Discover and read the best of Twitter Threads about #gasoline

Thread on California Gasoline Crisis:

1- I wish I was still teaching at the university. I would have used the recent Valero letter to the #California Energy Commission as the main reference for a two-hour lecture on the impact of public policy on the oil sector. $VLO #Oil #OOTT

2- The commission sent Valero a letter requiring answers to certain questions within ONE business day. Yep, ONE!
Velero responded with a two-page letter within one business day. I am impressed, as you can tell, with the letter. #Oil #Gasoline #Climate

3- The letter highlighted the "countless investigations" every time gasoline prices increased in the state. The investigations "have demonstrated, market drivers of supply and demand, together with government-imposed costs and specifications, determine market price" #OOTT #oil

Read 14 tweets

Anas Alhajji

@anasalhajji

Probably President Biden should not talk about gasoline prices again. He just said something and we lost three refineries in 24 hours!
#Oil #OOTT #COM #EFT

Ok, now they are 4 refineries! #Argentina #Refinery #Gasoline

could you please post the link? thanks

Read 4 tweets

🍑

@jsskmy

- W SEP ISSUE FEATURE: KEY'S STORY -

interview translation thread

#KEY
#SHINee
@SHINee
#Gasoline
#KEY_GASOLINE

Q: we are filming the sep issue showcasing F/W, how on earth did you manage not to show any discomfort wearing those outfits in this hot summer heat?

Key: oof, not at all (flattered)

Q:In the lyrics of the solo song "Bad Love" released last year "I'm sick and tired of it". Whenever I see Key, you remind me of a 만담가comedian*. You show off a veteran's ease.

(my remarks: i love his answer to this question)

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Rick Rieder

@RickRieder

The headline #inflation data today moderated a bit on the back of falling #gasoline prices, but it’s still running at a worryingly high rate.

Over time, we think the slowdown in #economic growth, the continuation of the @federalreserve’s assertive #HikingCycle and the possibility of resolution with several persistent supply chain issues should influence broad #inflation lower.

Still, while #CorePCE inflation (the #Fed’s favored measure) is likely to moderate in the coming months, it’ll still remain well-above the Fed’s 2% #inflation target.

Read 15 tweets

Anas Alhajji

@anasalhajji

Thread: What are the Biden Administration’s choices to reduce oil and fuel prices? #OOTT #Oil

1- What has been done?
Asked OPEC members, US oil producers & refiners to increase production. All failed.

OPEC members were not interested. US producers & refiners cannot do so.

2- What are the current choices?
a- Restrict crude oil exports
b- Restrict fuel exports
c- Suspend environmental regulations temporarily
d- Suspend federal fuel tax
e- Remove sanctions on Iran & Venezuela
f- Resurrect relations with Saudi Arabia
g- Withdraw more from the SPR

3- None of the choices above can reduce shortages or lower prices meaningfully before the US mid-term elections. Only a recession would reduce fuel prices and allow for inventories to rise.

Regardless, a recession might flip both houses to republicans. Democrats are stuck!

Read 23 tweets

Anas Alhajji

@anasalhajji

1-5 Now it is official: President Biden to visit #SaudiArabia on July 15 and 16, during his Middle East tour.
After meeting with the Saudi leadership, he will meet with the leaders of what some experts call “the Arab NATO”: GCC leaders, Egypt, Jordan, (& Iraq). #OOTT #COM #EFT

2-5 Oil is not among top issues given the importance of security issues in the region. My guess is that Saudis are more interested in highlighting their climate change plans & efforts while showing that they actually have been increasing oil production & will continue to do so

3-5 While mega commercial deals are expected, nuclear deals will attract media attention. Saudi Arabia, in its carbon reduction efforts, needs nuclear energy. It remains to be seen if Saudis will continue to invest in the US refining sector

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Arun S. Chopra CFA CMT🧐

Beginning now, the CEOs of ExxonMobil, BP America, Chevron, Shell, Devon, and Pioneer Energy will testify before the U.S. House Committee on Energy & Commerce, addressing questions of price gouging and war profiteering.

Of concern to the committee is skyrocketing profits at a time of rising gas prices and war. In the first quarter of 2022 vs 2021, the profits of the leading oil companies increased by 288% ExxonMobil, 540% Chevron, 201% ConocoPhillips, 50% BP, 4872% Marathon, and
134% Shell.

