Why are gas prices so high?
Drivers on the coast are questioning why gas prices seem to have suddenly skyrocketed after hitting an average of $4.232 per gallon Wednesday throughout the state of California—45 cents higher than national average.
Just after Hawaii, California has become home to the nation's most expensive gas due to low supply and strict anti-pollution laws that require motorists to use costlier, cleaner blends of gasoline.
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New York, Connecticut and New Hampshire are also experiencing high prices for the year at a rate of 40 cents higher than the previous year. Prices in the Pacific Northwest are also above $4.
On the West Coast, another dramatic surge in prices over the next five days is expected before an eventual decline—a sign that Californians should lay low over the weekend to save a few bucks.
With the national average at $3.78 per gallon, prices have generally decreased since Labor Day for other states. Texas, the lower Midwest and parts of the South have the cheapest prices for gas at $3.50 to $3.614 per gallon.
While California experiences the decade's lowest inventory, the effects from Hurricane Isaac have further complicated the situation, disrupting refineries and deliveries of imported oil along the Gulf well into September. Over the summer, the price of oil rose 27 percent, but has dropped 11 percent since mid-September.
Analysts are hopeful that prices should come down by Thanksgiving, with the majority of the country seeing prices at $3.50 per gallon or less.
Hydrostor receives $4m funding for A-CAES facility in Canada
Hydrostor has received $4m funding to develop a 300-500MW Advanced Compressed Air Energy Storage (A-CAES) facility in Canada.
The funding will be used to complete essential engineering and planning, and enable Hydrostor to plan construction.
The project will be modeled on Hydrostor’s commercially operating Goderich storage facility, providing up to 12 hours of energy storage.
Hydrostor’s A-CAES system supports Canada’s green economic transition by designing, building, and operating emissions-free energy storage facilities, and employing people, suppliers, and technologies from the oil and gas sector.
The Honorable Seamus O’Regan, Jr. Minister of Natural Resources, said: “Investing in clean technology will lower emissions and increase our competitiveness. This is how we get to net zero by 2050.”
A-CAES has the potential to lower greenhouse gas emissions by enabling the transition to a cleaner and more flexible electricity grid. Specifically, the low-impact and cost-effective technology will reduce the use of fossil fuels and will provide reliable and bankable energy storage solutions for utilities and regulators, while integrating renewable energy for sustainable growth.
Curtis VanWalleghem, Hydrostor’s Chief Executive Officer, said: “We are grateful for the federal government’s support of our long duration energy storage solution that is critical to enabling the clean energy transition. This made-in-Canada solution, with the support of NRCan and Sustainable Development Technology Canada, is ready to be widely deployed within Canada and globally to lower electricity rates and decarbonize the electricity sector."
The Rosamond A-CAES 500MW Project is under advanced development and targeting a 2024 launch. It is designed to turn California’s growing solar and wind resources into on-demand peak capacity while allowing for closure of fossil fuel generating stations.
Hydrostor closed US$37 million (C$49 million) in growth financing in September 2019.