Rocketing prices at the pump fuel surge in profits at US refiners
The sharp rise in the cost of fuel at the pump in recent months has prompted a backlash from the Biden...
The sharp rise in the cost of fuel at the pump in recent months has prompted a backlash from the Biden administration, which has warned oil companies against profiteering amid the war in Ukraine and spiraling inflation. Some in Washington have looked to levy windfall taxes on the industry.
The tight supplies are likely to deliver months of high prices to consumers and profits to refiners, say industry executives and analysts.
“Right now, our market looks wonderful,” David Lamp, chief executive of Texas-based CVR Energy, a refiner, told his investors last week.
Crude supply cuts from Russian sanctions just a 'drop in the ocean:' Vitol's Muller
Western economic and financial sanctions on Russia have reduced its crude supply by an estimated 1 million...
Western economic and financial sanctions on Russia have reduced its crude supply by an estimated 1 million b/d, a "relative drop in the ocean compared to the intended impact," the head of Vitol Asia said on May 8.
"If only one million b/d has gone missing so far before the EU shuts the door on Russia crude if they indeed succeed in getting unanimity over there, that's indeed not the intended consequence of sanctions," Mike Muller told the Gulf Intelligence daily energy markets podcast.
The Department of Energy will provide $2.25 billion in funding over the next five years to support the...
The Department of Energy will provide $2.25 billion in funding over the next five years to support the development of carbon storage technologies and evaluate various carbon capture and storage approaches, as well as potential onshore and offshore storage sites. "The goal here is that at the end of the day, you do actually have commercially available facilities for storage," said DOE Deputy Assistant Secretary for Carbon Management Emily Grubert.
Cheniere Energy posts $3.1B derivatives loss in Q1
Cheniere Energy incurred a $3.1 billion loss on derivatives indexed to international...
Cheniere Energy incurred a $3.1 billion loss on derivatives indexed to international LNG prices it uses to hedge its risk in the first quarter. Cheniere noted that "the long-term duration and international price basis of our [integrated production marketing] agreements make them particularly susceptible to fluctuations in fair market value from period to period."
The Department of Energy will launch a bidding process this fall for the purchase of 60 million barrels of crude oil to replenish about one-third of the 180 million barrels of Strategic Petroleum Reserve crude President Joe Biden pledged to release to address rising energy prices. The SPR repurchase program is also intended to spur domestic production.
