Bill Klesse News
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Light, sweet crude in Houston has weakened to a bigger discount to oil in Louisiana and to international benchmark Brent because of shipping constraints.
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U.S. oil exports are poised to reach the highest level in 28 years as deliveries to Canada more than triple, helping bring down the price of the global benchmark Brent crude relative to U.S. grades.
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The following is a selection of the most important news affecting the oil market.
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Light Louisiana Sweet crude weakened against heavier grades, making it more difficult for refiners to make money running cokers.
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The Eagle Ford shale formation will put out 500,000 barrels of crude oil a day by the end of the year, Valero Energy Corp. Chief Executive Officer Bill Klesse said after the company’s annual meeting in San Antonio.
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U.S. drivers may face a $13 billion increase in the cost of gasoline this year as the price of federally mandated ethanol credits has risen 10-fold for oil refiners including Valero Energy Corp. and CVR Energy Inc.
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U.S. drivers may face a $13 billion increase in the cost of gasoline this year as the price of federally mandated ethanol credits has risen 10-fold for oil refiners including Valero Energy Corp. and CVR Energy Inc.
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Even as the U.S. produces more oil than at any time since 1992, gasoline remains a dollar higher than the average for the past decade in part because of George W. Bush-era rules that attach a 38-digit Renewable Identification Number to every gallon of ethanol.
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Valero Energy Corp., the largest U.S. refiner by processing capacity, plans to sell or spin off its network of fuel stations, a business that may be worth as much as $5 billion.
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Valero Energy Corp. has received approval from the Commerce Department to ship crude from the U.S. Gulf Coast to its Quebec City refinery.
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