Discover and read the best of Twitter Threads about #Gasoline

Most recents (24)

Thread: What are the Biden Administration’s choices to reduce oil and fuel prices? #OOTT #Oil

1- What has been done?
Asked OPEC members, US oil producers & refiners to increase production. All failed.

OPEC members were not interested. US producers & refiners cannot do so.
2- What are the current choices?
a- Restrict crude oil exports
b- Restrict fuel exports
c- Suspend environmental regulations temporarily
d- Suspend federal fuel tax
e- Remove sanctions on Iran & Venezuela
f- Resurrect relations with Saudi Arabia
g- Withdraw more from the SPR
3- None of the choices above can reduce shortages or lower prices meaningfully before the US mid-term elections. Only a recession would reduce fuel prices and allow for inventories to rise.

Regardless, a recession might flip both houses to republicans. Democrats are stuck!
Read 23 tweets
1-5 Now it is official: President Biden to visit #SaudiArabia on July 15 and 16, during his Middle East tour.
After meeting with the Saudi leadership, he will meet with the leaders of what some experts call “the Arab NATO”: GCC leaders, Egypt, Jordan, (& Iraq). #OOTT #COM #EFT
2-5 Oil is not among top issues given the importance of security issues in the region. My guess is that Saudis are more interested in highlighting their climate change plans & efforts while showing that they actually have been increasing oil production & will continue to do so
3-5 While mega commercial deals are expected, nuclear deals will attract media attention. Saudi Arabia, in its carbon reduction efforts, needs nuclear energy. It remains to be seen if Saudis will continue to invest in the US refining sector
Read 5 tweets
Why the #oil embargo #sanctions is a disaster for #Europe & what you are not being told. A thread. Inflation of energy prices are is at all time high. In #USA which is a large producer #fuel #gasoline are up 48 % & 100 % over a year. Situation is much worse in #EU
In fact #EU is pumping more #oil from #Russia than before the #WarInUkraine. The #sanctions decided by the #EuropeanUnion are going to be imposed gradually & touch only #oil transported by sea. But you are not being told the truth . #Energy prices are hitting hard the consumers/2
will continue to grow while #Russia will make more money off gas & exports this year by exporting less, yes you read that right, because when you reduce the offer, the prices go up. But surely our leaders know what they do & have a long term strategy./3…
Read 19 tweets
With weak early Memorial Day Weekend gasoline data, we may be seeing some US gasoline demand destruction, although some of this could be more air travel this year. This challenges the "goods to services shift" thesis to some extent and is bearish oil. I'm watching closely.
WSJ: Gas Prices Are Surging, Demand Is Slipping Ahead of Memorial Day Weekend…
"The drop is an early indicator that rising gas prices are prompting some Americans to change their driving habits ahead of Memorial Day weekend and what is typically the peak summer driving season." - @wsj #oil #gasoline #gas
Read 6 tweets
Beginning now, the CEOs of ExxonMobil, BP America, Chevron, Shell, Devon, and Pioneer Energy will testify before the U.S. House Committee on Energy & Commerce, addressing questions of price gouging and war profiteering.
Of concern to the committee is skyrocketing profits at a time of rising gas prices and war. In the first quarter of 2022 vs 2021, the profits of the leading oil companies increased by 288% ExxonMobil, 540% Chevron, 201% ConocoPhillips, 50% BP, 4872% Marathon, and
134% Shell.
Chairman Pallone reminds the oil company CEOs testifying at today's hearing on price gouging that they cannot claim that they have no control over gas prices, explaining: "You set the wholesale price and that sets the retail price."
Read 25 tweets
India’s overall fuel consumption in Feb-22 was 2nd highest ever in its history

This despite Jet Fuel being well below pre-pandemic.

