"President Donald Trump on Monday revived his criticism of the Organization of the Petroleum Exporting Countries, as oil’s price has been on a tear in recent weeks."
Can you tell when Trump's OPEC tweet happened below?
Bloomberg Markets (@markets)
Oil drops after Trump attacks OPEC again https://t.co/J44M8BlYhA pic.twitter.com/vxrBgOAbu4
February 25, 2019
Updated
Today’s tweet is the eighth time that @realdonaldtrump has challenged Opec to take action to lower the oil price, points out analyst John Kemp:
John Kemp (@JKempEnergy)U.S. PRESIDENT TRUMP is taking an increasingly tough line on oil prices with Saudi Arabia, with the president's twitter interventions occurring at lower prices. The president now calling on Saudi Arabia to keep oil prices down when they are in the $60s rather than $70s or $80s: pic.twitter.com/P5HOObIXoW
February 25, 2019
Crude price the last week:
Crude 2 months below
Crude......longer term............9 years below
Weekly US ending stocks of crude oil.
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WCRSTUS1&f=W
Weekly ending stocks for unleaded gasoline.
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WGTSTUS1&f=W
Weekly US ending stocks for distillate fuel oil(heating oil-especially used in the Northeast).
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WDISTUS1&f=W
Here are the latest gas prices across the country:
https://www.gasbuddy.com/GasPriceMap?z=4&lng=-96.591588&lat=38.10118167223963
https://www.quora.com/Why-are-west-coast-gasoline-prices-higher
The two main reasons are transportation and taxes. Part of the cost of gasoline is what it costs to take refined product and transport it to the end user. Below is a map of the main refineries and pipeline in North America.
You can see that the west coast has a much smaller amount of infrastructure than other parts of the map. As a result, more of your gasoline is refined in places that require it to be shipped by transportation.
The second reason is that the states on the West Coast have used fuel taxes more than the average.
If you add to that state requirements about how the gasoline is blended based on the various state environmental air quality and emissions standards, you can tweak the price again. The addition of MTBE or ethanol seasonally, further adds cost to a gallon.
Both coast tax their gasoline beyond the norm. Add to that in California they require 2 to 3 times as many fuel mixes as any other state which increases the cost again.
EIA came in with an 18 million barrel drop in total crude + product. High usage and another new thing - overall, the US was a slight net exporter as net product export was 162kbpd higher than net crude import.
Production was up another 100kbpd.
Wow!
Thanks Patrick.
Crude is soaring higher, up almost $2. We had a huge spike higher at 9:30 am when the information on the weekly reports was released.