Will Oil Reach $140? Goldman says yes

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June 8, 2022 Noah Young Oil prices are rising this morning as summer gasoline prices continue to bode ill for consumers. In many parts of the United States, gasoline prices are well above $5/gallon as reported in Monday’s edition of FUELSNews Daily. With prices continuing their trend upward, many are saying that oil will reach a $150/bbl mark. This week …

No Stopping The Oil Rally?

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Looking back at this past week, the upward rally for oil prices has been relentless despite some bearish news this week. Although some days have begun lower, prices have risen the past three straight trading sessions – and today looks to continue that streak. As always, there are a few factors on both sides impacting the fuel market, so let’s …

Where Did All the Fuel Go?

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Diesel inventories have fallen to historic lows, and this week’s meager gain in diesel stocks doesn’t undo months of declining supplies. Fuel prices are at historic levels, trading at hefty premiums above already elevated crude costs. Those premiums, called “crack spreads”, should incentivize refiners to produce more fuel. Indeed, refiners have been producing at over 90% utilization over the past …

Diesel Supplies Rise, but JP Morgan Now Forecasting $6 Gasoline

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This morning the EIA reported a meager 1.2-MMbbl build for diesel inventories – a small victory given historically low diesel inventories. Oil markets appear to be celebrating the news this morning, with fuel prices down roughly 15 cents following the morning report. Both gasoline and diesel have moved away from the $4/gal threshold, though a quick spike to $4 remains …

Michigan and small businesses can’t afford a Line 5 shutdown

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We have record high energy prices and somehow there is still a debate about how critical Line 5 and the Great Lakes Tunnel are for our energy future, and our economy. The reality is that there is no question: we need Line 5. Michiganders can’t afford a shutdown of this critical energy infrastructure that we all rely on every day. …

Fuel Pump

Michigan ranked 10th in nation for highest gas tax

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Only nine other states outrank Michigan when it comes to dinging drivers at the pump with gas taxes and fees, according to a recent study released by the Tax Foundation. “Michigan has high fuel taxes because it is a rare state that levies sales taxes and extra per-gallon taxes on gasoline sales,” Mackinac Center for Public Policy Director of Economic …