Toll roads are nothing new to the American public. The inception of road tolling came about in the early 1900s when there was a need to generate revenue to build and maintain roadways. Toll roads today still exist to generate revenue, but they have grown far more complex. Read More
2020 saw demand destruction caused by the pandemic, in particular, Canada saw a decrease of 20 percent in crude oil imports. During 2020, the United States solidified themselves as a top supplier to Canada as they supplied nearly 80 percent of all barrels going into Canada. While Canada is a major producer of crude, they export far more than they import, almost entirely to the United States. However, Canada imports a large amount of crude from abroad to feed their refineries as they lack the infrastructure to access their domestic supplies of crude.
Over the past year, China has ramped up its energy production and committed to becoming a net-zero emission economy by 2060. While China has led all nations with renewable energy production, at the same time has increased coal production and offset the retirements in coal capacity from the rest of the world. The increase in coal production seems to have a strong correlation with the outcome of the COVID-19 pandemic and pushing China to retreat to easy and reliable fossil fuel. Read More
Facebook announced it will convert part of its Menlo Park, California headquarters into a vaccination clinic for under-served communities. Read More
Last week, several world powers convened in Vienna, Austria to revive the 2015 Iran nuclear deal. Senior officials from the governments of Iran, United States, France, United Kingdom, Germany, Russia, China, and the European Union aim to determine the next steps the United States and Iran need to take to get back into compliance. The United States has not been in direct talks with Iran but is relaying messages mainly through European members in attendance. Read More
GM is now the latest in a long line of auto makers announcing production stoppages due to chip shortages. Read More
Over the last year, there has been a significant decline in cars on the roads. Many would think there would be fewer crashes and fatalities, however that is not the case. Since the start of the pandemic, roads and highways have only become more dangerous. Even with fewer vehicles on the roads and highways, many drivers have become complacent when it comes to safety. Every year 2.5 million car crashes are the cause of distracted driving. Every day in the United States approximately nine people are killed and more than 1,000 are injured in crashes that are caused by distracted driving. When traveling 60mph, even the slightest distraction of 3-5 seconds is equivalent to driving the length of a football field with your eyes closed. Once the driver becomes distracted, it takes only three seconds for a crash to occur. Read More
For the past month, the big talk has been about President Biden’s
$2 trillion infrastructure plan. Of this, $621 billion will go into transportation infrastructure such as bridges, roads, and public transit. Another $300 billion will go into building affordable housing along with building and upgrading schools. This will bring an extensive amount of work for the construction industry.
As President Biden unveiled his infrastructure plan in Pittsburgh yesterday, it kicked off the first step in what is estimated to be a months-long negotiation with Congress. The American Society of Civil Engineers estimates that approximately $2.6 trillion dollars is needed to restore America’s infrastructure over the next decade. Biden’s plan, called the “American Jobs Plan,” is estimated to be around $2 trillion. The plan is said to be funded by raising corporate taxes from 21% to 28%.
Now that the Ever Given has been dislodged from the Suez Canal, the oil market can look forward to the OPEC+ meeting on Thursday and the outlook for possible resurgences of COVID-19 to determine future price direction.