Tag: Chevron

Domestic Crude Oil Peaked at $145 a Barrel in 2008. It Closed Yesterday at $118.50. So Why Is Gas at the Pump at All-Time Highs?

Tina Marie (Ms. Cat)

Domestic Crude Oil Peaked at $145 a Barrel in 2008. It Closed Yesterday at $118.50. So Why Is Gas at the Pump at All-Time Highs?

Part of that, as the above stories illustrate, is just plain ole price gouging. But the big picture is more complicated than that. According to the EIA, in addition to the 61 percent of the price of a gallon of gas that comes from the cost of crude oil, the other 39 percent shakes out as follows: the costs of refinement (14 percent), distribution and marketing (11 percent), and taxes (14 percent).

And refining* looks to be a particular problem right now. The EIA reports that as of January 1, 1982, the U.S. had 301 refineries in operation. That compares to just 129 in operation as of January 1, 2021.

Related:

*Chevron CEO says there may never be another oil refinery built in the U.S.

Previously:

More Oil From U.S. Strategic Petroleum Reserve Heads To Europe

Eni and Repsol to Receive Oil-for-Debt Licenses, Venezuela Welcomes ‘Small Steps’

Tina Marie (Ms. Cat)

Caracas, June 6, 2022 (venezuelanalysis.com) – The US government has reportedly greenlighted two companies to ship Venezuelan oil to Europe as soon as next month.

…

Washington is likewise looking to redirect Venezuelan oil shipments from China to Europe in order to cut off Caracas’ income from its Asian ally, which currently buys some 70 percent of Venezuela’s oil production, the unnamed US officials claimed.

Eni and Repsol to Receive Oil-for-Debt Licenses, Venezuela Welcomes ‘Small Steps’

Diosdado Cabello: Washington Has Not Lifted Any Sanctions Against Venezuela

Tina Marie (Ms. Cat)1 Comment

Caracas, May 26, 2022 (OrinocoTribune.com)—This Wednesday, May 25, the Vice President of the United Socialist Party of Venezuela (PSUV), Diosdado Cabello, said that the United States government has not lifted any illegal sanctions against the Venezuelan people.

Diosdado Cabello: Washington Has Not Lifted Any Sanctions Against Venezuela

Related:

Venezuela Confirms US Authorized Oil Corporations to ‘Negotiate & Restart Operations’

OPEC chief says there’s ‘no capacity in the world’ that could replace Russia’s 7 million barrels a day in oil supply + More

Tina Marie (Ms. Cat)

OPEC chief says there’s ‘no capacity in the world’ that could replace Russia’s 7 million barrels a day in oil supply (Archived)

Related:

The House voted to ban the import of Russian oil even though Biden already banned it by executive order

Bank of America predicts that a ban on Russian oil exports could push prices as high as $200 a barrel – and breaks down why this could trigger a global recession or stock market crash

But the strategists noted that the status of the United States as an energy independent country – meaning it produces as much energy as it consumes – could mitigate the impact of this. US-listed oil stocks Exxon Mobil and Chevron were both up by just under 1% Monday.