Chairman Pallone reminds the oil company CEOs testifying at today's hearing on price gouging that they cannot claim that they have no control over gas prices, explaining: "You set the wholesale price and that sets the retail price."

Read 25 tweets

Energy Blogger

@energy_blogger

India’s overall fuel consumption in Feb-22 was 2nd highest ever in its history

This despite Jet Fuel being well below pre-pandemic.

A sharp increase in Gasoline & LPG consumption pushed it up

Consumption
Feb-22: 4.60 million b/d
Jan-22: 4.16 mb/d
Feb-21: 4.36 mb/d
#OOTT #Oil

2/4 #India recorded highest Gasoline consumption ever in its history in the month of Feb-22

Consumption
Feb-22: 667k b/d
Jan-22: 584k b/d
Feb-21: 647k b/d

#Gasoline

3/4 India’s Diesel consumption still lower than pre-pandemic levels. i.e., economic activity yet to return to normal levels.

Consumption
Feb-22: 1.70 million b/d
Jan-22: 1.50 mb/d
Feb-21: 1.72 mb/d

Read 4 tweets

Antonia Juhasz

@AntoniaJuhasz

Alright folks, here's a little lecture from my book, The Tyranny of Oil, about how #gasoline prices are set in the U.S., and yes, it's largely under the control of the largest oil companies -- Exxon, Chevron, BP, Shell, etc, -- even though it's not legally supposed to be. a 🧵

1. The major oil companies in the U.S. are vertically integrated, controlling production, refining, & sales.

2) They set the price of #gasoline at stations they own. But most stations are "independently owned" & branded- ie selling the major brands "Exxon" "Shell" "Chevron" etc.

3) It is illegal for oil companies to set prices at
gas stations they do not own, but they've has found several ways to get around the law—by controlling the prices charged at its branded stations through the wholesale price for gas, "suggested" retail prices, & zone pricing./3

Read 14 tweets

Antonia Juhasz

@AntoniaJuhasz

I heard a story on the news today about calls to cut the federal #gas tax in response to rising prices. This is really bad idea. The gas tax supplies money to the federal government to do things like fund public transit. IF you want lower gas prices (IF), focus on companies.

First: there's been no reduction in overall exports of #oil & #gas from Russia since its war against #Ukraine, incl via #NordStream1 (c/o S&P Global). Russia did cut gas supply before invasion, not since. Energy traders are driving soaring global prices; not actual supply.

The major oil companies, all of which employ energy traders & make a profit off trading, not just selling, oil & gas, are currently making record profits due to the war. In the U.S., just a few Big Oil companies control oil & gasoline refining, distribution, marketing, & sales.

Read 9 tweets

Antonia Juhasz

@AntoniaJuhasz

Still no reduction in overall exports of #oil & methane (ie natural) #gas from Russia since its war against #Ukraine, incl via #NordStream1 (c/o S&P Global). Russia did cut gas supply before invasion, not since. Energy traders are driving soaring global prices; not actual supply.

Thus, U.S. oil companies could be asked to limit gasoline price spikes to demonstrate a desire not to profit off of #RussiaWarOnUkraine. Alternatively, they could be told not to pass the price spike onto consumers by federal and state governments.

Read 6 tweets

AI6YR

@ai6yrham

"Delivery vans, 1942 style" (Greenbelt, MD) "grocery store"..."Tire scarcity and gasoline rationing have placed such service at a premium...youngsters who are using their express wagons to carry home Mrs. America's purchases are doing their country a real service" #gasoline

Photo by Ann Rosener via the U.S. Library of Congress: loc.gov/pictures/item/…

"How to keep warm and save fuel in wartime", 1942. google.com/books/edition/…

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Rick Rieder

@RickRieder

A few months ago, #markets expected U.S. #inflation to peak by mid-2022 at around 7% to 8% at the headline level and then anticipated that generalized #price gains would decline into year end, closing the year around 4%.

However, the tragic war now unfolding with Russia’s attack upon Ukraine has not only sent #energy prices skyrocketing but it has led to much greater uncertainty over #economic growth and #MonetaryPolicy reaction functions, in Europe and indeed around the world.

Core #CPI (excluding volatile #food and #energy components) came in at 0.5% month-over-month and 6.4% year-over-year. Meanwhile, headline CPI data printed at 0.8% month-over-month and came in at 7.9% year-over-year, the greatest increase over a 12-month period since January 1982.

