Refiners say concessions offered by the U.S. Environmental Protection Agency in an order issued today to reduce smog-producing sulfur in gasoline aren’t enough and the rule will still result in higher prices for consumers.
Now that the U.S. government has cleared the Keystone XL project of any dire environmental impact, attention is returning to why the pipeline was needed in the first place: to get more Canadian oil to U.S. refineries.
All and all it's just another brick in the wall. Blend-wall that is! Oil futures continue to the down side after the Environmental Protection Agency announced its long awaited recommendation on the easing of ethanol requirements in gasoline.
The market is taking in stride the first potential hurricane in the Gulf of Mexico this season as its seems a bit more worried about a government shutdown ahead of a looming deadline over the fiscal ceiling debate.
U.S. oil production is soaring, hitting the highest level in 22 years at 7.55 million barrels a day! Oh sure U.S. oil supplies fell by 2.8 million barrels but that was mainly because U.S. refiners went on a tear producing product.