LAS VEGAS — The gas market in the U.S. has been the subject of a bit of a stir this week, with gas prices rising to a record level this week.
Gas futures for January delivery rose to a 12-month high of $3.07 per million British thermal units (MMMBtu) Thursday, according to the U,S.
Energy Information Administration (EIA).
That’s up a full 2.4% from the same time last year, but still well below the record of $5.25 a million MMMBtu that was set in October.
That puts the average price for a 1,000-barrel-a-day (bpd) gas station at $4.18 a million, which is a 12.7% increase over this time last month.
Gasoline prices are up by almost 8% over the past 12 months, to a whopping $4 a gallon.
The average price of a gallon of gasoline has more than doubled since 2014.
Gas prices were higher last month than they were in early 2017, and they were already at a record high in early February, when prices hit a record $5 a gallon in Texas.
But gas prices were much lower in the first quarter of 2018, and gas prices are still higher today than they’ve been in nearly two decades.
Gas is the main reason gas prices in the US have been rising, which means people are using more gas, which leads to higher prices.
But there are other factors that can also lead to gas prices going higher, including rising energy prices, a supply glut and geopolitical tensions.
“There’s nothing I can really say right now about what’s driving the gas market,” said Scott Anderson, an energy analyst at Energy Information Management (Eiem) in Washington.
“It’s very much a cyclical phenomenon.
And it’s driven by supply and demand.”
Gas is typically used to fuel the combustion engine and cars, but it’s also a major source of greenhouse gases that are responsible for global warming.
That’s why the Environmental Protection Agency (EPA) recently issued a draft rule that would require the U the U S to limit methane emissions from existing gas facilities to 30% below 1990 levels by 2025.
The U.N. Environment Program estimates that methane emissions in the United States have reached over 30 trillion cubic feet of natural gas equivalent, which includes methane from drilling and production.
That would mean that nearly half of the nation’s oil and gas reserves could be lost to natural gas extraction.
But the EPA says that this is not a real threat, since many of the facilities it identifies would likely be closed in the future if the rules are enforced.
There are several potential solutions to reducing methane emissions, including lowering emissions in existing infrastructure and developing alternative technologies.
But it’s a challenge that the EPA has not yet identified.
The EPA also is looking at how to better manage natural gas production and delivery, but there are no plans to change existing policies or regulations, which are largely driven by political pressure from the fossil fuel industry.
The agency is also looking at ways to develop technologies to capture natural gas, but those are not likely to be ready in time to reduce methane emissions significantly.
The oil and natural gas industry has also taken advantage of the price spikes this week to lobby the EPA to delay new regulations, according of a report in The New York Times.
A number of lobbyists have contacted the EPA about the need to delay the regulations, the Times said, citing two current and former employees of the agency.
The price spike came on top of a number of other factors, including the global financial crisis and the US. government’s attempt to ease regulations on methane emissions.
The EPA was forced to take drastic measures to regulate methane emissions as part of the Dodd-Frank Act, which was signed into law by President Donald Trump.
The regulations included rules on methane leaks and methane emissions controls.
The latest spikes in gas prices come as the U is on the brink of a potentially disastrous oil spill in the Gulf of Mexico.
The Department of Energy has already announced a new drill pad in the area of the spill that is scheduled to start operating next month.