Tag: gasoline

Russia’s energy revenue higher now than just before Ukraine war, U.S. official says

Tina Marie (Ms. Cat)

Russia may be getting more revenue from its fossil fuels now than shortly before its invasion of Ukraine, as global price increases offset the impact of Western efforts to restrict its sales, U.S. energy security envoy Amos Hochstein told lawmakers during a hearing on Thursday.

Russia’s energy revenue higher now than just before Ukraine war, U.S. official says
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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

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.

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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’