;

The
 government reported a slight dip in U.S. crude production last week, 
but it's still the third highest weekly tally ever.&nbsp; EIA says U.S. 
operators pumped 12.883 million barrels per day for the week ending 
January 3. That brings the four-week average to 12.858 million barrels 
per day.&nbsp; That's nearly 11 percent higher than the same four-week 
average a year ago.

The Kansas rig count from Independent Oil 
&amp; Gas Service shows a four percent drop from a week ago, a 24% drop 
from a month ago, and a 41% drop from a year ago.&nbsp; There are currently 
22 active rigs in Kansas, 13 of those in Western Kansas, which is down 
three.

Baker Hughes reported 781 active rigs nationwide, a 
decline of 11 oil rigs and four seeking natural gas. The count in Texas 
was down seven rigs. Canada reported a big seasonal increase, up 118 to 
203 active rigs.

Independent Oil &amp; Gas Service reports just 
two new well completions across Kansas last week. Both of them were dry 
holes: one in Osage County, and one in Rawlins County. Kansas regulators
 approved the first 27 new drilling permits of the year including one 
new permit in Barton County.

A report from the Kansas City 
Federal Reserve Bank shows oil and gas activity in the U.S. 10th 
District dropped in the fourth quarter, and expectations for future 
activity continued to decline. The Fed's quarterly energy survey showed a
 significant decrease in drilling and business activity, but a slight 
improvement in revenues, wages and benefits. The 10th District includes 
Kansas, Oklahoma, Colorado, Nebraska, Wyoming, western Missouri and 
northern New Mexico.&nbsp; Firms in the district said they'd need to see 
average crude prices of $65 a barrel for substantial increases in 
drilling to occur.

U.S. Oil-by-rail starts the year more than 
eight percent higher than last year. The Association of American 
Railroads reports more than 13-thousand tanker cars moving petroleum and
 petroleum products for the week ended January 4.&nbsp; Total U.S. freight 
train traffic was down five percent.&nbsp; Oil-by-rail in Canada was up 
nearly nine percent over a year earlier.

The Dallas Morning News 
has joined a rising chorus in the Lone Star State, urging producers 
there to throttle back the state's oil and gas production. Texas is now 
the center of history’s biggest oil and gas boom, but the newspaper 
reports in an editorial that regulators may need to slow production 
slightly. One reason is the growing practice of burning off or "flaring"
 natural gas produced at oil wells, a practice that is growing in the 
absence of pipeline takeaway capacity. Texas alone now flares more gas 
than many states consume. The flaring can be seen from space, with 
nighttime satellite pictures making the Permian Basin look like Texas’s 
biggest metropolis.

Apache Corp. will close its San Antonio 
office and lay off 272 employees. That's according to a document filed 
with the Texas Workforce Commission cited in the San Antonio Express 
News. The notice says the company will begin shutting down the regional 
office March 6. Apache was one of three Texas oil-and-gas firms 
announcing a total of nearly 600 layoffs last week, on the heels of 
Occidental Petroleum's big staff reduction announced earlier.

Saudi
 Aramco has exercised its so-called "over-allotment option" to raise the
 size of its already record-breaking initial public offering. The Saudi 
Arabian state-owned oil monopoly said late last week it had issued an 
additional 450 million shares, raising the size of its IPO $3.8 billion 
to a total of $29.4 billion.

Russia’s crude oil and condensate 
output hit a post-Soviet high last year even as it curbed production 
under an agreement with OPEC. According to the Houston Chronicle and 
Bloomberg, 2019 marked the 11th consecutive year of output growth in 
Russia.&nbsp; Despite being one of the architects of the original "OPEC Plus"
 agreement in 2016, Moscow has a poor record of actually meeting its 
pledged output goals. The country consistently failed to meet its quota 
last year, overshooting its target in nine of the 12 months.



