WASHINGTON – Electricity bills for US consumers jumped the most since 1981, gaining 15.8% from the same period a year ago, according to the US Bureau of Labor Statistics.
US Electricity Prices Rise Most in 41 Years as Inflation Endures
Tag: Energy Information Administration
U.S. Strategic Petroleum Reserve Falls To 35-Year Low as American crude heads overseas at a record pace
U.S. Strategic Petroleum Reserve Falls To 35-Year Low
According to the Institute of Energy Research, the SPR is expected to shrink to a 40-year low by the end of October, with inventories then at 358 million barrels, compared to 621 million barrels a year ago.
Related:
US oil exports to China and India jump as American crude heads overseas at a record pace
The only thing that climbed as high as gas prices earlier this year was the disapproval of US President Joe Biden 😂
Biden was wrongly blamed for rising gas prices. But he doesn’t deserve much credit for the drop
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
Ms. Cat’s Chronicles 