Oil refineries profit big regardless of refineries shutting down

FuelNuts & BoltsAmerican PoliticsHot Spots
Written By Jennifer Joslyn

🛢 The largest oil refineries are facing backlash from the Biden Administration as they report a combined $10 billion in profits this quarter, regardless of refineries being shut down.

With the national average now $5 for a gallon of gasoline, Americans are struggling and the Biden administration has placed the blame on both Russia and oil refineries for “taking advantage” of the situation.

Read more from Supply Chain Brain ▶

You also might like...
Oil Speculators Reduce Bets Amid China Worries
Oil Speculators Reduce Bets Amid China Worries

Oil traders have cut their net long positions in Brent and WTI due to concerns over China's economy.

Read More →
Argentina's Vaca Muerta Shale Set for Major Export Boost
Argentina's Vaca Muerta Shale Set for Major Export Boost

Argentina is gearing up to connect its Vaca Muerta shale play with the Punta Colorada port through a new pipeline, enabling supertankers to load crude oil.

Read More →
Wildfires Disrupt Oil Sands Operations in Alberta
Wildfires Disrupt Oil Sands Operations in Alberta

Wildfires in northern Alberta are causing some oil sands operations to take precautions.

Read More →
Oil Prices Fluctuate Amid Conflicting Demand Signals
Oil Prices Fluctuate Amid Conflicting Demand Signals

Oil prices fluctuated within a tight range on Friday, as investors weighed mixed signals from the world's top oil consumers, China and the U.S. Brent crude slipped 13 cents to $83.75 per barrel, while West Texas Intermediate (WTI) fell 4 cents to $79.22.

Read More →
Trump Courts Oil Industry Support for Second Term Agenda
Trump Courts Oil Industry Support for Second Term Agenda

Former President Trump is collaborating with the oil industry to overturn President Biden's fossil fuel regulations if he wins in 2024.

Read More →
Geologic Hydrogen Is The Next Clean Energy Revolution in the United States
Geologic Hydrogen Is The Next Clean Energy Revolution in the United States

Imagine it's 2024 and the U.S. is on the brink of a modern-day gold rush, but this time, it's all about a new, clean energy source buried right beneath us—geologic hydrogen.

Read More →
U.S. States Gear Up for 2035 Phasing Out of Gas Cars
U.S. States Gear Up for 2035 Phasing Out of Gas Cars

Several states in the U.S., including California, Maryland, Massachusetts, New Jersey, New York, Oregon, Washington, and Rhode Island, plan to ban the sale of new gas-powered cars by 2035.

Read More →
Nikola Corporation Launches First HYLA High-Pressure Modular Refueling Station in SoCal
Nikola Corporation Launches First HYLA High-Pressure Modular Refueling Station in SoCal

Nikola Corporation (Nasdaq: NKLA) recently opened its first HYLA high-pressure modular refueling station in Southern California, marking a significant step in zero-emissions transportation.

Read More →
Shell's Strategic Shift From Gas Stations to EV Charging Stations
Shell's Strategic Shift From Gas Stations to EV Charging Stations

Energy giant Shell is shifting gears, planning to sell off some of its gas stations to make room for more electric vehicle charging stations.

Read More →
Texas Divests $8.5 Billion BlackRock Deal Over Energy Boycott
Texas Divests $8.5 Billion BlackRock Deal Over Energy Boycott

Texas terminated its $8.5 billion deal with BlackRock due to the firm's alleged boycott of energy companies.

Read More →
IEA vs. OPEC - Balancing Energy Security and Environmental Concerns
IEA vs. OPEC - Balancing Energy Security and Environmental Concerns

The world's top oil forecasters, OPEC and the International Energy Agency (IEA), are at odds over future oil demand, creating uncertainty for traders and investors.

Read More →
U.S. Coal Power Plant Shutdowns Outpacing Predictions
U.S. Coal Power Plant Shutdowns Outpacing Predictions

In the dynamic landscape of transitioning to cleaner energy sources, the latest clean energy report from BloombergNEF and the Business Council for Sustainable Energy reveals a surprising trend: U.S. coal-fired power plants are closing their doors at a swifter pace than previously anticipated.

Read More →
Cybercriminals Target Truckers with Fuel Card Skimming Scams
Cybercriminals Target Truckers with Fuel Card Skimming Scams

Cybercriminals are giving carriers a run for their money by targeting truckers with fuel card skimming scams, making legitimate fuel expenses a tricky battle.

Read More →
Uzbekistan's Groundbreaking Green Hydrogen-Wind Plant Paves the Way
Uzbekistan's Groundbreaking Green Hydrogen-Wind Plant Paves the Way

Central Asia is making strides in combating climate change with the construction of its first green hydrogen-wind plant in Uzbekistan.

Read More →
Biden Administration's Delay on Major Natural Gas Export Terminal
Biden Administration's Delay on Major Natural Gas Export Terminal

The Biden administration has hit the pause button on a critical decision regarding the approval of the largest natural gas export terminal in the United States.

Read More →
Extreme Cold Freezes Gas Production, Sparks Concerns of Record Electricity Demand and Soaring Prices
Extreme Cold Freezes Gas Production, Sparks Concerns of Record Electricity Demand and Soaring Prices

Recent sub-zero temperatures across the United States have caused gas wells to freeze, resulting in an 11-month low in gas production, according to Reuters.