<figure>
 <img src="https://media.eaglewebservices.com/public/2019/11/1574803826328.jpeg" alt=" " />
 <figcaption> </figcaption>
 </figure>News from the Oil Patch, Jan. 13John P. TretbarKansas Common crude at CHS in McPherson starts the week at $49.25 per barrel, after dropping fifty cents on Friday.The
 government reported an increase in crude inventories that pressed on 
U.S. prices. Inventories increased last week to 431.1 million barrels, a
 jump of 1.2 million barrels. The Energy Information Administration says
 that's equal to the five-year average for this time of year. &nbsp;The
 government reported a slight dip in U.S. crude production last week, 
but it's still the third highest weekly tally ever.&nbsp; EIA says U.S. 
operators pumped 12.883 million barrels per day for the week ending 
January 3. That brings the four-week average to 12.858 million barrels 
per day.&nbsp; That's nearly 11 percent higher than the same four-week 
average a year ago.The Kansas rig count from Independent Oil 
&amp; Gas Service shows a four percent drop from a week ago, a 24% drop 
from a month ago, and a 41% drop from a year ago.&nbsp; There are currently 
22 active rigs in Kansas, 13 of those in Western Kansas, which is down 
three.Baker Hughes reported 781 active rigs nationwide, a 
decline of 11 oil rigs and four seeking natural gas. The count in Texas 
was down seven rigs. Canada reported a big seasonal increase, up 118 to 
203 active rigs.Independent Oil &amp; Gas Service reports just 
two new well completions across Kansas last week. Both of them were dry 
holes: one in Osage County, and one in Rawlins County. Kansas regulators
 approved the first 27 new drilling permits of the year including one 
new permit in Barton County.A report from the Kansas City 
Federal Reserve Bank shows oil and gas activity in the U.S. 10th 
District dropped in the fourth quarter, and expectations for future 
activity continued to decline. The Fed's quarterly energy survey showed a
 significant decrease in drilling and business activity, but a slight 
improvement in revenues, wages and benefits. The 10th District includes 
Kansas, Oklahoma, Colorado, Nebraska, Wyoming, western Missouri and 
northern New Mexico.&nbsp; Firms in the district said they'd need to see 
average crude prices of $65 a barrel for substantial increases in 
drilling to occur.U.S. Oil-by-rail starts the year more than 
eight percent higher than last year. The Association of American 
Railroads reports more than 13-thousand tanker cars moving petroleum and
 petroleum products for the week ended January 4.&nbsp; Total U.S. freight 
train traffic was down five percent.&nbsp; Oil-by-rail in Canada was up 
nearly nine percent over a year earlier.The Dallas Morning News 
has joined a rising chorus in the Lone Star State, urging producers 
there to throttle back the state's oil and gas production. Texas is now 
the center of history’s biggest oil and gas boom, but the newspaper 
reports in an editorial that regulators may need to slow production 
slightly. One reason is the growing practice of burning off or "flaring"
 natural gas produced at oil wells, a practice that is growing in the 
absence of pipeline takeaway capacity. Texas alone now flares more gas 
than many states consume. The flaring can be seen from space, with 
nighttime satellite pictures making the Permian Basin look like Texas’s 
biggest metropolis.Apache Corp. will close its San Antonio 
office and lay off 272 employees. That's according to a document filed 
with the Texas Workforce Commission cited in the San Antonio Express 
News. The notice says the company will begin shutting down the regional 
office March 6. Apache was one of three Texas oil-and-gas firms 
announcing a total of nearly 600 layoffs last week, on the heels of 
Occidental Petroleum's big staff reduction announced earlier.Saudi
 Aramco has exercised its so-called "over-allotment option" to raise the
 size of its already record-breaking initial public offering. The Saudi 
Arabian state-owned oil monopoly said late last week it had issued an 
additional 450 million shares, raising the size of its IPO $3.8 billion 
to a total of $29.4 billion.Russia’s crude oil and condensate 
output hit a post-Soviet high last year even as it curbed production 
under an agreement with OPEC. According to the Houston Chronicle and 
Bloomberg, 2019 marked the 11th consecutive year of output growth in 
Russia.&nbsp; Despite being one of the architects of the original "OPEC Plus"
 agreement in 2016, Moscow has a poor record of actually meeting its 
pledged output goals. The country consistently failed to meet its quota 
last year, overshooting its target in nine of the 12 months.

News From the Oil Patch (1/14

Kansas Common crude
at CHS in McPherson starts the last full week of the year at $50.75
per barrel after dropping 75 cents a barrel on Friday.

Independent Oil &amp;
Gas Service reported a seasonal, 29% drop in its statewide rig count
last week. There are five active rigs east of Wichita, which is
unchanged, but the count in Western Kansas dropped by eight, to
fifteen active drilling rigs.

Baker Hughes
reported 813 active drilling rigs nationwide, an increase of 18 oil
rigs, all of them in Texas.  Canada reports 149 active rigs, down
four from the week before.

Regulators approved
27 new drilling permits last week.  Just two of them were in Western
Kansas. That's 1,076 permits for drilling at new locations so far
this year.

Independent Oil &amp;
Gas Service reported 22 new well completions last week, which makes
1,379 so far this year. There are six newly completed wells in
eastern Kansas, and 16 west of Wichita including one in Ellis County
and one in Russell County.

The government
reported U.S. crude oil inventories were down 1.1 million barrels
during the week ending December 13 compared to the week before. At
446.8 million barrels, stockpiles are about 4% above the five year
average for this time of year.

The Energy
Information Administration (EIA) predicts production growth will
continue to increase slightly in U.S. shale formations in December
and January.&nbsp; EIA now predicts shale production of 9.1 million
barrels per day in December and 9.13 million barrels per day in
January. EIA reports U.S. crude oil production of 12.781 million
barrels per day last week. That's down slightly from the week before,
when we produced 12.788 million barrels per day.

