U.S. oil refiners are running plants close to 95% utilization and deferring some maintenance to take advantage of strong domestic and international demand and high margins. Refinery shutdowns averaged 470,000 barrels per day from January to May, down from 700,000 a year earlier and 900,000 in 2024, with little maintenance scheduled for the second half. U.S. refiners usually shut down for maintenance in early spring to get ready for the summer driving season. Goldman Sachs expects  global...

The closure of the Strait of Hormuz has restricted the flow of energy to global markets, severely impacting oil prices. As a direct result of rising oil prices, gas prices have also risen worldwide, including in the United States.

Although the average prices of gas and diesel have risen in the U.S. to $4.51 per gallon of gas and $5.63 per gallon of diesel as of May 18, the rise in energy prices has been substantially more noticeable in California. On the same day, California reported...

The University of California at Berkeley’s Haas Energy Institute released a study  on the shale gas revolution, noting that advances in hydraulic fracturing and horizontal drilling caused U.S. natural gas production to increase significantly. As a result, the United States became the world’s largest exporter of natural gas when it previously had been a net importer of natural gas. In fact, since 2022, the United States has been the world’s largest LNG exporter. In 2025, the United...

U.S. gas and diesel owners pay a federal tax at the pump when filling up for the construction and maintenance of federal roads and other transportation activities. So far, EV owners have escaped such a tax despite placing more stress on roads than their internal combustion engine counterparts because of their heavy batteries. Since 1993, gas vehicle owners have paid a fuel tax of 18.4 cents per gallon, while diesel vehicle owners have been charged 24.4 cents per gallon. Now, the House of...

President Trump is easing Biden-era federal regulations on chemicals  used in commercial refrigeration and air conditioning — primarily hydrofluorocarbons (HFCs) — in an effort to reduce grocery prices and overall consumer costs by providing businesses more time to phase out the chemicals. This action involves extending compliance deadlines for a 2023 rule and revising a 2024 act to exempt road refrigerant appliances from leak requirements. EPA Administrator Lee Zeldin asserts that...

The Wall Street Journal reports that the Iran conflict has caused about 15% of global oil supply to be removed from the market. Due to the supply loss, Brent crude oil prices, the world benchmark, are above $100 a barrel, and U.S. gasoline prices are averaging over $4.50 a gallon. The loss of Middle East oil supply has resulted in changes to the oil market, and supply flows with clear winners and losers.  Asia has been hit the hardest because it relies on the Middle East for  about 60% of...

The Bridger Pipeline Expansion would  bring Canadian oil into the United States, carrying up to 550,000 barrels per day through Montana and Wyoming, where it would link with another pipeline. The pipeline needs additional state and federal environmental approvals before construction, which is expected to begin next year, with an expected online date by the end of 2028 or very early 2029. The proposed pipeline is close to securing the minimum commitments from oil companies that it needs to...

According to Rystad, shale oil cannot close the production gap expected by 2050 alone. The energy firm is forecasting a 76 million barrel per day need for new oil supply by 2050 due to rising demand and capital competition. Oil is not only needed for transportation, but also for heavy industry and petrochemicals . Rystad is projecting that offshore, particularly deepwater, production could dominate future oil production growth, which it was projected to do before the shale oil revolution was...

Reuters reports that two offshore wind projects, Bluepoint Wind and Golden State Wind, will end their offshore wind leases in exchange for reimbursements of $885 million ; the money will be invested by them in oil and gas instead. The projects, one in the Atlantic and one in the Pacific, are managed by Ocean Winds, a joint venture between France’s ENGIE and Portugal’s EDP Renewables. Bluepoint Wind is an offshore wind project off the coasts of New Jersey and New York, and Golden State...

E&E News  reports that a father and son who own the mineral rights to 164 acres of land in upstate New York are suing the state in federal court to challenge the state’s ban on fracking. According to the lawsuit, NY’s ban on fracking is unconstitutional under the Fifth Amendment because it deprives the landowners of productive use of their property, amounting to an unfair taking by the government. Their case is being handled by the Pacific Legal Foundation, which supports private...