All articles tagged with #refineries
California is paying the nation’s highest gas prices (about $6.15/gal) as refinery closures tighten supply and imports fill the gap; with about six weeks of stable shipments forecast, prices could climb toward $6.50–$7/gal afterward amid debates over reliance on imports versus domestic refiners and the potential knock-on effects on EV adoption.
JPMorgan’s energy team argues a bigger problem than elevated crude prices is tightening refined-product markets: refiners cutting runs in Asia and Europe, plus reduced Middle East gasoline exports, are pushing gasoline supply tighter while jet-fuel yields rise. The result is narrowing balances and higher pump prices, with US gasoline around $4.56/gal and the risk of $5/gal looming ahead of the summer driving season.
California’s last Persian Gulf crude cargo has landed in Long Beach, highlighting the state’s growing reliance on foreign oil as it faces the potential loss of about 200,000 barrels per day if the Strait of Hormuz remains blocked; with aging fields and constrained refinery capacity, California may need to source crude from Canada, Brazil, Ecuador and other regions, while inventories and state planning cushion near-term risk and analysts warn prices could rise without stronger demand-side relief.
California’s shrinking refinery fleet (11 plants today vs 23 in 2000) is prioritizing jet fuel and diesel over gasoline as margins favor middle distillates, pushing gasoline output toward a decade-low while imports surge due to tighter Asian/ Hormuz-linked flows. Jet cracks run high (~$85/bbl) with jet prices around $4.7–$4.8/gal and gasoline about $5.96/gal, aided by shipments from the UK and India amid Benicia/Wilmington closures and limited pipeline connectivity. Authorities are weighing temporary CARB waivers to ease import constraints in a longer-term supply squeeze.
Ukrainian drone strikes hit Russia's Baltic fuel-export hubs, halting operations at Ust-Luga and threatening crude runs and fuel output as refiners seek alternative routes and cut throughput, with fuel oil bottlenecks potentially forcing plant shutdowns.
Despite the U.S. being the world's top oil producer, gas prices have risen to about $3.79 a gallon because global oil prices set the pace and U.S. refineries are mostly configured for heavier crude. The U.S. both exports roughly 11 million barrels per day and imports about 8 million, so the domestic price of fuel tracks international markets; diesel has topped $5 per gallon and jet fuel costs are lifting airline fares as a result.
The article warns that armed conflict involving Iran could endanger critical oil and gas infrastructure—pipelines, terminals, and refineries—that supply energy globally, risking disruptions to world markets and potential price swings.
After a January spike—gold topping $5,300/oz and silver near $120—prices have stabilized in February, but local coin shops are feeling the squeeze as refinery backlogs slow processing and reduce cash flow; shops are limiting daily buys to manage risk while continuing to serve customers.
A powerful winter storm disrupts operations along Texas’ Gulf Coast, forcing refineries, chemical plants, and manufacturers to scale back activity and tighten oil and gas supply as heating demand rises.
Ukrainian drone attacks on Russian oil refineries have reduced domestic processing capacity and caused a surge in Russia's crude exports, with at least 28 attacks since August impacting refinery operations and leading to increased seaborne crude sales, despite some infrastructure limitations.
Ukraine has intensified attacks on Russian refineries, causing significant damage and petrol shortages, while Russia responds with missile strikes on Kyiv and claims of territorial gains, amidst ongoing military and geopolitical tensions in the region.
Russia is experiencing a gasoline shortage exacerbated by Ukrainian drone attacks on refineries, which have damaged multiple facilities and increased domestic fuel prices. Despite these disruptions, Russia's large fuel reserves, surplus diesel production, and the ability to import fuel help mitigate a full-scale crisis, though the situation remains challenging and could worsen if attacks continue or escalate.
Russian fuel prices have surged to near all-time highs following Ukrainian attacks on key refineries, combined with seasonal demand, refinery repairs, and disruptions in air and rail travel, despite Russia's ban on fuel exports.
California's ambitious environmental goals conflict with its continued reliance on oil and gas, leading to refinery closures, increased imports, higher gas prices, and security risks, while policies may disproportionately burden the working class and outsource emissions abroad. The state needs a balanced, transparent approach to its energy transition that considers economic and social realities.
Gas prices are on the rise, with the national average for unleaded reaching $3.63, driven by the approaching peak driving season and the switch to more expensive summer gasolines. Experts predict that prices will continue to increase due to routine factors such as refinery maintenance and rising demand, as well as geopolitical factors like the Russian-Ukraine war and Israel's conflict with Hamas. U.S. intelligence suggests that Iran may retaliate for the Israeli attack in Syria, further impacting global energy markets. Defense Secretary Lloyd Austin has warned Ukraine against further attacks on Russian oil refineries, and GasBuddy anticipates gas prices to rise in the West Coast and later in the mid-Atlantic and Northeast states as they transition to summer gasoline.