California Governor Gavin Newsom on Oct. 14 signed legislation aimed to prevent future spikes in gas prices by requiring oil refiners to keep minimum fuel inventories in order to avoid shortages that could raise gas prices for consumers and boost industry profits. The bill intends to hold oil refiners accountable for manipulating gas prices, or…...
The U.S. Interior Department on Oct. 1 issued the draft guidance for states on applying for up to $40 million each in Regulatory Improvement Grant funding to clean up polluting and unsafe orphaned gas and oil wells throughout the U.S. Through 2021 the Infrastructure Investment and Jobs Act, the department is funding the largest investment…...
The Public Utility Commission of Texas on Sep. 27 approved a reliability plan for the Permian Basin Region to address the future electricity requirements of the area. The plan provides a comprehensive overview of required transmission upgrades to existing and new transmission lines that would help meet increasing electricity demand. The decision also details next…...
High jet fuel inventories in the U.S. West Coast have led to Los Angeles regional crack spreads to an average of 5 cents per gallon (gal) in August, according to an Sept. 18 report published by the U.S. Energy Information Administration. The crack spread in August was its lowest level in five years. The low…...
Twelve new fields are expected to start production in the U.S. Federal Offshore Gulf of Mexico (GOM) during 2024 and 2025, according to an Sept. 16 report published by the U.S. Energy Information Administration. In the absence of production from these new fields, the agency would expect GOM production to decline. Crude oil and natural…...
The U.S. retail price for all types of regular gasoline averaged $3.31 per gallon (gal) on Aug. 26, down 13 percent compared to the same time last year, ahead of the Labor Day weekend, according to an Aug. 29 report published by the U.S. Energy Information Administration. Lower gasoline prices heading into the holiday weekend…...
A number of refinery shutdowns in Ohio and Chicago have increased Midwest prices for petroleum products relative to the U.S. average, most notably for gasoline, according to an Aug. 22 report published by the U.S. Energy Information Administration. The outages have led to an unusual reduction in refining activity during the high demand summer period…...
State taxes and fees for diesel and gasoline fuel averaged $0.35 per gallon (gal) of diesel fuel and $0.33 per gal of gasoline as of the start of July 2024, according to a Aug. 20 report published by the U.S. Energy Information Administration. Gasoline and diesel average taxes have been mostly flat since the start…...
The Texas Railroad Commission on Aug. 16 announced a proposal to amend rules regulating waste management facilities. This marks the first reexamination of the commission’s waste management rules in over 40 years. The amendments take into account historical rules to adapt to technological advancements in the Texas energy industry’s resource development. Moreover, groundwater protection is…...
The U.S. Interior Department has announced the availability of $775 million for 21 states to clean up legacy pollution, funded through the 2021 Infrastructure Investment and Jobs Act, or IIJA. The IIJA provides $11.3 billion to provide grants to states and tribes for abandoned coal mine land reclamation and $4.7 billion for orphaned well site…...
Global proved reserves of crude oil and natural gas that were held by 175 publicly traded exploration and production businesses rose by 2 billion barrels of oil equivalent, or one percent during 2023, according to an Aug. 12 report published by the U.S. Energy Information Administration. Proved reserves refer to the estimated volumes of hydrocarbon…...
U.S. imports of renewable diesel averaged 30,000 barrels per day (b/d) during the January to May 2024 period, according to an Aug. 6 report published by the U.S. Energy Information Administration. U.S. imports from renewable diesel come from Neste’s plants in Rotterdam and Singapore and are destined mainly for the U.S. West Coast, where the…...