Oil refineries are making a fortune, but that’s not stopping them from closing
A White House desperate to bring down gas prices is having little success persuading refinery owners to expand operations, and more closures are imminent.
Oil
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Biden tells oil refiners to produce more gas, take fewer profits
The American Petroleum Institute, which represents the industry, said in a statement that capacity has been diminished as the Biden administration has sought to move away from fossil fuels as part of its climate change agenda.
Indianapolis-based Calumet gets new CEO as part of leadership reshuffling
Todd Borgmann, Calumet’s former CFO, was promoted to CEO effective this week. The move, and several other executive-level changes, were triggered by the May 1 retirement of board chairman Fred Fehsenfeld.
Ukraine invasion increases pressure for U.S. oil, but industry faces hurdles
Obstacles to more U.S. oil are surmountable, according to analysts, yet will take months to work through and it could be late this year or early next before a significant production increase materializes.
Oil retreats to about $102 per barrel with focus on Ukraine-Russia talks
A further round of talks between Russian and Ukrainian officials on Monday will focus on discussing a potential ceasefire with an immediate withdrawal of troops and security guarantees, Ukraine negotiator Mykhailo Podolyak said.
Record gas prices are pushing up everyday costs, dampening economic recovery
Economists say the one-two punch of rising prices and the intensifying geopolitical crisis could put the brakes on the rapid rebound and raise the risks of recession.
U.S. banning Russian oil imports as Biden warns of ‘costs’
The average price for a gallon of gasoline in the U.S. hit a record $4.17 Tuesday, rising by 10 cents in one day, and up 55 cents since last week, according to auto club AAA.
Wall Street tumbles after oil prices touch $130 per barrel
Markets worldwide have swung wildly recently on worries about how high prices for oil, wheat and other commodities produced in the region will go because of Russia’s invasion, inflaming the world’s already high inflation.
Oil up $10 per barrel as Russia’s invasion of Ukraine deepens
The surge followed a warning from Russian President Vladimir Putin that Ukrainian statehood was imperiled as Russian forces battered strategic locations.
OPEC sticks to plan of gradual output hikes as crude soars
The leaders of OPEC and its oil-producing allies plan to gradually increase oil production while Russia’s invasion of Ukraine rattles markets, reshapes alliances, kills civilians and sends the price of crude skyrocketing.
Nations agree to release 60M barrels of oil amid Russian invasion
All 31 member countries of the International Energy Agency have agreed to release oil from their strategic reserves—half of that from the United States—“to send a strong message to oil markets” that there will be “no shortfall in supplies.”
Shares dive, oil soars after Russian action in Ukraine
Market benchmarks in Europe and Asia fell by more than 4% as traders tried to figure out how large Russia’s incursion would be and the scale of Western retaliation. Wall Street futures sank, indicating that U.S. shares were likely to retreat after trading opens.
EPA lowers ethanol requirements, citing reduced demand
The lower production targets are a win for the oil industry, which argues that biofuel blending is costly and raises gasoline prices.
U.S. to release 50 million barrels of reserve oil to ease energy costs
The move is aimed at global energy markets, but also at U.S. voters who are coping with higher inflation and rising prices ahead of Thanksgiving and winter holiday travel.
Supply-chain squeeze contributes to 2Q loss for Calumet Specialty
The Indianapolis-based manufacturer posted a $78.4 million loss in the second quarter.
Winter storm contributes to 1Q loss for Calumet Specialty Products
Calumet said Winter Storm Uri, which brought snow and record cold across the U.S. in February, hurt production at the company’s Gulf Coast refineries during the quarter. The first-quarter losses push the company’s total losses since 2014 above $1 billion.
Calumet Specialty Products posts annual loss for 7th straight year
The Indianapolis-based company, which makes specialty petroleum products, last posted an annual profit in 2013. Calumet’s cumulative annual losses since then total $931.7 million.
Biden signs orders aimed at eliminating nation’s reliance on fossil fuels
President Joe Biden has set a goal of eliminating pollution from fossil fuels in the power sector by 2035 and from the U.S. economy overall by 2050, speeding growth of solar and wind energy and lessening the country’s dependence on oil and gas.
Biden set to put moratorium on oil drilling on public lands
Oil and gas extracted from public lands and waters account for about a quarter of annual U.S. production.
Keystone XL pipeline halted as Biden revokes permit
Keystone XL President Richard Prior said over 1,000 jobs, the majority unionized, will be eliminated. The premier of the oil-rich Canadian province of Alberta called the decision an “insult” and said the Canadian government should impose trade sanctions.