All articles tagged with #gasoline
Starting January 1, Michigan eliminates the sales tax on gasoline but increases the flat gas tax to 52.4 cents per gallon, which will grow with inflation, leading to an average increase of $27 annually for drivers, amid generally lower gas prices and higher registration surcharges for electric and hybrid vehicles.
The European Union is expected to soften its 2035 ban on new diesel and gasoline car sales due to lobbying from Germany, Italy, and automotive industry groups, raising concerns about the impact on climate goals and industry competitiveness.
Ethanol has been used in gasoline for over a century, primarily to boost octane and reduce emissions, but its benefits and drawbacks are debated. While it can improve engine performance and environmental impact when used in small amounts, higher concentrations like E85 can cause engine issues, especially in older vehicles. Most modern cars are designed to run on a 10% ethanol blend, but the overall environmental and economic impacts of ethanol fuel remain contentious.
A study published in the Journal of Child Psychology and Psychiatry links the use of leaded gasoline to an estimated 151 million mental health disorders in the U.S. over 75 years, particularly affecting Generation X. The study highlights increased rates of depression, anxiety, ADHD, and neurotic behavior among those exposed to leaded gas as children, with peak exposure occurring from the mid-1960s to mid-1970s. Despite the ban on leaded gas in 1996, the long-term effects continue to impact mental health, with researchers suggesting these estimates are conservative.
A study suggests that over 150 million cases of mental health disorders, such as ADHD, anxiety, and depression, may be linked to lead exposure from gasoline, particularly affecting those born between 1966 and 1986. The research highlights the significant impact of lead on children's health, noting its potential to cause cognitive and mood disorders. Despite the ban on leaded gasoline in 1996, lead remains present in various products, underscoring the need for continued efforts to reduce exposure.
At the Republican National Convention, speakers criticized President Biden for the rise in gas and electricity prices since 2021. While gas prices have increased by about 48% since Biden took office, experts attribute this to global market forces rather than presidential policies. Similarly, electricity prices have risen, but the reasons are complex and not solely due to Biden's actions.
The American Petroleum Institute (API) reported a significant draw of 6.490 million barrels in U.S. crude oil inventories for the week ending May 17, contrasting with the previous week's 2.48 million barrel increase. Gasoline inventories also fell by 452,000 barrels, while distillate inventories rose by 2.045 million barrels. Despite these changes, oil prices were trading down due to concerns over weak gasoline demand and economic data.
Crude oil inventories in the US unexpectedly dropped by 5.521 million barrels, contrary to analysts' predictions of a 0.4 million barrel build, causing a jolt in oil prices. Gasoline and distillate inventories also fell, contributing to bullish sentiment, while Cushing inventories decreased. Despite the positive inventory news, oil prices were down slightly, with Brent crude trading at $82.08 and WTI at $77.76 per barrel.
A Nebraska woman, Dawn Thompson, has been charged with theft after exploiting a software glitch in gas pumps at a shop called “Pump and Pantry” to get nearly $28,000 worth of free gasoline over six months. She used a rewards card to enter the pump into a demo mode, allowing her to pump gas for free. Thompson also sold the card to another person for discounted fuel. She was arrested after a months-long investigation and her next court hearing is scheduled for April 11.
A funding bill up for discussion at U.S. Congress proposes selling off the 1-million-barrel Northeast Gasoline Supply Reserve in fiscal year 2024 and prohibits Chinese entities from buying crude oil from the U.S. Strategic Petroleum Reserve. The bill also aims to prevent the establishment of new regional petroleum product reserves without explicit funding approval. The proposed sale follows previous releases of crude from the SPR to stabilize oil prices, and its chances of passing appear favorable given bipartisan anti-Chinese sentiments.
Chevron warns that California's climate policies are risking gasoline price spikes and shortages, attributing the state's high gasoline prices to its tough low-carbon fuel standards that encourage refineries to convert to renewable diesel. The company's relationship with California has become increasingly adversarial, with Governor Gavin Newsom accusing Big Oil of price gouging and lying about climate change, leading to investigations and lawsuits. Chevron argues that it should not be punished for meeting consumer demand for transportation fuels, and expresses concerns about a proposal to establish a maximum refining margin in California, which would make it challenging to justify growth projects at its refineries in the state.
The American Petroleum Institute (API) reported a larger-than-expected decrease of 5.215 million barrels in U.S. crude oil inventories, contrary to analysts' predictions of a 1.2 million barrel draw. Gasoline inventories saw a significant build of 4.896 million barrels, while distillate inventories rose by 6.873 million barrels. Oil prices were trading up ahead of the API data release, with Brent crude at $77.42 and WTI at $72.07.
A tanker truck carrying approximately 4,000 gallons of gasoline overturned on Interstate 64 in Louisville, causing the closure of the area. The leak has been contained, and there is no immediate danger to the public. The tanker will need to be drained and transferred to another vehicle before it can be towed away. The cause of the accident is under investigation by the LMPD Traffic Unit.
Consumer prices in the US rose at a slower annual rate of 3.1% in November, mainly due to a decline in gasoline prices. However, core prices, which exclude food and energy, remained steady at a 4% annual pace, indicating that underlying inflationary pressures persist.
WTI oil prices remained just above $70 as a crude oil inventory draw of 4.6 million barrels was offset by a significant inventory build in gasoline and a smaller one in distillates. The market is uncertain due to the latest production cuts from OPEC+ and concerns about Chinese energy demand growth. Some analysts are pessimistic, while others argue that the commodity is oversold. WTI front-month futures are now trading almost 15% lower than 30 days ago.