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Diesel prices are surging in the U.S. Midwest as farmers prepare to plant a record amount of crops this season, eating into below-average fuel supplies.
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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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Potential acquirers could scoop up CVR Energy Inc. at the cheapest takeover valuation on record for a U.S. oil refiner and still reward shareholders with a billion dollar windfall.
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Enbridge Inc. may win more customers and better financial terms for its new oil-sands pipeline project while an expanded government review delays TransCanada Corp.’s rival Keystone XL line.
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Tesoro Corp. agreed to buy BP Plc’s California oil refinery and 800 gasoline stations in the Southwest for $1.18 billion, paying a below-average price for the facility as fuel costs soar in the region.
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A blaze at Venezuela’s largest refinery spread to a third storage tank as firefighters try to contain flames burning since an Aug. 25 gas explosion killed at least 48 people. Gasoline prices rallied in New York.
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Venezuelan firefighters put out the last of three blazes at the country’s largest refinery following an explosion four days ago that killed at least 48 people.
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Enbridge Inc.’s plan for a pipeline to carry oil-sands crude from Canada to the Texas Coast may gain a competitive advantage from the U.S. State Department’s demand for further study of TransCanada Corp.’s rival Keystone XL line.
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BP Plc may get less than half the $2.85 billion it planned for selling its Texas City refinery, the third-largest in the U.S., as values for U.S. plants haven’t kept pace with soaring profits.
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Growth in North American crude production has created sufficient demand for both the Keystone XL pipeline and a competing project to move oil from storage in Oklahoma to the Gulf Coast, TransCanada Chief Executive Officer Russ Girling said.
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