The U.S. Energy Information Administration (EIA) reports that the average retail price for regular gasoline on Aug. 31 was $2.51 per gallon – the lowest price for the Monday before Labor Day since 2004 and 95 cents lower than the Monday before Labor Day last year. EIA’s chart: EIA explains: Declines in crude oil prices… Keep reading →
Add MIT professor and former CIA director John Deutch to the bipartisan list of those calling for an end to the ban on U.S. crude oil exports. Deutch, a National Petroleum Council member who served in a number of posts during the Carter, Clinton and Obama administrations, argues in the Wall Street Journal that exporting… Keep reading →
In the US, total greenhouse gas emissions (GHG) from the transportation sector (27 percent in 2013) are closely trailing greenhouse gas emissions from the electricity sector (31 per cent in 2013). According to the US EPA, the majority of such transportation-related CO2 emissions result from the “combustion of petroleum-based products, like gasoline, in internal combustion… Keep reading →
API President and CEO Jack Gerard joined members of Congress and others at a Capitol Hill press conference calling for an end to the United States’ 1970s-era ban on the export of domestic crude oil. Gerard: “We’ve come to the point where we have a limitation on our ability to continue to grow this renaissance,… Keep reading →
Energy policy, a key part of President Barack Obama’s 2014 State of the Union address, played a muted role in the speech he delivered one year later. It was ironic, given the significant actions to reshape the U.S. energy profile and forestall climate change that the administration has taken and that continue to unfold. The… Keep reading →
Mozambique, Equatorial Guinea and Cameroon are all looking at floating LNG export projects as potential ways to bring their natural gas reserves to market. “But the Cameroonian Floating LNG project, announced on Christmas Day 2014 as a three way Heads of Agreement (the HOA) between Golar LNG Ltd (Golar) Societe Nationale de Hydrocarbures (SNH) and… Keep reading →
The US Strategic Petroleum Reserve was established at a time when US refining configuration and oil production profile looked very different. Given new realities, Energy Secretary Moniz is calling for system modifications. “The Government Accountability Office warned in 2006 that in an emergency, refineries configured to use heavy crude would not be able to efficiently… Keep reading →
New vehicle average fuel economy in the US was unchanged in November from the previous month – it remained at 25.3 mpg – which is likely due to countervailing forces. “The unchanged average fuel economy is likely a net consequence of two opposing trends: less demand for fuel efficient vehicles because of the decreasing price… Keep reading →
The oil market is filled with winners and losers. When oil prices decline, refiners generally win as their feedstock is less expensive, but producers lose as they get less money for their product. This highlights the attraction of vertical integration – operating both upstream production and downstream refining – which can insulate companies from oil… Keep reading →
Opinion: The Gas Station Isn’t the Only Place Americans Pay for Oil
By Lt. Gen. Richard Zilmer, USMC (Ret.)With gasoline prices lower than they’ve been in years, it’s easy to get complacent about weaning ourselves from petroleum. Sure, you might be spending less at the pump. But don’t forget the high cost our country pays for its over-dependence on oil – not just in terms of dollars, but in terms of national security, our economy… Keep reading →