Tag: gasoline prices

Poland: Civil Unrest As Fuel Prices Soar High After Russia Bans Key Polish Pipelines

Tina Marie (Ms. Cat)1 Comment

Poland: Civil Unrest As Fuel Prices Soar High After Russia Bans Key Polish Pipelines

Poland urged EU to impose ‘punitive sanctions’ on Russian oil

Related:

Polish motorists block petrol station in protest of high fuel prices

These [fuel] prices have already caused some unrest. In the town of Bielsko-Biała on Sunday, several drivers who pretended their cars had broken down blocked a petrol station of the partially state-owned PKN Orlen fuel company, local media reported.

Massive “failure” in Orlen. The cars blocked the entrance to the petrol station

The price of the euro is falling. The dollar is falling. The zloty is getting stronger and the fuel is going up. I don’t think it is sticky. Economically, no one can explain why – says Szymon Twardak , one of the participants of the action at the Orlen station.

The drivers have blocked the petrol station again. This time, not one

Poland Suggests Expanding EU’s Seventh Tranche Of Sanctions Against Russia

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

Biden’s approval dips to lowest of presidency: AP-NORC poll

Tina Marie (Ms. Cat)

President Joe Biden’s approval rating dipped to the lowest point of his presidency in May, a new poll shows, with deepening pessimism emerging among members of his own Democratic Party.

Only 39% of U.S. adults approve of Biden’s performance as president, according to the poll from The Associated Press-NORC Center for Public Research, dipping from already negative ratings a month earlier.

Overall, only about 2 in 10 adults say the U.S. is heading in the right direction or the economy is good, both down from about 3 in 10 a month earlier. Those drops were concentrated among Democrats, with just 33% within the president’s party saying the country is headed in the right direction, down from 49% in April.

Biden’s approval dips to lowest of presidency: AP-NORC poll

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

Tina Marie (Ms. Cat)

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

Meanwhile, U.S. crude [oil] is flowing to Europe at rates never seen before.

Two cargoes of high-sulfur crude from the U.S. strategic reserve are headed to Italy and the Netherlands, according to tanker-tracking data and sources briefed by Bloomberg. The tankers have loaded crude at terminals connected to storage caverns of the SPR in Texas and Louisiana.

According to Matt Smith, oil analyst at commodity data firm Kpler, these would not be the last crude exports out of the U.S. SPR to Europe.

In April, some 1.6 million barrels of U.S. crude from the strategic reserve made its way to Europe, Smith told Bloomberg, adding: “That’s the largest amount of SPR crude that’s been shipped to the continent based on historical monthly data.”