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Near the Gulf Coast just east of Texas’ oil-rich Permian Basin, nearly 2,000 ExxonMobil contractors are making sure the company’s latest project – which includes 26 miles of piping, 35 miles of electrical wiring and 875 tons of steel – is pumping oil at full capacity. senior vice president of global operations detailed how the company’s Beaumont complex is not only fueling U.S. energy supply but also the economy. "When you put it all together and you look at this particular location, what I love about it, it allows us to buy what I consider to be very much needed,...

The data shows that there were 4,082,478,000 barrels of crude oil produced in 2021, an amount that is greater than any time in American history, except 2020 and the peak in 2019. 2017: 3,415,257,000 Barrels of Crude Oil2018: 3,993,288,000 Barrels of Crude Oil2019: 4,485,635,000 Barrels of Crude Oil2020: 4,129,563,000 Barrels of Crude Oil2021: 4,082,478,000 Barrels of Crude Oil (https://www.wusa9.com/article/news/verify/united-states-produces-more-oil-than-any-other-country-fact-check-russia-impact-on-gas-prices/65-7814c6e2-5437-4201-b021-face477e5462) Despite this drop from 2019's peak, the levels of production in 2021 were unmatched globally. "The United States is the number one oil producer in the world," Weiner said. "We produce more oil and gas than any other country in the...

Excess supply of gasoline coupled with slow demand has pressured refiners margins, Reuters reports, noting refining margins for the fuel in the United States sank to US$45.70 a barrel yesterday. The drop follows the fourth weekly increase in gasoline inventories in the U.S., all of them quite hefty, leading to an all-time high of gasoline supplies, at 259.6 million barrels as of January 18. Over the last four weeks, the Energy Information Administration reported gasoline inventory builds reaching a combined 26.6 million barrels. However, the United States is not the only large gasoline hub where inventories are rising as demand...

On Sunday 9th, 2017 Venezuela hit a hundred days of anti-dictatorial regime demonstrations. Hundreds of thousands of Venezuelans have taken over main streets and roads demanding a new presidential election, a humanitarian solution to counter food and medical supply shortages, the release of political prisoners and the reinstitution of the National Assembly’s functions. Since the protests started, more than one hundred people have been killed, 3,500 arrested and thousands injured across the country. This critical economic, political and social situation does not seem to have an easy solution. In Venezuela, 96 percent of foreign currency earnings come from oil industry,...

Port Arthur, TX is home to the U.S. refining fleet’s crown jewel. With an atmospheric distillation capacity of 603 MBbl/cd, this complex coking refinery is the largest refinery in the U.S. As of May 1st, this marvel of a complex refinery is now 100 percent owned by Saudi Aramco. Saudi Aramco upped its 50 percent ownership in the Port Arthur refinery, which it previously held through the Motiva Enterprises JV with partner Royal Dutch Shell following the decision to disband the JV in early 2016. Along with the giant refinery, Saudi Aramco also acquired ownership of a number of distribution...

The outlook for diesel looks grim after U.S regulators found that the world’s second biggest car manufacturer cheated on its emission tests. Last Friday, the U.S. Environmental Protection Agency reported that Volkswagen violated the U.S Clean Air Act. The German auto maker deliberately rigged the so called emission control systems in several models of their cars in order to reduce nitrogen-oxide emissions when tested in the lab. However, when tested on the road, the size of the ‘diesel deception’ proved to be bigger than many could have imagined. Bloomberg reported on September 22 that on an open road test both...

The decision to allow two Texas companies to export condensates looks like a win for Eagle Ford Shale crude producers at the expense of refiners and companies planning to build processing plants along the Gulf coast. Today's selloff in refiners reflected concern that the groups will lose some of their competitive edge if condensate exports become common: Valero Energy (VLO), the largest U.S. refiner, dropped 8.3%, PBF tumbled 10.72%, PSX fell 4.2%, and HFC slid 6.7%. Oppenheimer notes that Pioneer Natural Resources PXD, DVN, MRO, COP and MUR produce the most Eagle Ford condensate, and could benefit if U.S. condensate...

1 Real Threat That Could Kill America's Oil Boom By Tyler Crowe | More Articles October 27, 2013 | Comments (3) The one thing you see in the energy section of any news publication is the price of oil. Most of the time, it will give some doom-and-gloom reason that has little to do with the price of oil, or it will be some analysts making claims that oil will be double what it is today, or that it will drop 20%-30%. The most fascinating part of these prognostications is that they rarely give any real reason. A great example...