EIA reports U.S.
imports are down by more than 300,000 barrels per day at 6.6 million
barrels per day.&nbsp; The four week average of 6.4 million barrels
per day is down more than 15% from the same period a year ago.

Oil-by-rail traffic
in the U.S. increased slightly last week, amid a broad downturn in
total freight-train traffic. Total traffic was down 8.5% during the
week ended December 14, but oil-by-rail was up seven tenths of a
percent from the same week a year ago. According to the Association
of American Railroads, operators moved 13,643 petroleum tanker cars
last week. The cumulative, year-to-date total is up more than 12%
from a year ago.  Canada oil-by-rail traffic is up 5.6% [["five
point six percent"]] from the same week a year ago, and up
sixteen percent year-to-date

Air-quality
regulators in Colorado approved tougher statewide oil and gas
regulations ending a disparity between areas in the western half of
the state. The new regs strengthen requirements for reducing
emissions from storage tanks, require annual emission reports, and
mandate more frequent inspections for leaks at facilities near homes,
schools and other public facilities. Some industry officials argued
that the new rules will make operating some low-producing wells
uneconomical.

A major pipeline
operator is suing the Texas Railroad Commission, the state agency
that regulates oil and gas drilling, alleging that it has blatantly
disregarded longstanding state law that restricts the controversial
and growing practice of the burning off, or "flaring," of
natural gas. The lawsuit is the latest development in a
first-of-its-kind dispute between Williams Companies and Exco
Operating Company. In December 2017, Exco asked the Railroad
Commission for permission to burn off excess gas from dozens of oil
wells and later asked for a two-year extension of that authority. The
request was unusual because the wells were already connected to a
pipeline gathering system owned by Williams that's capable of
transporting the gas to market. Exco emerged from bankruptcy in July,
and said it couldn’t afford the pipeline rates.

North Dakota could
soon have a second carbon dioxide pipeline. State regulators are
considering permitting a pipeline in the southwest corner of the
state, connecting to old oil fields along the Montana-North Dakota
border. The line would carry a supply of carbon dioxide that Denbury
Resources plans to inject underground to squeeze out more oil in a
process known as enhanced oil recovery. Denbury aims to build its
pipeline in 2020 and begin injecting carbon dioxide in early 2021.

Gasoline is getting
cheaper, but not as cheap as it was last winter. The end of the year
historically ushers in some of the cheapest gas prices of the year.
This was true last year when the national gas price average was
recorded at $2.26 on December 31. But the latest forecast from
Triple-A shows prices dropping to between $2.40 and $2.45 per gallon,
15 to 20 cents more than last December.  Right now the national
average is just above $2.55 a gallon. A gallon of regular will cost
you an average of $2.27 a gallon across Kansas, and $2.15 or less in
Hays and Great Bend.  The price for your 15-gallon fill-up edged up a
few cents compared to last week but is still nearly five dollars
cheaper than six months ago.

China continues
record-breaking crude oil imports brought on by renewed hopes that
easing trade tensions with the U.S. will bolster the economy. China
imported an unprecedented 11.18 million barrels per day in November,
the most by any country ever. The previous monthly record for imports
was set by the U.S. in June of 2005. Bloomberg reports those numbers
should continue to rise into next year, as two new Chinese refineries
increase production runs and says a tax rebate will boost domestic
production of marine fuel.

Russia and Ukraine
have signed an agreement on the transit of Russian natural gas to
Europe, bringing forward the long-awaited renewal of a deal due to
expire at the end of the year. A stand-off between the two countries
had threatened to disrupt supplies to Europe December 31st. Ukraine
is a key transit route for Russian gas to Europe, an arrangement that
earns the nation some $3 billion each year.

