Mid-Week Review- June 22, 2022

Drone crashes into Russian oil refinery in possible attack

Dramatic footage has emerged from Russia of what appears to be a drone crashing into an oil refinery and setting off a fiery explosion in what could be an attack inside Russia’s borders. Video shared on social media showed the unmanned aerial vehicle crashing into the Novoshakhtinsk oil refinery in what would be an embarrassing penetration of Russia’s air defense systems in its ongoing war in Ukraine. Click Here to read more from the Guardian.

Explainer: Why is there a worldwide oil-refining crunch?

Drivers around the world are feeling pain at the pump with fuel prices soaring, and costs are surging for heating buildings, power generation and industrial production. Prices were already elevated before Russia invaded Ukraine on Feb. 24. But since mid-March, fuel costs have surged while crude prices are up only modestly. Much of the reason is a lack of adequate refining capacity to process crude into gasoline and diesel to meet high global demand. Click Here to read more from Reuters.

Assessment of Biofuels Policy: Effectiveness of Emissions Reductions

Biofuels have an opportunity to reduce the carbon intensity of liquid fuels and they must be part of the decarbonization strategy. The U.S. has more than 270 million combustion engine vehicles on the road right now. They need a lower carbon fuel option and biofuels represent the most immediate and viable option.  Our latest white paper, “Assessment of Biofuels Policy: Effectiveness of Emissions Reductions,” explores the carbon benefits to using biofuels. This paper looks at fuel ethanol, biodiesel, renewable diesel and gasoline, hydrogen and R80/B20, plus evaluating the policies that affect these fuels, the availability of feedstocks to expand their market share and the vehicle and infrastructure capabilities of accommodating such an expansion. Click Here to download the white paper from the Fuels Institute.

IEA: $2.4 Trillion Energy Investment Not Enough to Solve Energy Crunch

Global energy investment is set to increase by 8% in 2022 to reach USD 2.4 trillion, with the anticipated rise coming mainly in clean energy, according to a new report by the International Energy Agency. Although encouraging, the growth investment is still far from enough to tackle the multiple dimensions of today’s energy crisis and pave the way towards a cleaner and more secure energy future. Click Here to read more from the IEA.