Page 73 - Refining Capacity News Today

Has raised these prices so much historically high refinery profit margins are worsening the pain. this is something weve heard the white house try to do in terms of the messaging of high gas prices is try to point out that youve got what progressives call greedflation, companies making record profits and thats fundamentally not fair. what companies will tell you is that this is sort of the roughage of capitalism when you have prices that fall dramatically they lose money, you have prices that ar...

Big oil companies look to the future and they say, hey, look, theres not going to be the demand five, ten years from now because of all of the electric cars and whatnot. >> and there hasnt been political will not in my backyard, a lot of places dont want new refineries built in their towns, too. weve had refinery capacity has been going down because of the pandemic, because of this long-term shift that energy executives see toward a more balanced fuel source and also because there hasnt been a r...

Senator ron widen, democrat, has suggested a 21% surtax on excess profits from the oil companies. is that one of the tools the president supports? >> it is a tool, im not saying the president has made a decision about what he would support. he wants to hear from the companies first, but we note that has happened, obviously in the uk. let me remind everybody who is watching that this question of refining capacity and oil production are both global issues. global refining capacity has come offline...

Tell companies how to run their businesses. if that were to happen, you could see markets get very frightened about a scenario like that and remember, energy companies have been some of the biggest gainers so far in this kind of whole market downturn and subsequent recovery that weve seen since the pandemic. if it comes down to it, whether or not those prices can be affected, if refining capacity goes up, if you bring more product to market, you bring more oil into the market, more gasoline into...

Have to do both at the same time. we have to focus on getting supply right now, supply of something that we want to move away from in the future. so the incentive for energy companies to be adding refining capacity and drilling more when you know that 20 years down the road, this is not going to be a priority, thats kind of a hard sell for the investors behind those. >> thats the delicate dance. right thing for the american consumer, its not in their best business interest. so based on your conv...

Future of the program remains in jeopardy for hundreds of thousands of people that call america home. well talk to one of those dreamers later this hour. >> we begin with the efforts to bring down the skyrocketing prices were paying for gas, groceries, and many other items. in a few hours from now the federal reserve is expected to announce its third interest rate hike this year. raising a key interest rate by three quarters of a percent. thats the largest increase since 1994. this comes as pres...

Its going to be about whether or not the high prices affect demand and whether or not those big supply chain issues tied to things like the covid pandemic and the war between russia and ukraine and everything else, sorts out. if all of that starts to get better you can see prices to start perhaps to move in the right direction. >> should use the emergency powers to increase refining capacity in oil output. well, first of all, could he do that? what would that potentially mean? >> this way, if th...

Service. the refineries currently available to the u.s. right now are generally running at 90% utilization. you will hear that term referred to, utilization rates at refineries, which means most refineries in america are pumping close to or refining as much as they can. unless you have more refineries out there it is hard to put more fuel out there. with regard to the issue president biden brings up, the refinery mother-in-laws are getting wider and wider. but it is not because necessarily that ...

Prices specifically, at a moment where he cant do all that much about it. its the federal reserves job, as matt was indicating, to control inflation and on gas prices, a free market economy. the price of oil is set on a global market. very limited levers the president has to influence that. hes tried to release oil from the strategic petroleum reserve. a million barrels a day. not having that much effect when you consider all the other pressures on the world market. so since hes feeling pressure...

Driving 12, 13 hours a day. >> its crazy all that time. arlette, take us inside the strategy inside this letter. >> reporter: john, president biden is trying to ramp up the pressure on these oil companies to boost their refineing capacity while also slamming them for those high profit margins that they have been seeing saying that they are worsening the pain for americans as they head to the gas pumps each day. now this is really a part of a pattern weve seen recently from the president, trying ...