|Day's Range||2.4323 - 2.5149|
The GLC is the best-selling Mercedes in the United States. should continue that, and turn up the heat for competitors from Audi, BMW, Lexus and Caddy.
Mexico's president took office in late 2018 pledging to boost local output of gasoline while phasing out imports, but so far state refineries have instead set a different course: bumper production of highly-contaminating fuel oil. To make Mexico self-sufficient, leftist resource nationalist President Andres Manuel Lopez Obrador wants the country to wean itself off dependence on foreign gasoline and diesel supplies, mostly from U.S. refiners, and replace them by 2024 with production from state oil company Petroleos Mexicanos (Pemex). The push to increase Pemex's output, however, has ramped up fuel oil production, due mostly to its refineries' struggle to efficiently process the heavy crude Mexican oil fields pump.
Nigerian President Bola Tinubu has scrapped a decadeslong government-funded subsidy that has helped reduce the price of gasoline, leading to long lines at fuel stations Tuesday as drivers scrambled to stock up before costs rise. As people rushed to buy gas in major cities like Abuja and Lagos, marketers have more than doubled the price at the pump from the usual 40 cents per liter, resulting in a surge in the price of transport. Tinubu announced the removal of the subsidy moments after his inauguration as president on Monday, signaling his administration’s plan to finally end an initiative that officials said cost the Nigerian government an estimated 18.39 billion naira ($39.8 million) daily in 2022.
Jason Turcotte of Southern California moved up a cross-country driving trip this year to April instead of summer, fearing that gasoline prices would repeat last year's sharp run-up as vacation season unfolded. He returned home to California this week only to find fuel prices lower than when he left, with the U.S. retail average about $3.56 a gallon, down about $1.50 from last summer's peak. "I had expected another price surge after Memorial Day weekend with schools getting out for break," Turcotte said, referring to the U.S. holiday that falls on May 29 this year.
Strong gasoline demand is one of the few things supporting petroleum prices recently, as economic risks and headwinds including a potential U.S. debt crisis and a struggling Chinese recovery have increasingly led traders to sell oil futures or to sit on the sidelines.
WASHINGTON (Reuters) -California has asked the Biden administration to approve its plan to require all new vehicles sold in the state by 2035 to be either electric or plug-in electric hybrids, a landmark move that could speed the end of gasoline-powered vehicles, according to a letter seen by Reuters. The California Air Resources Board (CARB), which approved the plan in August, asked the Environmental Protection Agency (EPA) on Monday to approve a waiver under the Clean Air Act to implement its new rules that set yearly rising zero emission vehicle rules starting in 2026 and would end the sales of vehicles only powered by gasoline by 2035. "These vehicles will permanently displace emissions from conventional vehicles," wrote CARB Executive Officer Steven Cliff, adding that motor vehicles and other mobile sources are the greatest source of emissions in California.
It had been a while since the overbearing voice of the Saudi energy minister had been heard, and it arrived on cue Tuesday as speculators to oil producers sought for every means in pushing prices higher in the run-up to the peak summer demand for travel. New York-traded West Texas Intermediate, or WTI, crude settled up 86 cents, or 1.2%, at $72.91 per barrel. London-traded Brent crude, the global benchmark for oil, settled up 85 cents, or 1.1%, at $76.84.
BENGALURU (Reuters) -Oil prices rose on Tuesday on forecasts for a tighter gasoline market and a warning from the Saudi energy minister to speculators that raised the prospect of further OPEC+ output cuts. Both benchmarks extended gains to about 2% in post-settlement trade, after figures from the American Petroleum Institute (API) showed a large draw in crude and gasoline last week, according to market sources. If official inventories data from the Energy Information Administration, due on Wednesday, confirm the industry body's figures, U.S. gasoline inventories would have declined for the third straight week to their lowest pre-Memorial Day levels since 2014.
The benchmark price used for setting most diesel fuel surcharges is down for the 16th time in 17 weeks. The post Benchmark diesel price drops again even as tanks are getting drier appeared first on FreightWaves.
Oil prices inched higher Monday, responding to the more positive tone in negotiations between the White House and its Republican rivals in Congress to raise the U.S. debt ceiling before a June 1 deadline for default. Higher demand and prices for gasoline also drove sentiment in energy trading ahead of the upcoming May 29 Memorial Day holiday, which unofficially flags off U.S. summer road travel. New York-traded West Texas Intermediate, or WTI, crude settled up 44 cents, or 0.6%, at $71.99 per barrel.
