Energy In-depth: U.S. pump prices hit $2 a gallon for first time in 2016

Editor’s note: Each Friday, Talk Business & Politics provides “Energy In-depth,” a round-up of energy and regulatory news.

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U.S. PUMP PRICES HIT $2 A GALLON FOR FIRST TIME IN 2016

Average U.S. pump prices climbed above $2 per gallon for the first time this year on Thursday due to seasonal increases in fuel demand and reduced production as some refineries conduct maintenance, according to AAA. The average price of $2.01 a gallon for regular unleaded on March 23 is the highest daily mark since January, and drivers are paying eight cents more per gallon than a week ago and 30 cents more per gallon than a month ago.

Despite retail averages rising, consumers continue to benefit from yearly savings and prices remain 41 cents per gallon cheaper than a year ago. Current gasoline prices in Arkansas are averaging $1.86 per gallon, the highest price seen since early December.

‘SHALE REVOLUTION’ HAS MADE U.S. GEOPOLITICAL POWER AGAIN IN GLOBAL OIL, GAS BUSINESS

On March 22, the Hudson Institute hosted a conference examining how U.S. oil and natural gas exports have reshaped the balance of global energy power. Congressman Mike Pompeo of Kansas, a senior member of the House Committee on Energy and Commerce, discussed the geopolitics of energy and the outlook on Capitol Hill for expanding American global energy leadership through hydraulic fracturing.

Manhattan Institute Senior Fellow Mark P. Mills keynoted the conference, and four distinguished panels of experts addressed the impact of the American shale revolution in different world regions. To view the panel discussion, click here.

LOCKHEED MARTIN JUMPS INTO THE ENERGY BUSINESS

Lockheed Martin has combined its energy products and technologies into a single commercial line of business to be known as Lockheed Martin Energy. With technologies and products previously aligned in separate business areas across Lockheed Martin, the new, integrated business now offers a comprehensive line of energy solutions, including energy management and storage, nuclear systems, bioenergy and renewable ocean technologies.

Building on expertise developed for defense and intelligence markets, Lockheed Martin Energy will also apply advanced cyber-security architectures throughout its energy offerings, officials said. The integration of the energy business began in the summer of 2015.