4 Nations That Could Help Solve The Global Fuel Crisis

4 Nations That Could Help Solve The Global Fuel Crisis

Global refining capacity shrank during the pandemic, exposing vulnerabilities in some of the world’s largest fuel consumers. Yet the decline was not evenly distributed. Refining capacity in China, for instance, has grown. Capacity in the Middle East is growing, too. Bloomberg reported recently that Saudi Arabia, Kuwait, Oman, and Iraq were building up refining capacity, … Read more

Asian Gasoline Feedstock Exports To US Soar

Asian Gasoline Feedstock Exports To US Soar

Exports of feedstocks for the production of gasoline from Asia to the United States have been on a sharp rise recently, rising to the highest in three months as US refiners struggle with tight supply and strong demand. According to a Bloomberg report, imports of these feedstocks since the start of the month have averaged … Read more

Crude Prices Unmoved By Small Crude Build As Gasoline Inventories Drop

Crude Prices Unmoved By Small Crude Build As Gasoline Inventories Drop

Crude oil prices moved little today after the US Energy Information Administration reported a crude oil inventory build of 2 million barrels for the week to June 10. This compared with a build of 2 million barrels for the previous week. In fuels, the EIA estimated a mixed picture. Gasoline inventories, according to the EIA, … Read more

Biden Could Invoke Defense Production Act To Raise Gasoline Production

Biden Could Invoke Defense Production Act To Raise Gasoline Production

US President Joe Biden is open to using all reasonable tools the federal government has to boost fuel production and lower gasoline prices for Americans, including emergency Cold-War era acts such as the Defense Production Act, White House Press Secretary Karine Jean-Pierre said during a briefing. President Biden “is open to all reasonable uses of … Read more

Exxon Hits Back At Biden After Investment Accusations

Exxon Hits Back At Biden After Investment Accusations

Exxon has been investing more than it has been earning in the past five years, with the level of investments in new oil and gas supply double the level of profits, the supermajor said in an official response to accusations made by President Biden earlier this week. “We have been in regular contact with the … Read more

Biden Threatens Oil Firms: Increase Gasoline Production, Lower Prices

Biden Threatens Oil Firms: Increase Gasoline Production, Lower Prices

Faced with record-high prices at the pump, US President Joe Biden escalated the rhetoric against oil companies on Wednesday, telling them in a letter to produce more gasoline and lower gasoline bills for American consumers. “At a time of war, refinery profit margins well above normal being passed directly onto American families are not acceptable,” … Read more

Why Biden Should Avoid An Oil Export Ban

Why Biden Should Avoid An Oil Export Ban

As US average gasoline prices hit $5 a gallon, the Biden Administration is scrambling to lower the highest fuel prices on record and the greatest inflation in 40 years. The Administration is considering all possible tools to affect a decline in gasoline prices, but all those tools would either do very little to reduce prices … Read more

Oil Supply Fears Mount As OPEC Underperforms

Oil Supply Fears Mount As OPEC Underperforms

Reader Update: Whether you are new to the oil and gas industry or an energy market veteran, you will regret not signing up for Global Energy Alert. Oilprice.com’s premium newsletter provides everything from geopolitical analysis to trading analysis, all for less than a cup of coffee per week. Chart of the Week – As national … Read more

Oil Prices Unmoved After API Reports Small Crude Build

Oil Prices Unmoved After API Reports Small Crude Build

The American Petroleum Institute (API) reported a build this week for crude oil of 736,000 barrels, while analysts predicted a draw of 1.2 million barrels. The small build comes as the Department of Energy released 7.7 million barrels from the Strategic Petroleum Reserves in Week Ending June 10. US crude inventories have shed some 74 … Read more

Gas prices in the US are skyrocketing. Here’s why – National

Gas prices in the US are skyrocketing.  Here’s why – National

There is little evidence that gasoline prices, which hit a record $5 a gallon on Saturday, will drop anytime soon. Rising prices at the pump are a key driver in the highest inflation that Americans have seen in 40 years. Everyone seems to have a favorite villain for the high cost of filling up. Some … Read more