Oil Price Texas Panhandle oil refineries and cattle ranches remain under critical threat as wildfires continue to spread, now consuming 500,000 acres after having prompted the temporary evacuation of the United States’ primary nuclear weapons assembly plant. Earlier on Wednesday, Texas Governor Greg Abbott had declared a disaster for 60 counties being affected by four separate wildfires that have so
Oil Price A fire broke out at Chevron’s El Segundo refinery in California on Tuesday evening, with no injuries reported and no immediately clear indication as to the cause of the incident. At around 6:15 p.m. on Tuesday, El Segundo Fire Department responded to an isolated fire inside the Chevron El Segundo Refinery, the city of El Segundo said. El
World Oil (Bloomberg) — There may never be a new refinery built in the US despite surging gasoline prices as policymakers move away from fossil fuels, according to Chevron Corp. “We haven’t had a refinery built in the United States since the 1970s,” Chief Executive Officer Mike Wirth said in an interview on Bloomberg TV. “My personal view is there will never
Reuters U.S. refiner Phillips 66 plans to convert its Rodeo, California, crude oil refinery into a renewable fuels plant using cooking oil and food wastes. Its proposal comes as U.S. refiners HollyFrontier Corp, CVR Energy and Marathon Petroleum have begun or pledged to convert existing facilities to renewable fuel. HollyFrontier and CVR are exploring projects to supply California, the largest
RarePetro Oil & Gas 360 Publishers Note: Kevin Olson has assembled great data points about the influx of fifty million barrels of foreign crude oil to the United States, and may offset most of the production cuts. Pushing out any kind of recovery on our producers. This brings up the question: Should Donald Trump, or Congress, get involved in eliminating
RarePetro Oil & Gas 360 Publishers Note: Kevin Olson has assembled great data points about the influx of fifty million barrels of foreign crude oil to the United States, and may offset most of the production cuts. Pushing out any kind of recovery on our producers. This brings up the question: Should Donald Trump, or Congress, get involved in eliminating
Reuters French energy major Total said on Friday it was taking measures to avoid fuel and other products shortages after striking workers blocked distribution from its 110,000 barrels-per-day Feyzin refinery. CGT union workers at the refinery near the city of Lyon have been on strike since early October over potential job cuts, prompting a halt in production. On Friday, the
Source: Houston Chronicle BP Plc reported profit that beat analyst estimates as a strong refining performance offset the effect of lower oil and natural gas prices, and bad weather that curbed production. The positive result will please investors expecting a gloomy third quarter for Big Oil. Crude prices have fallen as the U.S.-China trade war stokes demand concerns, while American
Source: Reuters (Reuters) – U.S. refiner Marathon Petroleum Corp, which is under pressure from activist investor Elliott Management Corp, is considering the sale of two plants in Alaska and Utah, Bloomberg reported, citing people familiar with the matter. Elliott urged Marathon to split into three companies in September, saying that would boost shareholders’ value by as much as $40 billion,
From The Houston Chronicle Houston’s Citgo Petroleum is under attack on multiple fronts. Creditors for its parent company want to seize its refineries. It’s at the center of a fight for control over Venezuela. The Justice Department is investigating it and its parent company’s role in an alleged foreign bribery scheme. And its facing mounting pressure to do something about
From The Houston Chronicle In a victory for Venezuela’s opposition government, a U.S. judge confirmed Citgo Petroleum’s board of directors appointed by Juan Guaido, squashing socialist leader Nicolas Maduro’s efforts to regain control over the Houston oil refiner. On Wednesday a Delaware judge issued a final order approving the Guaido board, who have been effectively leading Citgo since the opposition
From Reuters U.S. crude oil stockpiles fell more than expected last week with supplies at the Cushing, Oklahoma hub dropping for a seventh week, while gasoline and distillate inventories rose, the Energy Information Administration said on Wednesday. Crude inventories fell by 2.7 million barrels in the week to Aug. 16, compared with analysts’ expectations for a decrease of 1.9 million
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