U.S. retail gasoline prices in 2023 averaged $0.43 per gallon (gal) less than in 2022, according to data from our Gasoline and Diesel Fuel Update. This decline was due, in part, to lower crude oil prices in 2023 compared with 2022 and higher gasoline inventories in the second half of 2023. … [continued]
We forecast higher crude oil prices in the second half of 2023 and into 2024 in our latest Short-Term Energy Outlook (STEO) because of moderate but persistent inventory drawdowns. Inventory drawdowns take place when demand for a commodity is greater than the supply of that commodity. We expect production cuts from … [continued]
New research indicates that mass EV adoption will reduce both US environmental and economic risk.
The oil price shock of 2022 has driven a great deal of new interest in EVs, which has just served to help answer the question of what happens to EV adoption rates when oil and gas prices fluctuate. It has supercharged EV demand, which is ultimately due to the economics … [continued]
The price of a gallon of gasoline is surging, putting a strain on drivers’ pocketbooks. While prices at the pump seem extreme, we’ve been here before. Adjusted for inflation, gas prices were similarly high in 2006, 2008, and for a while after 2011. The current spike follows Vladimir Putin’s unprovoked … [continued]
Middle Eastern oil producers are worried that more people will buy EVs in light of the high oil prices. Iraq’s oil minister, Ihsan Abdul Jabbar, shared these thoughts with the New York Times, noting that members of the Organization of the Petroleum Exporting Countries (OPEC) are concerned about this possibility. … [continued]
Originally posted on EVANNEX. By Charles Morris The transition to electric vehicles and renewable energy is already creating winners and losers. We write about the winners often in this space — they include just about anyone who invested in Tesla since the 2010 IPO, especially those who followed a buy-and-hold strategy, as … [continued]
Even from this short-term crisis, IHS Markit expects no real return to “normal,” at least not soon. “However, about one third of the volumes (approximately 550,000 b/d) will stay off the market for the long-term
With production slowing and a few fossil fuel projects on hold, industry is focusing on squeezing taxpayers for every dime they can.
A barrel of West Texas Intermediate crude oil sold for minus $37 yesterday. How is that possible and what does it say about the future of the oil industry?