Read 17 tweets

AI6YR

@ai6yrham

Random thoughts on what cities should (but won't) do to transition out of a #gasoline dependent world. 1. separated bike lanes everywhere, particularly in working class neighborhoods that already heavily bicycle/pedestrian.

2. Bicycle racks at local stores and shopping centers. At least in my suburban area, even if you bicycle there, you can't lock up your bicycle anywhere!

3. Removing/repealing bicycle unfriendly laws, which often are used more as pretext to snag people using bicycles for work, rather than pleasure. tampabay.com/news/publicsaf…

Read 14 tweets

Robert Gibbons

@robert__gibbons

#EIA #oil data: #crude -1.9 mln bbls; at 411.6 mln; -13% v 5-yr avg for period
#gasoline -1.4 mln bbls; +1% v 5-yr avg
#distillate -5.2 mln bbls; -18% v 5-yr avg
#propane -1.6 bbls; -21% v 5-yr avg
Total commercial stocks -8.1 mln bbls
#OOTT #OPEC #diesel #shipping #energy

#EIA #oil #data: U.S. #crude oil #refinery inputs averaged 15.4 mln bpd week to March 4, 2022, -21,000 bpd vs previous week; #refineries operated at 89.3% capacity; #gasoline output rose to 9.6 mln bpd, #distillate output fell to 4.6 mln bpd.
#OOTT #diesel #energy #refining

#EIA: #oil data: U.S. crude oil imports averaged 6.3 mln bpd last week, +0.6 million bpd vs previous week; last 4 weeks #crude oil imports averaged 6.2 mln bpd, +10.1% vs year-ago period
#OOTT #OPEC #diesel #shipping #inventory #energy #data #exports #crudeoil #tankers #imports

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Robert Gibbons

@robert__gibbons

1/10 🧵
An obvious patriotic deed for U.S. citizens wanting to protect the nation's economy, support #Ukraine, weaken Putin, is to use even ONE gal/week less #gasoline. It was an obvious way to help curb inflation from start of reopening #oil demand surge, before any war.
#OOTT

2/10
But #oil/fossil industry's crisis response has been to taunt U.S./EU citizens about a fossil dependence imposed on them via decades of organized political and economic power deployed to stifle #renewables and enrich oil oligarchs & tyrants, both domestic and foreign.
#OOTT

3/10
U.S. #oil production was hit by COVID, made worse by GOP/Trump's negligent (was it purposeful?) and idiotic pandemic policies, not Biden or Greta or Democratic policy. Even as COVID loomed clueless Saudi Arabia & allies were prepping a price war w/Russia & U.S. shale.
#OOTT

Read 10 tweets

RDV Analytics

@rdv_analytics

Demand for #nickel from #ElectricVehicles will grow 13 times by 2030. #NorilskNickel benefits from the trend of long-term growth in demand for nickel: the company earns 21% of its revenue from this metal.
$GMKN $MNOD $NILSY #NorNickel

Nickel is one of the most important elements of batteries for #ElectricCars. Nickel will be in high demand over the next few decades as #gasoline cars are replaced by electric ones. #Nickel demand from electric cars can grow at a rate of 29% per year.

greencarcongress.com/2021/03/202103…

Aggregate demand for #nickel could grow 36% by 2024. In 2026, this will lead to a deficit of 560 thousand tons. Scarcity means higher prices, metal miners will benefit from this.

globalminingreview.com/special-report…

Read 3 tweets

Anas Alhajji

@anasalhajji

Thread on why the Biden Administration is wrong in asking OPEC for more crude oil supplies & why #OPEC was right sticking to its planned increases:

1- There are no crude shortages. There are no refiners who need oil and cannot get it. #OOTT #SaudiArabia
spglobal.com/platts/en/mark…

2- Demand is NOT higher than “supply”. Several media outlets and analysts are confusing “supply” with “production”.
US crude oil inventories increased by about 20 mb in recent weeks. They are about 40 mb above the level that would support a bullish case.

https://twitter.com/anasalhajji/status/1455911742282862593?s=20

3- It takes months for additional crude production to appear in the market as gasoline. The US problem is in the refining sector, not only because of recent hurricanes but also because of chronic problems and heavy regulations. #oil #OOTT

Read 11 tweets