wilpharm

sure, plug all the oil & gas wells!! geeesh!!

wilpharm

yes, cut down with electric chain saws

maureenthannon

Remember that in 2020, when he was campaigning, Biden said that fossil fuel use will come to an end in America. One of the first things that you learn in Economics 101 is the LAW OF SUPPLY AND DEMAND. The lower the supply, the higher the price. Biden & his LEFTISTS SHUT DOWN THE XL PIPELINE, greatly lowering the supply of gas and oil, thereby, causing the price of fuel to rise. When fuel costs rise, the price of EVERYTHING GOES UP. The RECORD HIGH INFLATION UNDER BIDEN COUL/ SHOULD HAVE BEEN EXPECTED. AMERICA LASTS POLICIES HURT US ALL!

Jim0001 Loc: originally from Tennessee, now Virginia, USA

More government meddling by the EPA!!!!

TJKMO Loc: Bicycle Heaven

You are mistaken.
Gas and Oil prices are based on a WORLD market, not local supplies.

Ronald Hatt Loc: Lansing, Mich

1. Build more refineries! 2. it takes Fossil fuels, to produce electricity! 3. Go home, & go back to sleep!

eagleye13 Loc: Fl

Yep!
Their logic is sooo bass akwards.

If the tree huggers could squeeze harder; they would choke them to death.

America 1 Loc: South Miami

April WTI crude oil (CLJ24) on Thursday closed up +1.54 (+1.93%), and Apr RBOB gasoline (RBJ24) closed +4.18 (+1.57%).

Oil prices rallied on Thursday's IEA's report, which said the oil markets face a supply deficit for the remainder of this year due to OPEC+ production cuts. Oil prices added to Wednesday's gains, which were sparked by the bullish US EIA weekly inventory report and Ukrainian drone strikes on three Russian refineries.

The International Energy Agency (IEA) Thursday forecasted that the global oil markets will be in a deficit through the end of 2024 if OPEC+ maintains its current production cuts, although the balance would turn to a surplus if OPEC+ starts pumping more oil. OPEC+ will meet on June 1 to decide on production levels for the second half of 2024. The IEA also raised its forecast for global crude oil demand growth in 2024 by 110,000 bpd to 1.3 million bpd due to a stronger US economic outlook and the increased fuel needed for ships to take longer routes to avoid Houthi attacks in the Red Sea.

Wednesday's weekly EIA was bullish after crude oil inventories fell -1.54 million bbl versus expectations for a 1.0 million bbl build. Also, gasoline inventories fell -5.66 million bbl, a larger decline than expectations of -2.2 million bbl. In a partially offsetting bearish factor, distillate inventories rose +888,000 versus expectations for a decline of -1.05 million bbl.

Oil prices were undercut Tuesday after the US DOE Energy Information Administration (EIA), in its Short-Term Energy Outlook, forecasted that US crude oil production in 2024 will rise +2.0% y/y to 13.19 million bpd, +0.7% higher than the previous projection of 13.10 million bpd. The EIA is predicting that US oil production in 2025 will increase by +3.5% y/y to 13.65 million bpd, 1.2% higher than the previous forecast. Higher US production would at least partially offset OPEC+ production cuts. The EIA is forecasting a global oil deficit of 260,000 bpd this year, but a surplus of 360,000 bpd in 2025.

OPEC, in its monthly report released on Tuesday, kept its forecasts roughly unchanged for oil supply and demand in 2023 and 2024. OPEC is still forecasting that world oil consumption in 2024 will increase by a "robust" 2.2 million bpd (+2.2%) to a record 104.5 million bpd. OPEC noted in its report that OPEC+ has not met its agreed-upon production cut due in part to overproduction by Iraq.

OPEC+ announced on March 3 that it would extend its current crude production cuts of about 2 million bpd until the end of June. The group said its crude production cuts will be "returned gradually subject to market conditions" after the second quarter. However, OPEC Feb crude production rose +110,000 bpd to 26.680 million bpd, a bearish factor for oil prices as Iraq and UAE continue to pump above their production quotas.

Also, Vortexa said on March 4 that OPEC+ compliance with crude production cuts is still "questionable." Vortexa said that Russian oil exports were about 500,000 bpd above the OPEC+ commitments, and there are "little indications that Russia is actively cutting either crude production or exports." Bloomberg reported on Tuesday that Russia's seaborne crude oil exports in the week ended March 10 rose +590,000 bpd and that Russia's flows were 420,000 bpd above Russia's pledge.

Crude prices have underlying support from the Israel-Hamas war and concern that all-out war might spread to Lebanon. Hezbollah and Israel have traded fire almost daily since the Israel-Hamas war erupted on Oct 7. Also, the US and UK have engaged in airstrikes against Houthi rebels in Yemen in retaliation for Houthi attacks on commercial shipping in the Red Sea. Attacks on commercial shipping in the Red Sea by Iran-backed Houthi rebels have forced shippers to divert shipments around the southern tip of Africa instead of going through the Red Sea, disrupting global crude oil supplies.

A decline in crude in floating storage is bullish for prices. Monday's weekly data from Vortexa showed that the amount of crude oil held worldwide on tankers that have been stationary for at least a week fell -8.1% w/w to 69.01 million bbl as of March 1.

Wednesday's EIA report showed that (1) US crude oil inventories as of March 8 were -2.6% below the seasonal 5-year average, (2) gasoline inventories were -2.6% below the seasonal 5-year average, and (3) distillate inventories were -7.3% below the 5-year seasonal average. US crude oil production in the week ending March 8 fell -0.8% w/w to 13.1 million bpd, below the recent record high of 13.3 million bpd.

Baker Hughes reported last Friday that active US oil rigs in the week ended March 8 fell by -2 rigs to 504 rigs, modestly above the 2-year low of 494 rigs posted on Nov 10.
The number of US oil rigs has fallen over the past year from the 3-3/4 year high of 627 rigs posted in December 2022.
https://www.barchart.com/story/news/24798457/crude-prices-rally-on-iea-forecast-for-2024-oil-deficit

wilpharm

you are only partiallynright..inventory is part of the equation

TJKMO Loc: Bicycle Heaven

I am at home and I have been awake for hours.

The article explains why gas. Prices are rising.
It is the refineries themselves.

There are limited supplies of fossil fuels.
That is by its very definition.
That is another reason why we need to wean ourselves off them and work diligently on renewables, or research and discover a new energy source yet to be developed.

wilpharm

now you are saying supply is part of the problem.which is it???

crazylibertarian Loc: Florida by way of New York & Rhode Island

You evidently don't understand satire.

eagleye13 Loc: Fl

Do why did the Democrats prevent the Keystone pipeline from proceeding?

Why do they prevent domestic energy development?

pegw

I have never seen a battery give off a tailpipe emanation.

eagleye13 Loc: Fl

pegw; The EV power is supplied by Coal plants, when they are pludded into a socket.