The amount agreed on is equal to nearly 570 million gallons of diesel. Oil futures are very sensitive to even small changes in supply so it's not crazy to think a sudden influx would lead to lower prices
You get a special .10 Halloween treat today with the Fuel Forward app at P66 ...
That brought it down to $3.29 for regular.This message has been edited. Last edited by: chellim1,
"Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." -- Justice Janice Rogers Brown
"The United States government is the largest criminal enterprise on earth." -rduckwor
Posts: 27495 | Location: St. Louis, MO | Registered: April 03, 2009
Because of limited regional refinery capacity, the East Coast region consumes more distillate fuel than it produces. To meet consumption needs, the region supplements local production with a combination of shipments from the U.S. Gulf Coast—mostly via the Colonial Pipeline but also via waterborne shipments—and imports from other countries.
2025 averages, for all of PADD 1 (entire East Coast from Florida to Maine) consumption was 1,031,000 barrels per day August 2026 and 1,076,000 barrels per day August 2025. The import volume for Aug 2026 was 80,000 barrels per day.
Analysis of the Deal in real world terms:
the "immediate" portion of the deal was 27.5 days of normal import volume and 2 days of normal East Coast consumption.
November portion of the deal is anticipated to be 46.25 days of normal import volume and 3.4 days of normal East Coast consumption.
"immediately thereafter" portion of the deal is anticipated to be 93.75 days of normal import volume and 7.0 days of normal East Coast consumption.
anticipated release portion of the deal is anticipated to be 280.0 days of normal import volume and 20.8 days of normal East Coast consumption.
IMO, Trump cut a good deal for the Eastern US as the price issue is an insufficient supply issue.
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Posts: 25928 | Location: Northern Suburbs of Houston | Registered: November 14, 2005
2025 averages, for all of PADD 1 (entire East Coast from Florida to Maine) consumption was 1,031,000 barrels per day August 2026 and 1,076,000 barrels per day August 2025. The import volume for Aug 2026 was 80,000 barrels per day.
tatortodd: Slightly off topic... but... if that's the consumption rate from just one PADD, from one country... how much longer do you think world oil resources will last, in your professional opinion?
I know new reserves are still being discovered but at some point won't they become too difficult to extract at a reasonable price? I'm not opposed to alternatives, I just don't like government subsidies for EV's, etc.
"Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." -- Justice Janice Rogers Brown
"The United States government is the largest criminal enterprise on earth." -rduckwor
Posts: 27495 | Location: St. Louis, MO | Registered: April 03, 2009
Well I filled up the truck today with diesel @ $6.09 a gal. Still waiting on that cheap diesel.
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Originally posted by chellim1: tatortodd: Slightly off topic... but... if that's the consumption rate from just one PADD, from one country... how much longer do you think world oil resources will last, in your professional opinion?
I know new reserves are still being discovered but at some point won't they become too difficult to extract at a reasonable price? I'm not opposed to alternatives, I just don't like government subsidies for EV's, etc.
Obviously, the entire oil & gas industry is going to collapse like a house of cards when I retire in 26 months
In all seriousness, I believe the oil & gas industry will be fine 2050 and beyond:
My peers and I are all actively mentoring multiple people at multiple age demographics (e.g. 20s, 30s, and 40s) to insure we have personnel in the proverbial pipeline to replace us.
In my 30 year career, I've been in two facilities that have been in operation since the 1890s. The aforementioned mentorship has been going on for decades with mgmt, engineers, technicians, operators, geoscientists, drillers, etc. and that's why my peers are where we are and have confidence in future.
Technology and innovation have been staggering in my 30 year career. When I was in West Texas (i.e. the famous Permian Basin), the nearly 80 year old oil field was at end of life and they were performing tertiary recovery which at the time meant that well would be dead in 3 years or less. Then, after decades of failure hydraulic fracturing worked and then we learned to do it at scale which brought back many old oil fields and opened up new ones. Then, 3D seismic improved and they were able to see the reservoir under the reservoir. My buddy works 3.5 weeks on then 1.5 weeks off on a drill rig in West Texas and when I had dinner with him Wednesday he mentioned they were drilling the reservoir under the reservoir. I've read the geoscientists can now see the reservoir under the reservoir under the reservoir.
I'm an engineer (i.e. worked upstream, downstream, projects, logistics, etc) not an economist so how oil & gas fits in the overall energy portfolio in 2050 and beyond is definitely not my area of expertise. The EIA as well as all of the supermajors have economists looking at it. I'm an avid reader plus attend 2 to 4 virtual economic webinars a year. To paraphrase and not be politically correct about what economists that I listen to and respect are saying:
The developing world's rising living standards will drive energy use. The developing world DGAF that some pink haired liberal in the USA or Europe says to cut energy usage as the developing world want their children's quality of life to increase and to do that you need electricity/energy (e.g. refrigeration, HVAC, 24 hours per day of power, and transportation).
The 2050 energy mix which may be 150% to 170% of today's total usage.
All forms of energy need to increase to meet the above demand.
Oil & gas will still make up ~50% of the global energy mix. Since the energy mix is likely to be much much larger than today, that 50% means a significant increase in Million barrels of oil equivalent per day.
Scientists, geoscientists, and engineers will need to continue to innovate.
Green energy will need to be additive to conventional energy (nuclear, coal, oil & gas) not replace it. Likely to be the fastest growing sector.
Much like Sigforum, the economists are concerned about the future of geopolitics. NIMBY and BANANA are the antithesis of the growth needed, and Europe and other liberal bastions (e.g. California) are rife with it. Watching Europe shutdown nuclear power and replace it with less capacity "green energy" is the wrong approach to the aforementioned need to be additive. They're concerned about the lack of will to go to the ends of the earth (e.g. the arctic which has some reserves bigger than 1920s Saudi Arabia) to go get the energy needed and responsibly produce it. They're concerned about destabilization and the world reverting to "tribalism" which is the opposite of what such a global energy supply needs.
The 2050 energy mix which may be 150% to 170% of today's total usage. All forms of energy need to increase to meet the above demand. Oil & gas will still make up ~50% of the global energy mix.
OK, thanks.
The growth in our economy, and in the world, has been based on an abundance of affordable energy.
"Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." -- Justice Janice Rogers Brown
"The United States government is the largest criminal enterprise on earth." -rduckwor
Posts: 27495 | Location: St. Louis, MO | Registered: April 03, 2009
Obviously, the entire oil & gas industry is going to collapse like a house of cards when I retire in 26 months 