On Monday, the Biden Administration announced it was selling 26 million barrels of crude oil from the Strategic Petroleum Reserve (SPR). The United States Department of Energy has considered cancelling the sell from the SPR for this year since the Biden Administration sold a record 180 million barrels last year. A cancellation at this juncture would […]
Read More
For the fourth straight week, gasoline prices have risen according to data from AAA on Monday. Gasoline prices have risen 32.7 cents over the last month as crude prices also have increased. Over the past week alone, gasoline is up 11.8 cents which is 9.4 cents higher than they were a year ago before the […]
Read More
After a volatile year for consumers at the pump, gasoline prices are now lower than they were at this time last year. According to AAA, the price per unleaded gallon was $3.329 last week, below the $3.343 per gallon price a year ago. The national average could drop to below $3 per gallon by Christmas, […]
Read More
Last week, the railroad unions rejected a collective bargaining deal with the freight railroads. Four out of the twelve unions rejected a deal that was brokered by the Biden Administration in mid-September, and now the two sides have until December 8 to iron out a new agreement with a potential strike looming on December 9. […]
Read More
President Biden announced earlier this week that there will be an additional release of crude oil from the Strategic Petroleum Reserve (SPR). The scheduled release of ten to fifteen million barrels of crude oil by the Biden Administration in December is the last of the one hundred eighty million barrels President Biden authorized in March […]
Read More
The largest refinery in the Midwest should resume normal operations within the next few days after being disrupted by a fire last week, which threatened its 430,0000 barrel-per-day operations. British Petroleum’s (BP) facility in Whiting, Indiana had an electrical fire in the powerhouse portion of their complex and caused a loss of cooling water. With […]
Read More
The second quarter of 2022 revealed that oil and gas production in the Permian Basin has exhibited no signs of slowing down production. Nearly half of all oil investments conducted between April and June came from the Permian. The Permian Basin is in West Texas and the adjoining area of southeastern New Mexico. It covers […]
Read More
Last week, Saudi Aramco surpassed Apple as the world’s most valuable company in the world. Aramco’s market valuation was just under $2.43 trillion when they surpassed Apple, which dropped 5% during trading last week and now has an evaluation of $2.37 trillion. Apple topped Aramco for title of world’s most valuable publicly traded company in […]
Read More
The end of the first quarter of the new year is quickly approaching, and commercial trucking companies across the country know what that means… it is time to reconcile IFTA! The International Fuel Tax Agreement (IFTA) is a cooperative agreement between forty-eight states in the United States and ten provinces of Canada. It allows interjurisdictional […]
Read More
The latest data from the Energy Information Administration (EIA) from January 14th showed a small crude inventory build of 500,000 barrels. This has been coupled with a large increase of gasoline which added 5.9 million barrels. Even with this inventory build, United States commercial petroleum stocks have declined most of the past eighteen months. The […]
Read More
