Clipper Oil: Latest Fuel News - Europe Is About to Ban Russian Oil: What’s Next?

Latest Fuel News

May 2022

Europe Is About to Ban Russian Oil: What's Next?

Russia’s decades-long dominance of Europe’s energy market is crumbling, and the biggest blow is expected this week as the European Union moves toward a ban on Russian oil.

Analysts say it will be possible to sever Europe’s oil ties to Russia, but the effort will take time and may lead to shortages and higher prices for gasoline, diesel, jet fuel and other products — a situation that could penalize consumers already struggling with inflation and, ultimately, derail the economic recovery from the pandemic.

It’s “going to be complicated,” said Richard Bronze, head of geopolitics at Energy Aspects, a research firm. “You have got a de-linking of two very intertwined parts of the global energy system,” he said, adding, “There are going to be disruptions and costs associated with that.” Continue reading here (Source: The New York Times).

Diesel Fuel Prices Soar to Record High, Affecting Consumers Throughout US Economy

As energy markets around the world cope with the ongoing disruptions from the war in Ukraine, U.S. diesel prices surged for the third straight week, shattering all-time records.

But why should all American consumers be concerned about the surging prices?

It wasn't that long ago that drivers were seeing the price of unleaded gasoline skyrocket and wondering why the price of diesel was so much cheaper. Continue reading here (Source: ABC7 News).

Natural Gas Surges As Much As 9% to Highest Level Since 2008 As Russia's War Roils Energy Markets

U.S. natural gas surged Tuesday to the highest level in nearly 14 years as Russia’s invasion of Ukraine wreaks havoc on global energy markets.

Henry Hub prices jumped more than 9% at one point to a session high of $8.169 per million British thermal units (MMBtu) during morning trading on Wall Street, the highest level since September 2008.

The contract later pulled back from its high, ending the day at $7.954 per MMBtu for a gain of 6.4%. Continue reading here (Source: CNBC).

Demand For US Natural Gas Has Never Been Higher. So Why Is Production Slowing?

Efforts by the West to reduce reliance on Russian energy have sent demand for natural gas from other countries soaring along with price.

But some U.S. producers don’t seem to be taking full advantage of this opportunity.

Natural gas prices in the U.S. have more than doubled since Russia, supplier of 17% of the world’s natural gas and the largest gas exporter in 2020, invaded Ukraine in February. Western sanctions on Russia and energy companies terminating operations in the country since the invasion have created a gap in the global supply, one that the U.S. is in a prime position to fill. Continue reading here (Source: Fortune).

Rising Gas Prices: The True Cost of Going Electric

Gas prices reached record highs in early March, with an average price of $4.33 per gallon. And although prices have since taken a dip, experts warn that a combination of seasonal demand and rising oil prices could see gas prices make another surge in the near future, USA Today reported. With little hope for relief at the pump, you may be considering making the switch to an electric vehicle.

Currently, less than 1% of the 250 million cars, trucks and SUVs on the road in the United States are electric, according to Reuters. With only 17 million new cars sold each year, the road to phasing out gasoline will not be a short one. For those considering making the switch, that should leave plenty of time to learn about the many cost considerations that come with going electric. Here's a look at the most important among them. Continue reading here (Source: Yahoo! Finance).