Read More →
Ohio Enacts Law Protecting Vehicle Choice Amid Emissions Regulations Debate
Ohio Enacts Law Protecting Vehicle Choice Amid Emissions Regulations Debate

In a move that challenges California's emissions regulations, Ohio is set to enact a law in March that prohibits state agencies from adopting California's vehicle emissions standards.

Read More →
Russia's Ambitious LNG Expansion Plans Hindered by Sanctions and Tanker Shortage
Russia's Ambitious LNG Expansion Plans Hindered by Sanctions and Tanker Shortage

Russia is aiming to increase its share of the liquefied natural gas (LNG) market to 20% by 2030, but its plans face challenges due to sanctions and a shortage of ice-class LNG tankers.

Read More →
Fossil Fuel Phase-Out Plans Remain Elusive After Global Climate Agreement
Fossil Fuel Phase-Out Plans Remain Elusive After Global Climate Agreement

The recent U.N. agreement among nearly 200 countries to transition away from fossil fuels is being celebrated as a significant step in addressing climate change.

Read More →
BP Joins Major Companies in Suspending Red Sea Shipments Amid Houthi Rebel Attacks
BP Joins Major Companies in Suspending Red Sea Shipments Amid Houthi Rebel Attacks

BP has decided to halt all shipments through the Red Sea due to recent attacks on trade vessels by Houthi rebels in Yemen.

Read More →
Global Agreement on Fossil Fuel Transition Falls Short of Full Phase-Out, but Marks Significant Progress
Global Agreement on Fossil Fuel Transition Falls Short of Full Phase-Out, but Marks Significant Progress

Government ministers from nearly 200 countries reached an agreement, known as the UAE Consensus, that calls for a transition away from fossil fuels.

Read More →
U.S. Gas Prices Plummet to Lowest of the Year Amid Falling Oil Prices and Production Cuts
U.S. Gas Prices Plummet to Lowest of the Year Amid Falling Oil Prices and Production Cuts

Gas prices in the United States are dropping, with the national average at $3.137 per gallon, down 9 cents from the previous week and the lowest of the year.

Read More →
Controversial COP28 Climate Agreement Draft Omits Fossil Fuel Phase-Out, Drawing Criticism
Controversial COP28 Climate Agreement Draft Omits Fossil Fuel Phase-Out, Drawing Criticism

The latest draft of the COP28 climate agreement has removed the call to phase out fossil fuels, replacing it with a broader call for countries to reduce planet-warming pollution.

Read More →
OPEC Expresses Concern Over Possible Fossil Fuel Phase-Out Discussion at Cop28
OPEC Expresses Concern Over Possible Fossil Fuel Phase-Out Discussion at Cop28

The OPEC oil cartel has expressed concerns in leaked letters about the potential for a "fossil fuels phase out" being discussed at Cop28, the UN climate summit.

Read More →
OPEC+ Agrees to 2.2 Million BPD Output Cuts for Early 2024, Led by Saudi Arabia
OPEC+ Agrees to 2.2 Million BPD Output Cuts for Early 2024, Led by Saudi Arabia

OPEC+ oil producers have agreed to voluntary output cuts totaling approximately 2.2 million barrels per day (bpd) for early next year, with Saudi Arabia continuing its existing voluntary cut.

Read More →
Venezuela's Essequibo Referendum Sparks Tensions and Legal Dispute with Guyana
Venezuela's Essequibo Referendum Sparks Tensions and Legal Dispute with Guyana

Venezuela is holding a referendum on whether to establish a new state in the disputed Essequibo territory, which has significant oil reserves and has been a source of tension with Guyana for over a century.

Read More →
OPEC+ Meeting Delayed Amid Dispute Over Output Quotas for African Members
OPEC+ Meeting Delayed Amid Dispute Over Output Quotas for African Members

The OPEC+ coalition, comprising 23 oil-producing nations, has postponed a meeting to finalize output levels for 2024 by four days to November 30.

Read More →
Oil Prices Retreat as OPEC+ Meeting Looms Amid Supply Cut Speculations
Oil Prices Retreat as OPEC+ Meeting Looms Amid Supply Cut Speculations

Oil prices dipped ahead of the scheduled OPEC+ meeting where discussions about potential supply cuts were expected.

Read More →
Oil Industry Flourishes Post-Paris Agreement Despite Climate Efforts
Oil Industry Flourishes Post-Paris Agreement Despite Climate Efforts

Eight years after the Paris Agreement, the oil industry is thriving, with rising profits and record production levels, especially in the United States.

Read More →
Sinopec Breaks Record with Deepest Onshore Well in Asia, Boosting China's Energy Exploration
Sinopec Breaks Record with Deepest Onshore Well in Asia, Boosting China's Energy Exploration

China Petroleum & Chemical Corporation (Sinopec) has achieved the first oil and gas flows from Asia's deepest onshore well, the Yuejin 3-3XC well in the Tarim Basin, Xinjiang Uygur autonomous region.

Read More →
Jennifer Joslyn
Previous

Congress representatives propose removal of the 1917 Federal Excise Tax
Next

There is a pay and contentment gap between men and women in supply chain sectors