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…
Bad Weather Delays Fuel From Reaching Busy Florida Airport
ORLANDO, Fla.—Airplanes flying into Orlando International Airport on Monday were encouraged to top off at airports they were coming from after recent bad weather prevented the delivery of reserve jet fuel, prompting fears that visitors could face delays. Airport spokesperson Carolyn Fennell said there have not been any major interruptions and that reserve fuel was…
Wake Up America: Soon Is the Winter of Our Discontent
Commentary Many Americans are woefully unaware of the impending (and in Europe, already underway) spikes in energy prices and shortages of supply. Last month it was reported that the United States has only 25 days’ worth of diesel fuel remaining—the lowest level in October since the Energy Department’s Energy Information Administration (EIA) began such reporting…
Vietnam Gas Stations Close Amid Fears of Fuel Supply Crunch
The closure of gas stations in Hanoi on Tuesday raised concerns about a fuel supply crunch spreading in Vietnam. Several stations in Hanoi has put out signs saying “Temporarily closed” or “Waiting for re-supplying.” Moto taxi rider Nguyen Chi Bac said he had tried several fuel stations before finding one open. The Minister of Industry…
TotalEnergies, Shell Post Bumper Profits, LNG Business Diverges
October 27, 2022
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Business & Marketseconomic policieseconomyenergyfuelGold and CommoditiesMarketsshelltaxesTotalEnergies
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LONDON/PARIS—Europe’s two largest energy companies Shell and TotalEnergies reported profits of more than $9 billion in the third quarter, though Shell’s liquefied natural gas (LNG) division struggled to capture the benefits of high fuel prices. The strong earnings were likely to intensify calls in Britain and the European Union for further windfall taxes on energy…
Activists Protesting Oil Industry Use Products Only Made Possible by Petroleum, Energy Insiders Note
At a recent charity event held by J.P. Morgan Chase in San Francisco, activists attempted to “take over” by protesting the financing of the oil and gas industry. When doing so, they wore and used products only made possible by the industry, industry insiders note. Stop The Money Pipeline, a coalition of groups committed to…
Libya Fuel Blast Injures 17
BENGHAZI, Libya—A fuel tank exploded in a massive blast in the southern Libyan city of Sebha late on Tuesday, injuring 17 people, the health ministry said in a statement. The fire caused by the explosion was brought under control, witnesses said. The blast comes weeks after a fuel tanker blast in another southern Libya city…
Cost of Fuel for Australians Rises to $100 a Week
Cash-strapped Australians filling up at the fuel pump paid an extra $5 (US$3.50) a week over the course of the past three months, according to new figures. The Australian Automobile Association’s latest Transport Affordability Index, released on Sunday, shows average weekly fuel costs across the nation rose to $100.39 in the June quarter. Typical weekly…
Fuel Tanker Catches Fire in Libya; 5 Dead, 50 Injured
CAIRO—A fuel tanker truck caught fire and exploded Monday in central Libya, killing at least five people and injuring 50 others, authorities said. The incident took place in the central town of Bent Bayya, according to the Health Ministry in the capital of Tripoli. The ministry did not say how many were killed, but Foreign…
Small Business Group Calls for Relief at Pumps Amid High Fuel Costs
A Canadian small business group is calling on the federal and provincial governments to temporarily eliminate or lower fuel taxes. The Canadian Federation of Independent Business says record gas prices, supply chain snarls and labour shortages have pushed the cost of doing business through the roof. It says higher transportation and fuel costs have driven…
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