Reasonable prices still available to drivers in GPNW, mainly due to big refiners operating here.

Krinksylvania is the locale of three or four of the biggest refinery owners in the country.

Then again we have been favored by our proximity to Alaska's Prudhoe bay tankers, and

'oil by rail' from the Dakotas. Read cheap oil. The US is now an exporter of crude oil.

$2.35 a gal in Keyser WV with Weis market discount....

And now Donald the Chump throws in on oil, and adds his opinion. As if his knowledge is the penultimate truth that saves us all from those Arabs. Yep Donnie, you're right it is those fuckers at OPEC, greedy bastards!

Here we go, Trump opines on crude's 'ultra high' price. (Maybe he has inside knowledge?)

https://www.marketwatch.com/story/why-trump-is-tweeting-about-opec-and-what-he-can-do-about-oil-prices-2018-04-20

Oh yeah he does have a solution to the 'problem' as he sees it. Go ahead, we'll wait...

We just might see MOAR PHRACKING sooner than ya think. Why? Why the "Fat Slob's" actions to isolate Iran, and punish them for the 'bad deal' they negotiated  with our western allies, most of our NATO friends, and India, China, Japan and a few others. But no amount of begging, or pleading with Trump would change his mind. Most of America's friends decided to continue with the Irandeal, and say aaaa'afuck Trump!"

Good! But not to worry yet, because we've still got plenty of oil!

e348;blows:765...lkon

EIA reports first weekly fall in U.S. crude stocks in 3 weeks

AFP/Getty Images

Pump jacks on the Bakken Shale Formation, near Williston, N.D.

By

MyraP. Saefong

Markets/commodities reporter

 

SaraSjolin

Markets reporter

 

Oil futures jumped nearly 3% on Wednesday, notching another 3 1/2-year high, buoyed by expectations that the U.S. decision to pull out of the Iran nuclear deal and reimpose sanctions will disrupt the flow of crude in the Middle East.

Adding to bullish sentiment, a government report released Wednesday revealed the first decline in U.S. crude supplies in three weeks.

June West Texas Intermediate crude oil CLM8, +0.77% rallied $2.08, or 3%, to settle at $71.14 a barrel on the New York Mercantile Exchangethe highest for a front-month contract November 2014. The days percentage gain was the largest such rise since April 10, according to FactSet data.

International benchmark July Brent crude LCON8, +0.73% climbed $2.36, or nearly 3.2%, to $77.21 a barrel on ICE Futures Europe, also ending at a level last seen in November 2014.

Crude prices have swung wildly in recent days, as investors anticipated U.S. President Donald Trumps decision on Iran. On Tuesday, Trump said the U.S. will withdraw from the 2015 nuclear deal and reimpose the highest level of economic sanctions against the country.

The deal between Iran and a group of world powers lifted most international sanctions on Tehran including by the U.S. in return for its agreement to curb its nuclear activities. Fresh sanctions on the Middle Eastern nation could curb its oil exports and lead to a tighter global oil supply.

Read: Risk of war between Iran and Israel has risen markedly after Trumps decision to scrap nuclear deal

 

Will Trump's Iran Bet Pay Off ? Oil futures started sliding in the U.S. late Monday, and they fell as much as 4% Tuesday morning before Trump announced his decision to abandon the nuclear pact. Crude clawed back some of its decline after the announcement, to settle 2.4% lower.

Read: Why oil prices didnt rally after Trump announced powerful Iran sanctions

In the big picture, it is still unclear what impact the U.S. decision will have on oil markets. While the U.S. is due to impose new sanctions as it attempts to broker a new deal with Iran, the other nations in the accord (U.K., France, Germany, Russia, China) have not displayed the same intentions, said Andreas Georgiou, investment analyst at XM, in a note.

If these nations, as well as Iran itself, choose to remain in the deal, then a unilateral withdrawal from the U.S. is likely to be much less impactful, particularly so because the U.S. does not import oil from Iran, he added.

Saudi Arabia has pledged to help stabilize global oil markets in the wake of the U.S. decision on Iran.

But dont expect to see any immediate change of course from Saudi Arabia, Russia and their allies in the production-cut agreement, as they test consumers tolerance for higher oil prices, analysts at S&P Global Platts said in a report Wednesday.

Data from S&P Global Platts also show that China, India and South Korea are the largest importers of Iranian oil.

It is entirely possible that President Trump will tie some of the sanctions or relief from them to his trade policy, said James Williams, energy economist at WTRG Economics.

When it is all over the drop in exports will likely not exceed 500,000 b/d and may be closer to 400,000 b/d, he said. But it is important to keep in mind that at the current price of crude, the U.S. production will increase by 400,000 b/d in just four months.

U.S. supply decline

Helping fuel the rebound in oil prices, the U.S. Energy Information Administration reported Wednesday that crude supplies fell by 2.2 million barrels for the week ended May 4, following back-to-back weekly increases. Analysts surveyed by S&P Global Platts had forecast a decline of 400,000 barrels, while the American Petroleum Institute on Tuesday reported fall of nearly 1.9 million barrels, according to sources.

Gasoline stockpiles also declined by 2.2 million barrels for the week, while distillate stockpiles dropped 3.8 million barrels, according to the EIA. The S&P Global Platts survey forecast supply declines 600,000 barrels for gasoline and 1.9 million barrels for distillates stockpiles.

Read: Heres what sanctions on Iran could do to global oil supply and prices

On Nymex, June gasoline RBM8, +0.42% rose 2.7% to $2.167 a gallonthe highest finish since October 2014, while June heating oil HOM8, +0.51% jumped 2.8% to $2.218 a gallon, notching its highest settlement since February 2015.

June natural gas NGM18, -0.33%  added 0.2% to $2.737 per million British thermal units.

Barbara Kollmeyer and Kevin Kingsbury contributed to this article