• 4 hours Shell Oil Trading Head Steps Down After 29 Years
  • 8 hours Higher Oil Prices Reduce North American Oil Bankruptcies
  • 10 hours Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 12 hours $1.6 Billion Canadian-US Hydropower Project Approved
  • 13 hours Venezuela Officially In Default
  • 15 hours Iran Prepares To Export LNG To Boost Trade Relations
  • 17 hours Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 23 hours Saudi Oil Minister: Markets Will Not Rebalance By March
  • 1 day Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 1 day Rosneft Announces Completion Of World’s Longest Well
  • 1 day Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 2 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 2 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 2 days Santos Admits It Rejected $7.2B Takeover Bid
  • 2 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 2 days Africa’s Richest Woman Fired From Sonangol
  • 2 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 2 days Russian Hackers Target British Energy Industry
  • 3 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
  • 3 days DOJ: Protestors Interfering With Pipeline Construction Will Be Prosecuted
  • 3 days Lower Oil Prices Benefit European Refiners
  • 3 days World’s Biggest Private Equity Firm Raises $1 Billion To Invest In Oil
  • 3 days Oil Prices Tank After API Reports Strong Build In Crude Inventories
  • 3 days Iraq Oil Revenue Not Enough For Sustainable Development
  • 4 days Sudan In Talks With Foreign Oil Firms To Boost Crude Production
  • 4 days Shell: Four Oil Platforms Shut In Gulf Of Mexico After Fire
  • 4 days OPEC To Recruit New Members To Fight Market Imbalance
  • 4 days Green Groups Want Norway’s Arctic Oil Drilling Licenses Canceled
  • 4 days Venezuelan Oil Output Drops To Lowest In 28 Years
  • 4 days Shale Production Rises By 80,000 BPD In Latest EIA Forecasts
  • 4 days GE Considers Selling Baker Hughes Assets
  • 4 days Eni To Address Barents Sea Regulatory Breaches By Dec 11
  • 5 days Saudi Aramco To Invest $300 Billion In Upstream Projects
  • 5 days Aramco To List Shares In Hong Kong ‘For Sure’
  • 5 days BP CEO Sees Venezuela As Oil’s Wildcard
  • 5 days Iran Denies Involvement In Bahrain Oil Pipeline Blast
  • 7 days The Oil Rig Drilling 10 Miles Under The Sea
  • 7 days Baghdad Agrees To Ship Kirkuk Oil To Iran
  • 7 days Another Group Joins Niger Delta Avengers’ Ceasefire Boycott
  • 8 days Italy Looks To Phase Out Coal-Fired Electricity By 2025
Top 5 Miners To Ride The Christmas Commodity Boom

Top 5 Miners To Ride The Christmas Commodity Boom

Several metals have seen prices…

Panic Grips Eastern U.S. With Gasoline Supply Shortage On Horizon

Pipeline

A gasoline pipeline that was shut down for repairs after it leaked last week may threaten the regular supply of the fuel for 50 million people in the eastern U.S. as the deadline for its restart was postponed for next week.

The pipeline, operated by Colonial Pipeline Co., is the main artery between the Gulf Coast refineries and the eastern states, and the largest gasoline pipeline in the country. It carries 1.3 million barrels of the fuel a day.

Line 1, the one that leaked, runs from Texas to North Carolina. The leak occurred about the halfway mark between Houston and Greensboro. Initially, Colonial Pipeline said it will be ready to restart it this weekend, but later it put off the date to next week. The company blamed the delay on bad weather.

Fuel suppliers are finding alternative ways to deliver gasoline to end-consumers, including shipping it by sea and trucks, and loading from storage terminals that are few and far between. Colonial Pipeline itself has re-routed some gasoline to a pipeline usually used for jet fuel and diesel. Whatever they do, however, according to Bloomberg, the amount that can be shipped via these alternative routes and means will not get even close to the 1.3-million barrel capacity of Line 1.

All this has led to three state governors – of North Carolina, Alabama, and Georgia – temporarily amending requirements for the amount of oil products that can be transported by trucks. The Environmental protection Agency also joined the panic and suspended for the time being its requirements on fuel quality.

One fuel distribution company servicing an area spanning from Mississippi to Maryland warned fuel retailers to try to save fuel next week and be quick about placing orders lest the gasoline runs out before it gets to them.

Prices are expected to jump by some US$0.15 a gallon, according to a GasBuddy analyst quoted by Bloomberg. Gasoline futures gained US$0.0687 yesterday on Nymex, and in electronic trade today around 6:30 AM EDT, futures were changing hands at US$1.4297 a gallon.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News