A sharp increase in Gasoline & LPG consumption pushed it up

Feb-22: 4.60 million b/d
Jan-22: 4.16 mb/d
Feb-21: 4.36 mb/d
#OOTT #Oil
2/4 #India recorded highest Gasoline consumption ever in its history in the month of Feb-22

Feb-22: 667k b/d
Jan-22: 584k b/d
Feb-21: 647k b/d

3/4 India’s Diesel consumption still lower than pre-pandemic levels. i.e., economic activity yet to return to normal levels.

Feb-22: 1.70 million b/d
Jan-22: 1.50 mb/d
Feb-21: 1.72 mb/d
Read 4 tweets
Alright folks, here's a little lecture from my book, The Tyranny of Oil, about how #gasoline prices are set in the U.S., and yes, it's largely under the control of the largest oil companies -- Exxon, Chevron, BP, Shell, etc, -- even though it's not legally supposed to be. a 🧵
1. The major oil companies in the U.S. are vertically integrated, controlling production, refining, & sales.

2) They set the price of #gasoline at stations they own. But most stations are "independently owned" & branded- ie selling the major brands "Exxon" "Shell" "Chevron" etc.
3) It is illegal for oil companies to set prices at
gas stations they do not own, but they've has found several ways to get around the law—by controlling the prices charged at its branded stations through the wholesale price for gas, "suggested" retail prices, & zone pricing./3
Read 14 tweets
I heard a story on the news today about calls to cut the federal #gas tax in response to rising prices. This is really bad idea. The gas tax supplies money to the federal government to do things like fund public transit. IF you want lower gas prices (IF), focus on companies.
First: there's been no reduction in overall exports of #oil & #gas from Russia since its war against #Ukraine, incl via #NordStream1 (c/o S&P Global). Russia did cut gas supply before invasion, not since. Energy traders are driving soaring global prices; not actual supply.
The major oil companies, all of which employ energy traders & make a profit off trading, not just selling, oil & gas, are currently making record profits due to the war. In the U.S., just a few Big Oil companies control oil & gasoline refining, distribution, marketing, & sales.
Read 9 tweets
Still no reduction in overall exports of #oil & methane (ie natural) #gas from Russia since its war against #Ukraine, incl via #NordStream1 (c/o S&P Global). Russia did cut gas supply before invasion, not since. Energy traders are driving soaring global prices; not actual supply.
The major oil companies, all of which employ energy traders & make a profit off trading, not just selling, oil & gas, are currently making record profits due to the war. In the U.S., just a few Big Oil companies control oil & gasoline refining, distribution, marketing, & sales.
Thus, U.S. oil companies could be asked to limit gasoline price spikes to demonstrate a desire not to profit off of #RussiaWarOnUkraine. Alternatively, they could be told not to pass the price spike onto consumers by federal and state governments.
Read 6 tweets
"Delivery vans, 1942 style" (Greenbelt, MD) "grocery store"..."Tire scarcity and gasoline rationing have placed such service at a premium...youngsters who are using their express wagons to carry home Mrs. America's purchases are doing their country a real service" #gasoline
Photo by Ann Rosener via the U.S. Library of Congress:…
"How to keep warm and save fuel in wartime", 1942.…
Read 7 tweets
A few months ago, #markets expected U.S. #inflation to peak by mid-2022 at around 7% to 8% at the headline level and then anticipated that generalized #price gains would decline into year end, closing the year around 4%.
However, the tragic war now unfolding with Russia’s attack upon Ukraine has not only sent #energy prices skyrocketing but it has led to much greater uncertainty over #economic growth and #MonetaryPolicy reaction functions, in Europe and indeed around the world.
Core #CPI (excluding volatile #food and #energy components) came in at 0.5% month-over-month and 6.4% year-over-year. Meanwhile, headline CPI data printed at 0.8% month-over-month and came in at 7.9% year-over-year, the greatest increase over a 12-month period since January 1982.
