In The News

Bloomberg - Weak Summer Gasoline Demand Is Eroding US Refining Margins
Thursday, 07/21/2022

July 21, 2022 – Bloomberg News

Weak Summer Gasoline Demand Is Eroding US Refining Margins

By Chunzi Xu

Seasonally low demand and weaker crude have driven gasoline futures to their lowest level in more than three months to around $3.12 a gallon. The futures benchmark is the pricing basis for wholesale and retail gasoline in the US, and its decline signals pump prices have more room to fall.

Weaker margins have prompted refiners to dial back on gasoline production while keeping overall operation rates elevated, in part to chase returns...

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WSJ - Refiners Rake In Cash After Gas Prices Surge
Thursday, 07/21/2022

July 21, 2022 – Wall Street Journal

Refiners Rake In Cash After Gas Prices Surge

By Benoît Morenne and Collin Eaton

On the U.S. Gulf Coast, estimated refining margins climbed to about $42 per barrel in the second quarter, nearly four-times higher than the average from 2017 to 2019. Excluding special items, that could lift profits for U.S. fuel makers three to four times higher than the same periods in those prepandemic years, according to RBN Refined Fuel Analytics.

Refining margins have only ever reached those heights...

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NGI - SCOTUS Ruling on Power Plant Emissions Seen as Warning to Federal Agencies to Tread Lightly
Friday, 07/01/2022

July 1, 2022 – Natural Gas Intelligence

SCOTUS Ruling on Power Plant Emissions Seen as Warning to Federal Agencies to Tread Lightly

By Andrew Baker

At the heart of the case was whether EPA had legal authority under section 111(d) of the Clean Air Act (CAA) to implement the Clean Power Plan (CPP), the Obama-era rulemaking from 2015 that sought to aggressively curb greenhouse gas emissions from the power sector. Before it could be implemented, the CPP was stayed by the Supreme Court in 2016, then repealed and replaced by the Trump administration...

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ENR - Shutdown Extended of Fire-Damaged Texas LNG Export Site
Monday, 06/20/2022

June 20, 2022 – ENR Texas & Louisiana

Shutdown Extended of Fire-Damaged Texas LNG Export Site

By Mary B. Powers, Debra K. Rubin

In a June 21 report, The Washington Examiner speculated, based on interviews with two unidentified pipeline security experts, on "how a critical overpressure event could have occurred without safety systems kicking into action" and whether Russian cyber hacking could have been a factor. One report source said the FBI is also investigating the incident, but the agency told the publication it would not "confirm nor...

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S&P Global - Biden seeks helps from US refiners to increase gasoline, diesel supply
Wednesday, 06/15/2022

June 15, 2022 – S&P Global

Biden seeks helps from US refiners to increase gasoline, diesel supply

By Janet McGurty

Policy-driven refining impacts

The AFPM, like other oil industry groups, puts much of the onus for the shutdown of refining capacity on US government policies, geared to phasing out petroleum use.

Chevron CEO Mike Wirth, speaking at the Bernstein 38th Annual Strategic Decisions conference on June 1, expressed his company's view, one which is echoed by other US refiners.

"We live in a world...

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