Americans are driving more so far this year than any other year on record, save for 2019, according to the latest [Federal Highway Administration data](https://www.fhwa.dot.gov/policyinformation/travel_monitoring/23martvt/page2.
(Bloomberg) -- Air travel in the US over the Memorial Day holiday weekend is forecast to rise to the highest since 2005, driving hopes that strong fuel consumption will counter a bleak economic outlook.Most Read from BloombergTurkey Latest: Erdogan Says Unclear If Vote Will Go to RunoffTurkey Set for Runoff as Erdogan Falls Just Short of VictoryS&P ETF Barely Budges on Yellen’s Late-Day Notice: Markets WrapChicago’s Empty Office Towers Threaten Its Future as a Major Financial HubMicrosoft’s $69
Gasoline prices have fallen for three consecutive weeks as crude oil prices have also tumbled. The average price of gasoline is now selling for $3.50 per gallon, declining by 7.5 cents compared to a week ago, according to GasBuddy data. "For the third straight week, consumers have been greeted by falling gasoline prices across a majority of the country, thanks to oil prices holding near recent lows and the transition to summer gasoline being essentially complete," said Patrick De Haan, head of petroleum analysis at GasBuddy, a Boston-based provider of retail fuel pricing information and data.
USCF Advisers has launched the USCF Energy Commodity Strategy Absolute Return Fund (NYSE Arca: USE). This actively managed ETF seeks long-term total return by investing in energy-related derivative instruments based upon oil, petroleum, natural gas, and other energy-related derivative instruments. According to the issuer, USE will invest in energy futures contracts. These include (but aren’t [...]
Q1 2023 Enterprise Products Partners LP Earnings Call
Fuel stations throughout the country will be able to sell gasoline blended with 15% ethanol during the summer under an emergency waiver issued Friday by the Environmental Protection Agency in a move that could reduce prices at the pump and boost demand for the Midwest-based ethanol industry. The EPA framed its decision as a way to reduce gasoline prices at a time of market supply uncertainty because of Russia's invasion of Ukraine.
President Joe Biden's administration announced on Friday it would allow summertime sales of gasoline with a higher blend of ethanol, a win for the biofuel industry and farmers that want an expanded market for their corn. The move would be aimed at keeping down consumer pump prices during the high-demand summer driving season by boosting the overall volume of available fuel, and reflects the Biden administration's ongoing worry about energy costs. The waiver would temporarily exempt the 15% ethanol fuel blend from anti-smog regulations that effectively block sales from June 1 to Sept. 15 throughout much of the United States.
Q1 2023 Valero Energy Corp Earnings Call
Gasoline and diesel demand are weak going into the summer driving season.
Chevron's (CVX) gasoline blend with more than 50% renewable content is expected to offer emissions savings similar to electric cars.
The two largest U.S. oil companies are road testing renewable gasoline blends that they say could bring down emissions from conventional autos to levels competitive with electric vehicles (EVs). The fuels being promoted by Chevron Corp and Exxon Mobil Corp, if made commercially available, potentially would extend the life of the gasoline market as part of the world's transition to cleaner fuels and electric vehicles. "We really believe there has to be alternatives for the light duty vehicle," Chevron President of Americas Products Andy Walz said at an event on Wednesday to road test the fuel.
Thanks to increasing demand and production cuts by OPEC+ members, prices are expected to headed in an expected, but unwelcome direction.
Saudi Arabia and other OPEC+ oil producers announced over the weekend they would launch deep oil production cuts starting next month, a surprise move that sent oil prices surging. The OPEC+ group, which includes allied producers such as Russia, has some of the best information on global supply and demand, yet the surprise decision came two weeks after it reiterated expectations for a 2.32 million barrel per day increase in world demand this year on China's easing of its zero-COVID-19 policy. WHY DOES OPEC'S CUT MATTER?
Major oil-producing countries led by Saudi Arabia said they're cutting supplies of crude — again. This time, the decision was a surprise and is underlining worries about where the global economy might be headed. Russia is joining in by extending its own cuts for the rest of the year.
India has extended restrictions on the export of diesel and gasoline, the government said in a notification, as New Delhi tries to ensure the availability of refined fuels for the domestic market. The government had imposed the curbs on gasoline and gasoil exports through the end of the financial year on Friday.