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Texas Deepwater Oil Export Projects Stall

Texas Deepwater Oil Export Projects Stall

Four projects were planned offshore…

U.S. Gasoline Demand Increasing, Not Waning

U.S. gasoline demand increased by 5.5 percent on Sunday compared to the previous Sunday and was 11.4 percent higher than the average U.S. demand of the past four Sundays, according to data from fuel-savings app GasBuddy.

In the week between June 12 and June 18, U.S. gasoline demand jumped by 6.3 percent from the prior week and was 7.4 percent above the rolling four-week average.

“It was the highest week of 2022,” Patrick De Haan, head of petroleum analysis at GasBuddy, said on Sunday. 

Over the past week, U.S. national average gasoline prices fell for the first time in nine weeks, GasBuddy said on Monday.

Per GasBuddy data, weekly gasoline prices fell by 4.2 cents from a week ago to $4.97 per gallon on Monday. Still, the national average is up 37.3 cents from a month ago and $1.92 per gallon higher than a year ago.

“Finally some relief! For the first time in nine weeks, gasoline prices have fallen, following a broad sell-off in oil markets last week, pushing the national average back under the $5 level with most states seeing relief at the pump,” De Haan commented on Monday.

“I’m hopeful the trend may continue this week, especially as concerns appear to be mounting that we may be on the cusp of an economic slowdown, putting downward pressure on oil. But the coast isn’t yet entirely clear. We could see the national average fall another 15 to 30 cents, if we’re lucky, by the time fireworks are flying, barring any unexpected shutdowns at a time when the market is extremely sensitive to such.”

The Biden Administration is desperate to see $5 a gallon prices drop, and its latest idea is a gas tax holiday. The U.S. Administration is considering a temporary pause of the federal gas tax as a tool to reduce prices at the pump, Energy Secretary Jennifer Granholm said this weekend in an interview with CNN.

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By Tsvetana Paraskova for Oilprice.com

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  • George Doolittle on June 21 2022 said:
    *just print another bazillion trillion and call that money!* absolutely. Very sad State of Affairs for by far the World's largest producer and exporter of energy and Industrial product meaning the USA. As for the *no new refineries!* argument one need only comment on the truly massive Whiting BP oil refining complex in Northwest Indiana and of course the now newly opened Shell Petroleum Ethane Complex in Western Pennsylvania to show that new builds and expansions on an Industrial Scale have already been done in the USA contrary to what the CEO of Chevron has claimed.

    The fact remains that the US Federal Government still remains wholly intent upon destroying the USA in the name of oil and now must cry and whine about how without their God KSA and Qatar "our God simply cannot exist." Of course US Steel is also making ahem *"more money than God"* ahem so suddenly I don't think anyone takes the entire Democratic Party seriously anymore. Long $nee Next Era Energy

    Strong buy

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