Oil Drops on Signs of Returning Saudi Supply as Doubts Linger
Oil fell on signs Saudi Arabia is making progress in restoring output even as uncertainty remains about the kingdom’s ability to bring back all lost supply by the end of the month. Saudi Aramco is returning most of its domestic oil refineries to full capacity after cutting back on processing to meet the crude demands of customers. Click here to read more from Yahoo Finance.
America has a huge stash of emergency oil
Three days before Christmas in 1975, President Gerald Ford signed a law creating the United States’ first emergency stash of crude oil. At the time, OPEC had a stranglehold on the world’s supply of crude. Today the Strategic Petroleum Reserve contains 645 million barrels — the world’s largest backup oil supply. Click here to read more from CNN Business.
The days of sharp, sustained spikes in oil prices are likely gone for now, analyst tells Jim Cramer
Global shakeups that cause dramatic and sustained spikes in oil prices are, for now, unlikely to occur, analyst Rusty Braziel predicts. “Prices may spike in the short term, but not the long term.” Click here to read more from CNBC.
Diesel consumption dropped in California, but it’s not what you think
Diesel consumption in California dropped earlier this year, and possible culprits include alternative fuels, biofuel consumption, economic slowdown and more. The answer may surprise you. Click here to read more from FreightWaves.