All articles tagged with #refineries
After a January spike—gold topping $5,300/oz and silver near $120—prices have stabilized in February, but local coin shops are feeling the squeeze as refinery backlogs slow processing and reduce cash flow; shops are limiting daily buys to manage risk while continuing to serve customers.
A powerful winter storm disrupts operations along Texas’ Gulf Coast, forcing refineries, chemical plants, and manufacturers to scale back activity and tighten oil and gas supply as heating demand rises.
Ukrainian drone attacks on Russian oil refineries have reduced domestic processing capacity and caused a surge in Russia's crude exports, with at least 28 attacks since August impacting refinery operations and leading to increased seaborne crude sales, despite some infrastructure limitations.
Ukraine has intensified attacks on Russian refineries, causing significant damage and petrol shortages, while Russia responds with missile strikes on Kyiv and claims of territorial gains, amidst ongoing military and geopolitical tensions in the region.
Russia is experiencing a gasoline shortage exacerbated by Ukrainian drone attacks on refineries, which have damaged multiple facilities and increased domestic fuel prices. Despite these disruptions, Russia's large fuel reserves, surplus diesel production, and the ability to import fuel help mitigate a full-scale crisis, though the situation remains challenging and could worsen if attacks continue or escalate.
Russian fuel prices have surged to near all-time highs following Ukrainian attacks on key refineries, combined with seasonal demand, refinery repairs, and disruptions in air and rail travel, despite Russia's ban on fuel exports.
California's ambitious environmental goals conflict with its continued reliance on oil and gas, leading to refinery closures, increased imports, higher gas prices, and security risks, while policies may disproportionately burden the working class and outsource emissions abroad. The state needs a balanced, transparent approach to its energy transition that considers economic and social realities.
Gas prices are on the rise, with the national average for unleaded reaching $3.63, driven by the approaching peak driving season and the switch to more expensive summer gasolines. Experts predict that prices will continue to increase due to routine factors such as refinery maintenance and rising demand, as well as geopolitical factors like the Russian-Ukraine war and Israel's conflict with Hamas. U.S. intelligence suggests that Iran may retaliate for the Israeli attack in Syria, further impacting global energy markets. Defense Secretary Lloyd Austin has warned Ukraine against further attacks on Russian oil refineries, and GasBuddy anticipates gas prices to rise in the West Coast and later in the mid-Atlantic and Northeast states as they transition to summer gasoline.
Gas prices have surged to a four-month high due to increased demand and challenges faced by refineries, with the switch from winter to summer gasoline blends adding further costs. The national average for regular gasoline is currently at $3.39 per gallon, and while prices typically peak in June and July before falling, ongoing refinery outages and global supply issues could lead to continued price increases. Energy analyst Phil Flynn warned that if crude oil surpasses $80 a barrel, it could further elevate gasoline prices during the summer driving season.
Gasoline prices are on the rise due to refinery constraints and higher oil prices, with the national average at $3.35 per gallon. Severe weather and power losses have stunted US refining, leading to potential increases in retail gas prices. The Midwest and western states are facing significant price hikes, with California averaging $4.83 per gallon. US crude futures surged above $80 per barrel, despite OPEC+ extending output cuts. Expectations of continued production cuts have contributed to the upward trend in crude oil prices.
Two new refineries in Mexico and Nigeria are expected to start production next year, potentially adding 1 million barrels per day of fuel capacity and impacting refining stocks and gasoline prices. The increased capacity could slow or reverse the gains of refining stocks and hold down gasoline prices. Analysts predict that cracks, a measurement of margins used for refiners, will drop in the coming years. However, in the short term, refiner stocks and gasoline prices could continue to climb due to low fuel inventories and increased pressure from refinery outages and maintenance. Russia's temporary ban on gasoline and diesel exports may further tighten the global fuel market, offering potential upside for U.S. refiners.
Gas prices in the United States have reached a 10-month high, with the national average price for a gallon of unleaded gasoline at $3.87. The increase is attributed to rising oil costs since June, a slowdown at refineries due to extreme heat, and concerns over hurricane season. If a hurricane hits Gulf refineries, supply could be curtailed, leading to further price increases. Analysts warn that gas prices nearing $4 per gallon could impact budgets and contribute to inflation.
Gas prices in the US are rising due to a combination of factors, including extreme heat impacting refinery operations and production cuts by major oil-producing countries. The heat wave has caused refineries to operate below normal capacity, resulting in a loss of hundreds of thousands of barrels per day. Additionally, Saudi Arabia has extended its unilateral reduction of 1 million barrels per day through September. The rising gas prices are unusual considering fewer people are fueling up their cars this summer. Certain states, such as California, have higher gas prices than others. The future of gas prices is uncertain, as the risk of hurricanes and the unprecedented water temperatures in the Gulf of Mexico could impact refinery operations. To save on gas, drivers are advised to check tire pressure regularly and follow other fuel-saving tips.
Gas prices in the United States have reached their highest level of the year due to a combination of rising crude oil costs and the impact of a heatwave on refineries. The hot weather has slowed down refinery production, leading to reduced supply and higher prices. Additionally, the price of oil has been rising due to limited production by Russia and Saudi Arabia. The West Coast has the highest gas prices, while the South has the lowest.
Gas prices in the United States have reached their highest level in nine months due to rising oil costs and heat-induced refinery production cuts. The average price for a gallon of regular-grade gas is now $3.80, 26 cents higher than a month ago. Refineries scale back production during heat waves as a safety and efficiency measure, and much of the country's refinery capacity is located in areas where temperatures have exceeded 95 degrees. While analysts expect gas prices to ease by October, hurricane season could lead to further price hikes, especially in South Florida where water temperatures have exceeded 100 degrees.