Ottawa | Reuters — Canada’s national statistics agency on Tuesday revealed new weights for the basket of goods and services in its Consumer Price Index, giving more prominence to changes in the prices of food and gasoline. The reweighting, which Statistics Canada carries out every year, has historically had only a marginal impact on the […] Read more
Canada retools inflation baskets with more focus on food, gas
Snowblowers and barbecues in, DVD players out
Extent of Saudi oil production cut unclear
Reported tensions within OPEC limit price gains
MarketsFarm — At the OPEC+ meeting Sunday in Vienna, Saudi Arabia announced it will cut its oil production by one million barrels per day (BPD) come July. And while that move was bullish for the markets, by how much remains to be seen, said Phil Flynn of the Price Futures Group in Chicago. “It’s probably […] Read more
Opinion: It’s not just oil prices — refining capacity is driving up fuel bills
Fat margins mean refineries have plenty of reasons to up production but they have limited capacity
Reading Time: 3 minutes Reuters – Global stocks of refined petroleum products have fallen to critically low levels as refineries prove unable to keep up with surging demand especially for the diesel-like fuels used in manufacturing and freight transportation. The result has been a surge in prices refiners receive for selling fuels compared with prices they pay for buying […] Read more
‘Petro-plectic’ anger rises toward fuel prices
Fuel refiners seen booking 'epic' revenues
MarketsFarm — Fuel prices are very likely to continue to increase with summer approaching, according to Tom Kloza, the Florida-based global head of energy analysis for Oil Price Information Services. “I wish I could say there’s a light at the end of the tunnel, but I would say right now, it’s just a flicker,” he […] Read more
U.S. EPA allows temporary summer sales of higher-ethanol fuel
Waiver seen as score for corn growers
New York | Reuters — The U.S. Environmental Protection Agency issued an emergency waiver for a higher-ethanol gasoline blend on Friday, allowing summertime sales of the fuel in an attempt to help lower gasoline prices at the pump. The move represents a temporary win for the biofuels industry and corn farmers, as it will likely […] Read more
Fuel prices may remain high beyond Russian invasion, expert says
MarketsFarm — The decision by the U.S. to halt the import of Russian petroleum products due to the country’s invasion of Ukraine created sticker shock at the pumps in North America — but an end to that invasion would not necessarily mean an end to high fuel prices. On March 15, the average price of […] Read more
Gasoline, diesel prices set to continue rising
MarketsFarm — The steady rise in crude oil prices is based on three factors, according to Tom Kloza, global head of energy analysis for Oil Price Information Service at Lakewood, N.J. One of those factors is the amount of crude oil produced by members of the Organization of Petroleum Exporting Countries (OPEC), along with some […] Read more
Iqaluit confirms ‘exceedingly high levels’ of fuel in water supply
Water not safe for cooking or drinking, city says
Reuters –– The Canadian city of Iqaluit said lab results confirmed that fuel had entered its water supply, officials announced Friday. Analysis of samples from one of the city’s water tanks found “exceedingly high levels of various fuel components,” Amy Elgersma, Iqaluit’s chief administrative officer, said, adding it was likely diesel or kerosene. Residents in […] Read more
U.S. oil industry seeks unusual alliance with Farm Belt against electric vehicle agenda
'We weren't born yesterday'
New York | Reuters — The U.S. oil industry is seeking to forge an alliance with the nation’s corn growers and biofuel producers to lobby against the Biden administration’s push for electric vehicles, but is so far meeting a cool reception, according to multiple sources familiar with the discussions. The effort marks an unusual attempt […] Read more
GM aims to end sale of gasoline- and diesel-powered light trucks, cars by 2035
Washington | Reuters — General Motors said on Thursday it was setting a goal to sell all its new cars, SUVS and light pickup trucks with zero tailpipe emissions by 2035, a dramatic shift by the largest U.S. automaker away from gasoline and diesel engines. GM, which also said it plans to become carbon-neutral by […] Read more
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