For the people of Libya, with life, death, and the future of their country in the balance, the price of oil probably doesn't rank as a top concern at present. However, recent price movements suggest that the oil markets are closely following events in Libya and elsewhere in North Africa and the Middle East. Oil prices have risen from the ...

Readers who follow the U.S. Energy Information Administration’s (EIA) weekly product supplied estimates for gasoline, distillates, kerosene-jet fuel, residual fuel oil, and propane in the Weekly Petroleum Status Report (WPSR), could be tempted to read too much into the week-to-week fluctuations reported for those products. For example, does a one-week increase in distillate product supplied of 400,000 barrels ...

Earnings of major energy producers in the third quarter of 2010 (Q310) were up significantly from the third quarter of 2009 (Q309), but still well below average earnings for the third quarter over the last 5 years (Figure 1). The earnings of major refiner/marketers also increased sharply in Q310 compared with year-earlier levels, although refining/marketing net income has ...

The transportation sector is by far the largest user of petroleum-based products (excluding the non-petroleum content of liquids) in the United States. In 2009, transportation accounted for 72 percent of total U.S. petroleum demand, consuming 12.9 million barrels per day (MMbbl/d) of petroleum out of a national total of 18.0 MMbbl/d. The Annual Energy Outlook 2011 Reference case, which reflects ...

In late December, the average national retail price of regular grade gasoline rose above $3 per gallon for the first time since October 2008. However, when gasoline sold for $3 per gallon in October 2008, gasoline prices were in the midst of a sharp decline that saw prices fall from a peak of $4.11 per gallon in July 2008 before ...

On January 11, the Energy Information Administration (EIA) released its latest Short-Term Energy Outlook (STEO), which includes the first STEO forecast for 2012. EIA expects a continued tightening of world oil markets over the next two years. World oil consumption grows by an average of 1.5 million barrels per day (bbl/d) each year while the growth in supply ...