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The decision by Phillips 66 this week to shutter its refinery in Wilmington next year will wipe out more than 8% of the state's crude oil processing capacity. Another refinery shuts down in ...
Last month, U.S. gasoline prices rose largely due to regional refinery outages in the west coast and the Midwest. In California, costs are up more than $1 per gallon in the last month whereas in ...
Governor Gavin Newsom said Thursday he will compel California oil refineries to stockpile additional fuel reserves in an effort to ward off price spikes, marking the latest move in his multi-year ...
Why are gas prices going up again? David Knowles. July 26, 2023 at 5:39 PM. ... Extreme high temperatures can cause oil refineries to cut production. “Refineries, like humans, do not like it ...
Recession fears, lower demand for gasoline due to high prices, and an unexpectedly large increases in U.S. inventories sent oil prices down more than 2 percent on August 4. Brent finished the day at $94.12 and WTI at $88,54, in both cases the lowest since February. Also, the previous day OPEC and others vowed to increase production in September ...
Phillips 66 announced Wednesday that it will close its Wilmington-area refinery complex next year but will work with the state to continue supplying fuel to consumers.
The 1980s oil glut was a significant surplus of crude oil caused by falling demand following the 1970s energy crisis.The world price of oil had peaked in 1980 at over US$35 per barrel (equivalent to $129 per barrel in 2023 dollars, when adjusted for inflation); it fell in 1986 from $27 to below $10 ($75 to $28 in 2023 dollars).
Oil finished June up 6 percent, with WTI finishing at $81.54. [62] The next week, Brent reached $87.55, the highest since April, and WTI closed at $83.88, highest in 11 weeks. U.S. crude stocks were down, the dollar was weak and high U.S. demand was forecast. [63] The next week Brent was down nearly 2 percent to $85.03 after going up for four ...