Federal regulations can be maddening, but none more so than a current one that demands oil refiners use millions of gallons of a substance, cellulosic ethanol, that does not exist. "As ludicrous as that sounds, it's fact," says Charles Drevna, who represents refiners. "If it weren't so frustrating and infuriating, it would be comical." And Tom Pyle of the Institute of Energy Research says, "the cellulosic biofuel program is the embodiment of government gone wild." Refiners are at their wit's end because the government set out requirements to blend cellulosic ethanol back in 2005, assuming that someone would make it....

by Thurston Howell Everywhere you go people are talking about gas prices. One of the most common questions: WHY does the price of gasoline IMMEDIATELY skyrocket at the pump the very day that oil prices –rise- but barely move when oil prices plunge? That’s a reasonable question to ask as we all know that the price they paid for that gas already under ground didn’t cost them the new, higher closing price of that day. They justify this by attributing the new higher price to... (continued)

As the petroleum market spins its wheel of fortune daily, drivers can't seem to catch a break. Crude prices had been headed for the moon, then they crashed 15 percent last week, taking the worst weekly price beating since 2008. Oil made up a bit of that ground on Monday, but at the pumps drivers have seen no relief from last week's tumble in crude oil prices. The pump price of gasoline, also up slightly Monday, continues to wander around like a child lost at the fair, seemingly unattached to the price of crude. You could say we were in...

NEW YORK (Reuters) - U.S. energy companies with operations in Hawaii, Alaska and along the coasts of California, Oregon and Washington were on alert on Friday for the possibility of a tsunami set off by a massive earthquake off Japan reaching U.S. shores. Tesoro Corp which has the largest concentration of refinery capacity in the region, said it had closed a few retail stations in some low lying areas of Hawaii as a precaution and was monitoring operations at its refineries in Hawaii, Alaska, California and Washington.

Leading U.S. independent refiner Valero Energy Corp faulted the decision. San Antonio-based Valero has six Texas refineries, the most owned by a single company. The plants employ 2,700 people. "When the flex permit program was rolled out in 1994, EPA and environmental groups applauded it, and EPA approval seemed implicit," said Valero spokesman Bill Day in a statement. "Now, 16 years later, EPA is reversing course, and our facilities are caught in the middle, creating significant uncertainty at a time when our economy can least afford it."

U.S. refiners are expected to keep output at historic lows through the beginning of 2010 as they wait for the economy to recover enough to revive demand for gasoline and other fuels. Refiners are keeping runs below 80 per cent of capacity by extending the scope and length of planned seasonal maintenance. They are even shutting plants in hopes of whittling down brimming diesel and gasoline stocks to keep profit margins in the black. Valero Energy Corp., America's biggest refiner, hammered home the extent of the industry's weakness on Friday when it said it will close its 210,000-barrel-a-day refinery in...

Western Refining is shuttering its Bloomfield refinery and consolidating the operations of its two northwestern New Mexico plants at its Gallup refinery in a move the company says will save $25 million per year.

Researched by Industrial Info Resources (Sugar Land, Texas) -- In light of the economic downturn and plunging price of crude oil, North American refiners are scaling back spending considerably. For 2009, Industrial Info is tracking 595 active projects worth $26.27 billion scheduled to begin construction throughout the year. However, the uncertainty of the economy is forcing refineries across the continent to delay projects in order to spread out costs, or put them on hold or cancel them all together. Companies that could delay, suspend or cancel projects include ConocoPhillips (NYSE:COP) (Houston, Texas), ExxonMobil Corporation (NYSE:XOM) (Irving, Texas) and Valero Energy...

"One interesting thing about American politics these days is those who are screaming the loudest for increased production from Saudi Arabia are the very same people who are fighting the fiercest against domestic exploration, against the development of nuclear power and against expanding refining capacity."

SHANGHAI, China (AP) -- China and Syria have signed an agreement to build a joint venture refinery in eastern Syria, expanding their cooperation to include oil processing, China National Petroleum Corp. said in a statement seen Tuesday.

Oil refiners may reconsider plans for some refinery expansion projects in 2008 in response to new energy legislation that could reduce gasoline use in coming years, industry groups and refiners say. While expansion projects already under way won't be affected, those in the early planning stages could be delayed or canceled, they said — continuing a pullback that began last year amid rising costs for refinery additions and uncertainty over future gasoline demand. Within 10 years, U.S. refiners could be producing less gasoline than they are today as a result of the new energy legislation, which calls for stricter auto...

Before Giving Leonardo Maugeri a read, I never would have believed that anyone would praise the existence of high oil prices. While I’d rather not pay over $30 to gas up a sub-compact, the author makes an interesting point. The US, and the rest of the world are not overpaying for oil based on crude reserves. We pay for our lack of refining capacity. Maugeri points out that we are nowhere close to tapping out our current supply.An additional 2 trillion barrels of "recoverable" reserves are not classified as proven but will probably meet that standard in a few years...