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Posted on 02/24/2016 6:40:03 PM PST by TroutStalker
Refineries in the U.S. Midwest are losing their thirst for oil, posing a new risk for the battered crude market.
The Midwest accounts for nearly a quarter of the crude processed in the U.S. and is home to shale producers that have few other outlets for their oil. But refiners there are already swimming in gasoline and other fuel, forcing them to cut back production until the excess can be worked off.
The result has been more crude oil available in the market, worsening a glut that has been undermining oil prices for the past year and a half. With U.S. crude inventories at the highest level in more than 80 years, some storage hubs have little room left to store oil.
CVR Refining LP is among the companies that have scaled back. The company said recently that it reduced runs at its 70,000-barrels-a-day refinery in Wynnewood, Okla., by as much as 10,000 barrels a day.
"It doesn't make sense to process something when you're not making anything on it," Chief Executive Jack Lipinski said during a Feb. 18 earnings call.
(Excerpt) Read more at wsj.com ...
That's NOT what Bernie says....
$1.00 a gallon gas? They’re not making anything at $2.00 a gallon gas and even that is way overpriced.
I know, lets mandate more alcohol be blended into gasoline!
Last week paid $1.15/gal for both regular and diesel. Filled the V10 with reg for just over $20 and put 70 gal of diesel @ $1.15.
I just saw gasoline at $1.49 in Chicago of all places.
Gas prices in North Texas have shot up over the last week or so. This week’s fill-up cost about 25 cents a gallon more than the previous week.
The drop in gas prices is like giving me a $100.00/week raise.
Eating out more, buying more things I’d been putting off.
Great for the economy, IMHO.
I love it!! It was American Fracking that saved us!!
Remember how they made fun of “Drill Baby Drill” and Sarah Palin?
And that was for $2 gal gasoline.
Well as I read in USAToday
Republicans talked a lot about drill baby drill
but it was Obama that made it happen
Sadly a lot of LIVs will actually believe that
How much time and money did obama spend on the war on coal?
It would have gone down anyway because of abundance of gas and oil.
Sort of like Lincoln’s civil war when slavery was already on the wane economically.
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I have wondered about this. There is only so much other stuff they can make relative to how much gasoline they refine. If you need to make other (heavier) fuels/oils/chemicals, and if the US fleet of cars and trucks deliver much better mileage than they did even 10 years ago, what do you do with the gasoline?
And the government had f'all to do with it, except Algore who invented when he was for it before he was against it.
But..but...Peak Oil!
We’re all gonna die! Running out of food, water and oil!
And...and...the oceans is gonna rise 20 FEET! Maybe 100! In 10 years!
Yeah! I heard it on See-BS! And from the Government, what knows EVERYTHING!
I wish, ours is going back up.
Looks like too many invested themselves in Obama's stated policy of "The cost of energy will necessarily have to skyrocket" and now are crying about how cheap energy is the Devil's Bane on us all....
If there is a glut of gasoline then why did our pump prices go up by about 25 cents in the last week and a half?
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