Global oil prices fell by up to 3% Friday after Saudi Arabia said it is working on a plan with allies to boost oil supplies in H2 2018. OPEC and its partners led by Russia had been expected to maintain their strategy of 1.8 million b/d of cuts until the end of the year. However, the group has faced mounting criticism from major consuming nations over failing to dampen prices climbing above $80/b.
Ever since Canada’s Liberal government came to power in late 2015, the 525,000 b/d Northern Gateway and the 1.1 million b/d Energy East pipeline projects fell off the radar, while a final investment decision remains due on the 870,000 b/d Keystone XL pipeline, which received a fresh lease of life after US President Donald Trump resurrected it last year.
(Fri, 25 May 2018) Heading into the 2018 Memorial Day weekend, regular gasoline prices averaged $2.92 per gallon (gal) nationally on May 21, up from last yearâs price of $2.40/gal before the holiday weekend. This year marks the highest price ahead of the Memorial Day weekend since 2014, when the national average price of regular gasoline was $3.67/gal.
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(Thu, 24 May 2018) More than half of all U.S. motor gasoline exports went to Mexico in 2017. Changes to Mexicoâs retail gasoline and diesel fuel markets, combined with low utilization of Mexicoâs petroleum refineries, resulted in increased gasoline imports from the United States. Although Mexico is a relatively large crude oil producer, Mexico relies on imports of gasoline from the United States to meet domestic demand.
(Thu, 24 May 2018) Egypt is the largest non-OPEC oil producer in Africa and the third-largest dry natural gas producer on the continent. The country also serves as a major transit route for oil shipped from the Persian Gulf to Europe and to the United States. Substantial natural gas discoveries have generated significant interest among business investors and may potentially boost production and allow Egypt to become a net exporter again in the medium term.
The spacious terminal built for when the Tennessee city was a bustling air travel hub has become a half-deserted white elephant that the airport is spending millions to shrink.
For many Americans, the summer grilling and travel season begins this upcoming weekend. The U.S. Department of Agriculture’s (USDA) Food Safety and Inspection Service (FSIS) wants to make sure you and your family avoid food poisoning this summer. An estimated 128,000 Americans are hospitalized with food poisoning each year, but foodborne illnesses can be prevented during summer months by properly handling perishable foods during travel, and by using a food thermometer when grilling.
(Wed, 23 May 2018) In December 2017, the passage of Public Law 115-97 required the Secretary of the Interior to establish and administer a competitive oil and natural gas program for the leasing, development, production, and transportation of oil and natural gas in and from the Coastal Plain (Section 1002 Area) of the Arctic National Wildlife Refuge (ANWR). Previously, ANWR was effectively under a drilling moratorium.
(Wed, 23 May 2018) Canada is the largest energy trading partner of the United States, based on the combined value of energy exports and imports. Although the value of bilateral energy trade with Canada has varied over the past decade, driven primarily by changes in the prices of oil and natural gas, the overall structure of bilateral energy trade flows has changed relatively little, with the value of U.S. energy imports from Canada consistently exceeding the value of U.S. energy exports to Canada by a large margin.