Read 17 tweets
Random thoughts on what cities should (but won't) do to transition out of a #gasoline dependent world. 1. separated bike lanes everywhere, particularly in working class neighborhoods that already heavily bicycle/pedestrian. Image
2. Bicycle racks at local stores and shopping centers. At least in my suburban area, even if you bicycle there, you can't lock up your bicycle anywhere! Image
3. Removing/repealing bicycle unfriendly laws, which often are used more as pretext to snag people using bicycles for work, rather than pleasure.…
Read 14 tweets
#EIA #oil data: #crude -1.9 mln bbls; at 411.6 mln; -13% v 5-yr avg for period
#gasoline -1.4 mln bbls; +1% v 5-yr avg
#distillate -5.2 mln bbls; -18% v 5-yr avg
#propane -1.6 bbls; -21% v 5-yr avg
Total commercial stocks -8.1 mln bbls
#OOTT #OPEC #diesel #shipping #energy
#EIA #oil #data: U.S. #crude oil #refinery inputs averaged 15.4 mln bpd week to March 4, 2022, -21,000 bpd vs previous week; #refineries operated at 89.3% capacity; #gasoline output rose to 9.6 mln bpd, #distillate output fell to 4.6 mln bpd.
#OOTT #diesel #energy #refining
#EIA: #oil data: U.S. crude oil imports averaged 6.3 mln bpd last week, +0.6 million bpd vs previous week; last 4 weeks #crude oil imports averaged 6.2 mln bpd, +10.1% vs year-ago period
#OOTT #OPEC #diesel #shipping #inventory #energy #data #exports #crudeoil #tankers #imports
Read 4 tweets
1/10 🧵
An obvious patriotic deed for U.S. citizens wanting to protect the nation's economy, support #Ukraine, weaken Putin, is to use even ONE gal/week less #gasoline. It was an obvious way to help curb inflation from start of reopening #oil demand surge, before any war.
But #oil/fossil industry's crisis response has been to taunt U.S./EU citizens about a fossil dependence imposed on them via decades of organized political and economic power deployed to stifle #renewables and enrich oil oligarchs & tyrants, both domestic and foreign.
U.S. #oil production was hit by COVID, made worse by GOP/Trump's negligent (was it purposeful?) and idiotic pandemic policies, not Biden or Greta or Democratic policy. Even as COVID loomed clueless Saudi Arabia & allies were prepping a price war w/Russia & U.S. shale.
Read 10 tweets
Demand for #nickel from #ElectricVehicles will grow 13 times by 2030. #NorilskNickel benefits from the trend of long-term growth in demand for nickel: the company earns 21% of its revenue from this metal.
$GMKN $MNOD $NILSY #NorNickel Image
Nickel is one of the most important elements of batteries for #ElectricCars. Nickel will be in high demand over the next few decades as #gasoline cars are replaced by electric ones. #Nickel demand from electric cars can grow at a rate of 29% per year.…
Aggregate demand for #nickel could grow 36% by 2024. In 2026, this will lead to a deficit of 560 thousand tons. Scarcity means higher prices, metal miners will benefit from this.…
Read 3 tweets
Thread on why the Biden Administration is wrong in asking OPEC for more crude oil supplies & why #OPEC was right sticking to its planned increases:

1- There are no crude shortages. There are no refiners who need oil and cannot get it. #OOTT #SaudiArabia…
2- Demand is NOT higher than “supply”. Several media outlets and analysts are confusing “supply” with “production”.
US crude oil inventories increased by about 20 mb in recent weeks. They are about 40 mb above the level that would support a bullish case.
3- It takes months for additional crude production to appear in the market as gasoline. The US problem is in the refining sector, not only because of recent hurricanes but also because of chronic problems and heavy regulations. #oil #OOTT
Read 11 tweets
#OOTT | #EIA weekly data
#Crude stocks +3.290M
#Gasoline stocks -1.488M
#Distillate stocks +2.160M
#Cushing stocks -0.916M
#OOTT | #EIA: US East Coast crude oil imports rise 40%.
Read 6 tweets
Where is my coal?

