Remember the old days when gasoline and diesel had roughly the same price? Well, it looks like things are returning toward price parity after last year when diesel often had a premium of ~75 cents. These past few weeks, US diesel production has created ample supply levels and the price has fallen toward the rising price of gasoline. (more…)
Posts Tagged ‘Oil’
Gasoline and Diesel Move toward Parity Again
Wednesday, March 4th, 2009January Mexico Oil Production Continues Quick Decline
Saturday, February 21st, 2009
Once the biggest oil field in the hemisphere, production from Mexico’s Cantarell continues to decline at an astounding rate. This past January, output was down 38% (!) from January 2008. This collapse sent total Mexican crude oil production down by (more…)
Another source of non-OPEC oil output growth disappears
Friday, February 20th, 2009
As I’ve said many times, the crucial role Russia played since the late 1990s as the main growth driver for non-OPEC oil production will be sorely missed. But the US Energy Information Agency (EIA) forecast three countries would step up in 2009 to reverse the 2008 fall in production: the US, Brazil, and Azerbaijan. Now one of these countries says their 2009 output will be flat. (more…)
Gas prices poised to rise to $2
Wednesday, February 11th, 2009For the last couple of months, average national gasoline prices stopped their skid at ~$1.61 per gallon. But since early January, prices have been climbing back up. In the next few days, prices may hit $2 per gallon thanks to (more…)
US Oil & Gas Inventories Stay Above Average
Thursday, February 5th, 2009
As I predicted a couple weeks back, the cold weather cut into our surplus of natural gas and heating petroleum products. But it wasn’t enough to bring them down to average levels. Yesterday’s EIA weekly petroleum report showed crude oil supplies climbing to astronomical heights at (more…)
It’s Electric: US Emissions Drop Further
Sunday, January 25th, 2009
The EIA recently released estimates for US electricity consumption in Oil & Gas Inventories Remain High
Saturday, January 24th, 2009The EIA released its weekly inventory reports for oil and natural gas these past two days, and even the cold weather hasn’t been able to bring supplies down to the historical average. Industrial demand has fallen so significantly that our inventory numbers leave little cause for worry in the weeks ahead. For instance, crude supplies are (more…)
Can the Current Cold Snap Raise Fuel Prices?
Thursday, January 15th, 2009
This week is a cold one in the Midwest and East. Here in New York City the high is below 20 degrees and we’ll see single digits at night. Luckily I’m headed South for the inauguration tomorrow, but temperatures will still be below freezing in DC. Can this cold snap raise oil and natural gas prices from their current lows? (more…)
Saudi Arabia good at limbo: Oil prices may rise
Wednesday, January 14th, 2009
It seems pretty silly to caution that oil prices could rise in 2009 as we face the worst recession in decades. Demand fell more than 5% in the largest oil consumer in 2008 (our United States of America) and global oil demand is expected to fall another significant amount in the year ahead. But the long-term supply picture is not a rosy one and Saudi Arabia has shown a willingness to lower production in such circumstances. (more…)
EIA: US carbon emissions to fall further in 2009
Tuesday, January 13th, 2009
According to today’s release of the US Energy Information Agency’s Short Term Energy Outlook (STEO), US emissions will continue to slide in 2009. They predict lower energy consumption as our economy shrinks 2% in the coming year. Their preliminary estimate of fossil fuel consumption in 2008 leads me to estimate carbon dioxide emissions fell at least 2.5% this past year, and their projections for 2009 would lead to a further reduction of (more…)