Business , Petrochemicals , Trade

Yellen Says Gasoline Tax Holiday Worth Considering as Anti-inflation Tool

High fuel prices have been “a substantial burden on American households,” U.S. Treasury Secretary Janet Yellen said. A fuel tax holiday that temporarily eliminates such taxes, “while not perfect, it is something that should be under consideration.”

June 21, 2022

Business , Petrochemicals , Construction

Enterprise Moves Forward with $5 Billion ‘World-scale’ Petchem Project

Enterprise Products Partners completed early steps toward a proposed $5 billion ethane project east of Houston described by analysts as a “world-scale petchem facility.”

June 16, 2022

Petrochemicals , Crude Oil , Storage

SPR Posts Record Drawdown, US Commercial Crude Stocks Build: EIA

Brent crude futures and WTI crude futures in the U.S. rose immediately following the data release, along with gasoline and distillate futures.

June 8, 2022

Petrochemicals , Crude Oil , Storage

US Crude Oil, Fuel Stockpiles Fall in Tight Market: EIA

The fall comes even though the U.S. government released more than 5 million barrels of reserves in the most recent week and as net crude imports rose by 83,000 bbl/d, the EIA said.

June 2, 2022

Petrochemicals , Crude Oil , Trade

Biden Administration Not Ruling Out Export Curbs to Ease Fuel Prices

“Restricting U.S. energy exports would only create further instability in the marketplace, diminish American energy leadership and represent a grave disservice to our allies,” said API’s Frank Macchiarola.

May 25, 2022

Petrochemicals , Crude Oil

US Crude Stockpiles Slide as Refining Ramps Up Ahead of Summer: EIA

Refining activity picked up in the most recent week, in response to tight product inventories and near-record exports that have forced diesel and gasoline prices to record levels in the U.S.

May 18, 2022

Petrochemicals , Crude Oil , Trade

Oil Jumps 4% as US Gasoline Prices Hit Record High, Stock Markets Soar

WTI was on track for its highest close since March 25 and its third weekly rise. Brent, however, remained set for its first weekly decline in three weeks.

May 13, 2022

Business , Petrochemicals

Lyondell Basell to Shutter Houston Oil Refinery in Refining Exit

Lyondell said the Houston refinery, once the anchor of its supply chain as a regional chemical company, no longer fit with its global petrochemical production.

May 2, 2022

Petrochemicals , Crude Oil , Storage

US Crude Stockpiles Slump as Export Surge to More Than 2-year High: EIA

“Strong exports have been driven by a pull to Europe and we should expect strength in the weeks ahead,” said Matt Smith, lead Americas analyst at Kpler.

April 20, 2022

Business , Petrochemicals , Policy & Regulations

New York AG Launches Investigation on Oil Industry Over Gas Price Gouging

The New York Attorney General launched an investigation to determine if the oil and gas industry has engaged in price gouging following testimonies from oil executives in Congress last week.

April 14, 2022