With shortages and high prices, theft increases throughout the world.
#coal #India…
Gasoline theft in US…
This is all tine favourite… stories like this have been circulating for decades.. some true, others are not

Read 4 tweets
1/9) 🧵
On #PetroleumPrice hike:
#Fuel prices r giving headaches both to ppl & govt of #Pakistan. Former are finding it difficult to cope with #food & #fuel inflation; the later despite losing PDL & GST #revenue, finding it difficult to reduce the impact of expensive #fuel import
2/9) Quicker than expected increased demand for #energy amidst #Covid19 has triggered 🌎energy prices. coal 🇿🇦, Brent crude, & gas prices increased by 150%, 102% & 500% since Aug 2020.
3/9) Depreciation of value of #rupee against #US$ is also turning imported #fuel more expensive for us. But then artificially stabilising (thru SBP intervention) value of rupee has its own implications
Read 9 tweets
Thread on higher energy prices in Europe
1- Several people are saying that higher fossil fuel prices in Europe will expedite the transition to renewables. Really? We have been there before!

2- The basic materials used in all energy sources are the same. Costs go up for all.
3- If demand for drilling equipment increases as oil & gas prices rise, basic materials for wind & solar may not be available. If available, they will be at higher prices. With oil above $75 & natural gas above $5, the oil industry can afford the increase in cost. Others cannot!
4- Oil & renewable energy are not substitutes in Europe, the US, China, and India. That where most of the global oil consumption is.
5- Natural gas is needed to back up solar & wind regardless of its price in a carbon neutrality world. Otherwise, coal is here to stay as a backup.
Read 12 tweets
#OOTT | #EIA weekly data
#Crude stocks -4.089M
#Gasoline stocks -2.253M
#Distillate stocks -3.088M
#Cushing stocks -1.268M
#OOTT | #EIA: US crude inventory falls by most in west coast.
#OOTT | #EIA: US strategic petroleum reserve steady at 621.3 mln.
Read 6 tweets
Palladium production may decline in 2021 by 20% because of an accident at the mines of #Nornickel, major #palladium producer in the world. Regardless of how the situation at the mines will be resolved, the market may experience a price shock.
Part 1/1 Nornickel is the major world’s #palladium and high-quality #nickel producer and also a major producer of #platinum and #copper. The company produced a total of 2,826 thousand ounces of palladium (80115 kg) in 2020, that accounts for 40% of palladium world production.
1/2 On 24/02/21 it became known that operations at Oktyabrsky and Taimyrsky were suspended due to flooding by groundwater. These 2mines are largest copper-nickel deposits and key assets of $GMKN, with a combined production of 9.5 mn tons of ore per year- 36% of all output in 2020
Read 24 tweets
#API crude oil storage data will be released 5 minutes later. #OOTT
#Crude +7.356M VS Est.-1.850M
#Cushing +0.732M
#Gasoline -9.933M VS Est.-2.125M
#Distillate -9.053M VS Est.-2.900M
The stock of #gasoline and #distillate are facing the biggest weekly drop in the last 5 years, the #API data implied
#OOTT #OIL $CL_F #EIA ImageImage
Read 4 tweets
#Lebanon #Beirut #Electricity #Gasoline #Shortage

The Lebanese have suffered from extreme electricity rationing in Beirut for almost a week that exceeded 8 hours a day, while other areas experienced daily power rationing in total of 12 hours, Asharq el Awsat reported on Friday.
Meanwhile, Energy Minister Raymond Ghajar, the caretaker, informed that his ministry would not be able to pay the price of the fuel required to produce electricity after March.
Electricity Du Liban announced that its fuel oil stock has fallen to its lowest level, resulting in a decrease in the supply of electricity by approximately 400 megawatts of the total energy generated, which is approximately 1,400 megawatts.
Read 4 tweets

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