The two biggest U.S. oil companies are testing the production of new, less carbon-emitting blends of gasoline, as the government push for electric vehicles (EVs) gets more pronounced. Chevron Corp. and Exxon Mobil Corp. are testing gasoline production from non-fossil sources, a move that could extend the period gasoline-powered vehicles remain available for purchase, as…
Florida Gasoline Shortages Continue as Two-Thirds of Stations in Miami Area Empty
Gasoline shortages across southern Florida continued to plague drivers for yet another day on April 18, according to data from fuel tracker GasBuddy.com. Data showed that nearly 60 percent of all gas stations in the Miami and Fort Lauderdale areas were out of fuel as of Tuesday morning, while another 21 percent of all gas…
Higher Oil Prices Expected to Revive Inflation Pressures, but Can a Recession Stop It?
Since Saudi Arabia and OPEC+ crude oil producers announced additional production cuts of about 1.16 million barrels per day (bpd), there has been increasing concern that these efforts will affect American consumers by adding to inflationary pressures, particularly at the pump. U.S. oil prices had been trending downward since hitting a peak of $130 per…
Markets Expecting Higher Oil Prices After Surprise OPEC Cut
Crude oil prices rallied as much as 6 percent on April 3, with both West Texas Intermediate (WTI) and Brent futures soaring above $80 per barrel. Oil prices climbed in response to the Organization of the Petroleum Exporting Countries (OPEC) and its allies, OPEC+, slashing output by 1.16 million barrels per day (bpd) from May…
Markets Expect Higher Oil Prices After Surprise OPEC Cut
Crude oil prices rallied as much as 6 percent on April 3, with both West Texas Intermediate (WTI) and Brent futures soaring above $80 per barrel. Oil prices climbed in response to the Organization of the Petroleum Exporting Countries (OPEC) and its allies, OPEC+, slashing output by 1.16 million barrels per day (bpd) from May…
Gas Prices Increase in NJ, Around Nation Amid Higher Demand
TRENTON, N.J.—Gas prices increased in New Jersey and around the nation at large amid increased demand as warmer spring weather lures motorists back out onto the roads, analysts said. AAA Mid-Atlantic says the average price of a gallon of regular gas in New Jersey on Friday was $3.25, an increase of two cents from last…
San Diego Gas Price Rises To Highest Since December
SAN DIEGO—The average price of a gallon of self-serve regular gasoline in San Diego County rose Feb. 25 for the 18th consecutive day and 23rd time in 25 days, increasing four-tenths of a cent to $4.842, its highest amount since Dec. 3. The average price has increased 26 cents over the past 25 days, including…
San Diego Gas Prices Rise to Highest Since December
SAN DIEGO—The average price of a gallon of self-serve regular gasoline in San Diego County rose Feb. 25 for the 18th consecutive day and 23rd time in 25 days, increasing four-tenths of a cent to $4.842, its highest amount since Dec. 3. The average price has increased 26 cents over the past 25 days, including…
$100 Crude in 2023? Oil and Gas Prices Expected to Have Another Bullish Year
Crude oil prices have ended 2022 close to where they started the year, despite a broad array of factors that disrupted global energy markets over the last 12 months. West Texas Intermediate (WTI) crude oil rose 4.5 percent, to about $79 per barrel on the New York Mercantile Exchange in 2022. Brent, the international benchmark…
US Fuelmakers More Than Recoup Pandemic Losses in 2022
U.S. oil refiner PBF Energy is closing out one of the best financial years in its history, a wild bounce back from the brink in April 2020 when fuel demand and gasoline prices cratered during the pandemic and the company’s value swooned lower than what it had just paid to buy a California refinery. PBF’s…
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