<figure>
 <img src="https://media.eaglewebservices.com/public/2019/11/1574803826328.jpeg" alt="" />
 <figcaption></figcaption>
 </figure><figure>
 <img src="https://media.eaglewebservices.com/public/2019/12/1577125567823.jpeg" alt="" />
 <figcaption></figcaption>
 </figure><figure>
 <img src="https://media.eaglewebservices.com/public/2019/12/1577125598039.jpeg" alt="" />
 <figcaption></figcaption>
 </figure>News from the Oil Patch, Dec. 23John P. TretbarKansas Common crude
at CHS in McPherson starts the last full week of the year at $50.75
per barrel after dropping 75 cents a barrel on Friday.Independent Oil &amp;
Gas Service reported a seasonal, 29% drop in its statewide rig count
last week. There are five active rigs east of Wichita, which is
unchanged, but the count in Western Kansas dropped by eight, to
fifteen active drilling rigs.Baker Hughes
reported 813 active drilling rigs nationwide, an increase of 18 oil
rigs, all of them in Texas. Canada reports 149 active rigs, down
four from the week before.Regulators approved
27 new drilling permits last week. Just two of them were in Western
Kansas. That's 1,076 permits for drilling at new locations so far
this year.Independent Oil &amp;
Gas Service reported 22 new well completions last week, which makes
1,379 so far this year. There are six newly completed wells in
eastern Kansas, and 16 west of Wichita including one in Ellis County
and one in Russell County.The government
reported U.S. crude oil inventories were down 1.1 million barrels
during the week ending December 13 compared to the week before. At
446.8 million barrels, stockpiles are about 4% above the five year
average for this time of year.The Energy
Information Administration (EIA) predicts production growth will
continue to increase slightly in U.S. shale formations in December
and January.&nbsp; EIA now predicts shale production of 9.1 million
barrels per day in December and 9.13 million barrels per day in
January. EIA reports U.S. crude oil production of 12.781 million
barrels per day last week. That's down slightly from the week before,
when we produced 12.788 million barrels per day.EIA reports U.S.
imports are down by more than 300,000 barrels per day at 6.6 million
barrels per day.&nbsp; The four week average of 6.4 million barrels
per day is down more than 15% from the same period a year ago.Oil-by-rail traffic
in the U.S. increased slightly last week, amid a broad downturn in
total freight-train traffic. Total traffic was down 8.5% during the
week ended December 14, but oil-by-rail was up seven tenths of a
percent from the same week a year ago. According to the Association
of American Railroads, operators moved 13,643 petroleum tanker cars
last week. The cumulative, year-to-date total is up more than 12%
from a year ago. Canada oil-by-rail traffic is up 5.6% [["five
point six percent"]] from the same week a year ago, and up
sixteen percent year-to-dateAir-quality
regulators in Colorado approved tougher statewide oil and gas
regulations ending a disparity between areas in the western half of
the state. The new regs strengthen requirements for reducing
emissions from storage tanks, require annual emission reports, and
mandate more frequent inspections for leaks at facilities near homes,
schools and other public facilities. Some industry officials argued
that the new rules will make operating some low-producing wells
uneconomical.A major pipeline
operator is suing the Texas Railroad Commission, the state agency
that regulates oil and gas drilling, alleging that it has blatantly
disregarded longstanding state law that restricts the controversial
and growing practice of the burning off, or "flaring," of
natural gas. The lawsuit is the latest development in a
first-of-its-kind dispute between Williams Companies and Exco
Operating Company. In December 2017, Exco asked the Railroad
Commission for permission to burn off excess gas from dozens of oil
wells and later asked for a two-year extension of that authority. The
request was unusual because the wells were already connected to a
pipeline gathering system owned by Williams that's capable of
transporting the gas to market. Exco emerged from bankruptcy in July,
and said it couldn’t afford the pipeline rates.North Dakota could
soon have a second carbon dioxide pipeline. State regulators are
considering permitting a pipeline in the southwest corner of the
state, connecting to old oil fields along the Montana-North Dakota
border. The line would carry a supply of carbon dioxide that Denbury
Resources plans to inject underground to squeeze out more oil in a
process known as enhanced oil recovery. Denbury aims to build its
pipeline in 2020 and begin injecting carbon dioxide in early 2021.Gasoline is getting
cheaper, but not as cheap as it was last winter. The end of the year
historically ushers in some of the cheapest gas prices of the year.
This was true last year when the national gas price average was
recorded at $2.26 on December 31. But the latest forecast from
Triple-A shows prices dropping to between $2.40 and $2.45 per gallon,
15 to 20 cents more than last December. Right now the national
average is just above $2.55 a gallon. A gallon of regular will cost
you an average of $2.27 a gallon across Kansas, and $2.15 or less in
Hays and Great Bend. The price for your 15-gallon fill-up edged up a
few cents compared to last week but is still nearly five dollars
cheaper than six months ago.China continues
record-breaking crude oil imports brought on by renewed hopes that
easing trade tensions with the U.S. will bolster the economy. China
imported an unprecedented 11.18 million barrels per day in November,
the most by any country ever. The previous monthly record for imports
was set by the U.S. in June of 2005. Bloomberg reports those numbers
should continue to rise into next year, as two new Chinese refineries
increase production runs and says a tax rebate will boost domestic
production of marine fuel.Russia and Ukraine
have signed an agreement on the transit of Russian natural gas to
Europe, bringing forward the long-awaited renewal of a deal due to
expire at the end of the year. A stand-off between the two countries
had threatened to disrupt supplies to Europe December 31st. Ukraine
is a key transit route for Russian gas to Europe, an arrangement that
earns the nation some $3 billion each year.