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Biden’s Energy Agenda To Reduce Oil Production And Boost Prices By Irina Slav - Mar 16, 2021, 7:00 PM CDT
Joe Biden had a neat, nine-point plan for energy when he campaigned for president. He started putting this plan into action on his first day in the White House with the cancellation of the notorious Keystone XL pipeline and has since then continued with his tough stance on fossil fuels.
The argument that this tough stance will, in fact, benefit oil producers has been made since the campaign trail. It went like this: Biden’s fight for less oil and gas and more renewable energy will hurt U.S. oil and gas producers, but it will not reduce American demand for oil and gas, hence it will benefit the industry, just not the U.S. industry.
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Cautious Refiners May Deal Major Blow To Oil Tanker Market By Tsvetana Paraskova - Mar 17, 2021, 2:00 PM CDT
U.S. gasoline demand has rebounded to nearly pre-pandemic levels, but after a horrendous 2020, American refiners are looking to cut costs wherever and whenever possible in light of the still-sluggish fuel demand recovery in some key export markets for U.S. refined petroleum products.
U.S. refiners have shunned hiring tankers for long periods under the so-called
time charter contracts to minimize expenses at a time when the demand picture outside the United States is still a risky unknown.
“The last thing you need is to get stuck with several millions of dollars worth of unused vessels for the year. We have had several cases of that,” a U.S. refining executive told Reuters.
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A number of bearish factors subdue oil prices at the beginning of this week, and if the demand recovery doesn’t resume within the next couple of weeks, prices could be set to fall further