U.S. gasoline and diesel prices have been sliding the past couple of months, but there's still a lot of angst among politicians and the general public about the cost of motor fuels — and who's to say prices at the pump won't soar again, spurring another round of proposed "fixes" to the markets for crude oil and refined products. Among the proposals floated when prices spiked this spring were bans on the export of U.S.-sourced crude, gasoline and diesel, the idea being that suspending exports would increase the supply available to domestic markets and thus bring down prices. If only it were all so simple! In today's RBN blog, we discuss the complicated ins and outs of oil, gasoline and diesel imports and exports, and the many effects of putting the kibosh on shipments to international markets.
From early January to mid-June this year, the average weekly U.S. retail price of regular unleaded gasoline increased 53% (from $3.27/gal to $5.02). The sharp rise was largely driven by a comparable increase in the price of crude oil, refineries' primary feedstock, which in turn was exacerbated by Russia's late-February invasion of Ukraine and subsequent sanctions against Russian exports by the U.S., Europe and others. The daily spot price for benchmark light sweet WTI at Cushing started 2022 at about $76/bbl, and peaked in the low $120s in early March and again in early June. Since then, the retail price of "regular" has decrease to $4.06/gal. And WTI? It has bounced around a lot, depending on the events of the day or week, but has lately been hanging around $90/bbl, the lowest levels since Russia's invasion.
The Crude Oil Billboard keeps readers at the forefront of the U.S. crude oil market by offering access to data and information moments after its release. Say goodbye to PDF reports that come out after the market has already moved on.
As we discussed a few months ago in I Want to Break Free, the Biden administration has considered a number of steps to put a lid on rising energy prices, including a suspension of the federal gasoline tax, a windfall profits tax on producers and refiners, and releases from the Strategic Petroleum Reserve (SPR) — the last of which was actually implemented and is still ongoing. Last October, Energy Secretary Jennifer Granholm even hinted at the possibility of reinstating the ban on most U.S. crude oil exports, a prohibition that was lifted by Congress and President Obama in December 2015. (Granholm said at a conference that a new ban on exports was "a tool that we have not used, but it is a tool." By December 2021, she said a new export ban was off the table.)
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About the song
"If You Leave Me Now" was written by Peter Cetera and appears as the fourth song on side one of Chicago's eighth studio album, and 10th album overall, Chicago X. Released as a single in July 1976, the ballad went to #1 on the Billboard Hot 100 and Easy Listening Singles charts. It has been certified Platinum by the Recording Industry Association of America (RIAA). The single won two Grammy Awards, one for Best Pop Vocal Performance by a Duo, Group or Chorus, and one for Best Arrangement Accompanying Vocalists. It was Chicago's first #1 single on the U.S. charts. Peter Cetera re-recorded the song and released it on his 1997 solo album, You're the Inspiration: A Collection. He also recorded a duet of the song in 2019 with Italian vocalist Filipa Giordano for her album, Friends and Legends Duets. Other artists who have covered the song are: Elkie Brooks, The Isley Brothers, Suzy Bogguss, and Boyz II Men. Personnel on the record were: Peter Cetera (lead, backing vocals, bass), James William Guercio (lead, rhythm guitar, backing vocals), Laudir de Oliveira (percussion), Robert Lamm (keyboards, backing vocals), Lee Loughnane (trumpet, backing vocals), James Pankow (trombone), Walter Parazaider (woodwinds, backing vocals), Danny Seraphine (drums), and Jimmie Haskell (string and brass orchestration).
Chicago X was recorded in March and April 1976 at Caribou Ranch Studio in Nederland, CO, with James William Guercio producing. Released in June 1976, the album went to #3 on the Billboard 200 Albums chart. It has been certified 2x Platinum by the RIAA. It won a Grammy Award for Best Album Packaging. Three singles were released from the LP.
Chicago is an American rock band formed in Chicago in 1967. The band was initially called The Big Thing before changing its name to Chicago Transit Authority in 1968, then shortening the name to Chicago in 1969. Successfully combining a horn section with a rock band, the band has released 26 studio albums, seven live albums, 11 compilation albums and 67 singles, and has sold more than 100 million records worldwide. The group's first album was inducted into the Grammy Hall of Fame in 2014, the original line-up was inducted into the Rock and Roll Hall of Fame in 2016, and band members Peter Cetera, Robert Lamm, and James Pankow were inducted into the Songwriters Hall of Fame in 2017. Chicago received a Grammy Lifetime Achievement Award in 2020. Twenty-eight members have passed through the band since its inception. Original guitarist Terry Kath died in January 1978. The band still records and tours with Robert Lamm, Lee Loughnane and James Pankow being the three original members still in the group. Chicago is currently on a U.S. co-headlining tour with Brian Wilson. In July 2022 Chicago released Chicago XXVII: Born This Moment.
