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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 ...
You’re seeing crude oil demand into China going down. Do you see oil prices remaining low in 2024? Stewart: I do see the first part of the year starting out a little lower.
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.
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 ...
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 ...
However, oil prices have fallen sharply over the past few months. Crude was recently under $70 a barrel, well below the nearly $80 average it captured during the second quarter. Now the company's ...
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 company Phillips 66 announced Wednesday that it plans to shut down a Los Angeles-area refinery by the end of 2025, citing market concerns. The company said it will remain operating in the state.