10 Million Barrels Of SPR Crude Going Up For Sale For November Delivery

10 Million Barrels Of SPR Crude Going Up For Sale For November Delivery

The target date for selling 180 million barrels of crude oil from the US Strategic Petroleum Reserve (SPR) appears to have been extended beyond October with the Department of Energy’s announcement on Monday that it would sell up to 10 million barrels for November delivery, Reuters reports. The 10-million-barrel sale will bring total sales to … Read more

Elon Musk Is Being Investigated Like a Mob Boss

Elon Musk Is Being Investigated Like a Mob Boss

The face of a man that has everything totally, completely, under controlPhoto: ANGELA WEISS/AFP (Getty Images) Elon Musk’s cryptocurrency woes are mounting, more countries are voicing their concern over Biden’s Inflation Reduction Actand Tesla is getting things moving in China. All that and more in The Morning Shift for Thursday, September 8, 2022. 1st Gear: … Read more

John Harwood exits CNN amid changes at the news channel

John Harwood exits CNN amid changes at the news channel

CNN White House correspondent John Harwood said he’s exiting the news channel, an abrupt departure that comes amid other CNN changes. “Today’s my last day at CNN,” Harwood said in a tweet posted Friday. He said he was proud of the work and called himself “lucky to serve the best in American media,” including stints … Read more

Biden urges Americans to reject ‘extreme ideology’ of Trump, MAGA adherents in Philadelphia speech

Biden urges Americans to reject ‘extreme ideology’ of Trump, MAGA adherents in Philadelphia speech

US President Joe Biden speaks outside Independence Hall, Thursday, Sept. 1, 2022, in Philadelphia.Matt Slocum/The Associated Press US President Joe Biden charged in a prime-time address Thursday that the “extreme ideology” of Donald Trump and his adherents “threatens the very foundation of our republic,” as he summoned Americans of all stripes to help counter what … Read more

Biden Administration Urges Refiners To Curb Fuel Exports

Biden Administration Urges Refiners To Curb Fuel Exports

The Biden Administration is urging American refiners to limit their fuel exports amid multi-year low domestic inventory levels, according to a letter US Energy Secretary Jennifer Granholm sent to seven big refiners obtained by The Wall Street Journal. US fuel exports have been rising in recent months as countries in Europe and some in South … Read more

US Strategic Petroleum Reserve Falls To 35-Year Low

US Strategic Petroleum Reserve Falls To 35-Year Low

The United States’ Strategic Petroleum Reserve (SPR) now has only 453.1 million barrels in its inventory, following another significant drop in the past week that puts the emergency reserve at a low not seen in three and a half decades, Reuters reportsciting the Department of Energy. In the week ending August 19th, the SPR saw … Read more

US Refiners Undeterred By Recession Fears

US Refiners Undeterred By Recession Fears

US refiners are set to continue operating at high utilization levels in the third quarter, despite concerns that a slowdown in demand could be looming in case of a recession, executives and analysts told Reuters on Thursday. Refiners operated at near capacity in the second quarter as demand was robust and refining margins were at … Read more

Rivian’s Cash Burn Was $1.7 Billion

Rivian’s Cash Burn Was .7 Billion

Photo: Rivian EV maker Rivian is losing money like it’s going out of style, there’s relatively little inventory left on dealer lots, and Mazda. All that and more on this glorious Friday edition of The Morning Shift for August 12, 2022. 1st Gear: Rivian Lost Nearly $2 Billion In A Few Months Electric truck maker … Read more

Biden stands with Muslims after ‘horrific killings’ in New Mexico

Biden stands with Muslims after ‘horrific killings’ in New Mexico

Altaf Hussain cries over the grave of his brother Aftab Hussein at Fairview Memorial Park in Albuquerque, NM, on Aug. 5Chancey Bush/The Associated Press US President Joe Biden expressed solidarity with the Muslim community on Sunday after a fourth Muslim man was killed in Albuquerque, New Mexico, in what authorities are describing as targeted attacks. … Read more

What’s Really Happening With Gasoline Demand?

What’s Really Happening With Gasoline Demand?

President Biden recently boasted on Twitter that gasoline prices in the United States have been falling for 50 days straight, noting this was the fastest decline in a decade. The president added a sort of infographic to his tweet informing us that 50 percent of gas stations sold gasoline for $3.99 or less a gallon. … Read more