Latest Petroleum News

Latest News

  1. Regular retail gasoline prices on the West Coast had substantial price swings this year, especially in the fall. According to our Gasoline and Diesel Fuel Update, retail gasoline prices on the West Coast averaged $5.82 per gallon (gal) in June, then decreased to average $4.94/gal in August, before increasing to average $5.69/gal the week of October 3. By the week of November 28, 2022, West Coast gasoline prices had fallen to $4.59/gal. This year’s gasoline price volatility reflects how sensitive West Coast prices can be to relatively small changes in refinery output and import levels.
  2. Last summer, when the price of fuel ethanol was lower than the petroleum component of gasoline, record amounts of ethanol were blended into the gasoline sold in the United States (blend rates). The summer 2022 fuel ethanol blend rate from June through August reached 10.5%, the highest blend rate calculated, based on our data going back to 2007.
  3. Wind plant performance–how much electricity a wind plant generates compared with its maximum possible generation–depends almost entirely on the availability of wind resources, which vary depending on both the time of year and the geographic region.
  4. Natural gas has played an increasingly important role in both Egypt's and Israel's economies over the past 20 years, and both consumption and production have grown substantially in those countries. Egypt's and Israel's natural gas delivery systems have become increasingly interdependent in terms of using Egypt's LNG export infrastructure and natural gas feedstock. Egypt has two operating liquefied natural gas (LNG) export terminals, which both countries use to export natural gas, according to our updated Eastern Mediterranean Energy profile. Although both countries export some natural gas, growth in domestic use of natural gas over the past 20 years has limited the volume of natural gas available for export. A number of recent discoveries, however, may make more natural gas available for export in the future.
  5. Liquefied natural gas (LNG) import capacity in the European Union (EU) and the United Kingdom (UK) will expand by 34%, or 6.8 billion cubic feet per day (Bcf/d), by 2024 compared with 2021, according to the International Group of Liquefied Natural Gas Importers (GIIGNL) and trade press data. Expansions of import, or regasification, capacity will total 5.3 Bcf/d by the end of next year and grow further by an additional 1.5 Bcf/d by the end of 2024.