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Cheaper oil forces South Africa to rework biofuels subsidy

By Wendell Roelf CAPE TOWN (Reuters) – South Africa’s biofuels funding incentive is being revamped over concerns that it is unaffordable after a halving of global crude oil prices over the past year, officials said on Tuesday. A net importer of crude, Africa’s most advanced economy wants biofuels initially to meet 2 percent, or around 400 million litres, of the country’s annual fuel consumption to wean itself off oil imports

6 Reasons Gas Prices Could Fall Below $2 a Gallon

Patrick Dehaan, senior petroleum analyst at Gas Buddy, has looked at the key factors that are pushing prices lower. The anticipation of Iranian oil hitting the markets has added to the drop in oil and gas prices. Once Iran is able to sell its oil freely, the country will start unloading the roughly 20 million barrels it has in storage.

6 Reasons Gas Prices Could Fall Below $2 a Gallon

Patrick Dehaan, senior petroleum analyst at Gas Buddy, has looked at the key factors that are pushing prices lower. The anticipation of Iranian oil hitting the markets has added to the drop in oil and gas prices. Once Iran is able to sell its oil freely, the country will start unloading the roughly 20 million barrels it has in storage.