On Saturday OPEC and non-OPEC producers agreed to raise production by 1 million barrels per day (bpd). Perhaps more important than that, they agreed to return to 100% compliance of the previously agreed upon production cuts of 1.8 million bpd. Production was lagging from struggling countries, i.e., Venezuela, Angola and Libya which effectively equated to […]
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The United States has surpassed Russia and Saudi Arabia for the first time ever in holding the world’s most oil reserves. Rystad Energy conducted a three year study of 60,000 oilfields and measured existing fields and recoverable reserves. The recoverable reserves are barrels that are technologically and economically feasible to extract. The energy industry measures […]
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Earlier in the week Elon Musk’s Boring Company was greenlit to build a high speed transportation facility in Chicago. According to CNN, “The planned system, known as the Chicago Express Loop, will carry passengers in battery-powered vehicles through tunnels at speeds of up to 150 miles per hour. It will link downtown Chicago with O’Hare […]
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On May 22nd we were hoping for a market correction prior to the holiday weekend. On that day the front month NYMEX RBOB contract settled at $2.2636. Climbing from May 2nd, close @ $2.0803. A whooping $0.18 price move inflicting severe pain on your local gas station distributor leaving retail gasoline margins negative in some markets and […]
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Oil prices are lower this morning sparked by increasing trade war fears between China and the U.S. after President Trump sought to impose another $200 billion worth of tariffs yesterday.
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After 23 years without a tax increase, California’s Senate has approved a new bill that will increase fuel taxes to support the overhaul of the California road infrastructure. According to the LA Times,
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June 22nd marks the next meeting of the OPEC producers to be held in Vienna. Moving into the second half of the year it is highly uncertain if a global glut has ended.
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Like an aging New Waver desperately holding onto an outdated Flock of Seagulls haircut, the European Union is straining to maintain their part of the 2015 Iran Nuclear deal. After President Trump made his announcement that the United States would be pulling out of the deal, European Union member nations decided to remain in the […]
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It’s no secret that prices have sky-rocketed at the pump, but do you ever wonder how higher oil prices are affecting the travel industry, whether the mode of transportation be on land, air or sea?
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