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President Biden calls on Congress, States for fuel tax holiday; increase in refinery capacity

Green Car Congress

President Biden called on Congress to suspend the federal gas tax for the next 90 days, through the busy summer driving season—18 cents per gallon for gasoline and 24 cents per gallon for diesel. He also called on states to suspend their state gas taxes as well or to find other ways to deliver some relief.

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How crude-oil prices influence gasoline prices

Green Car Congress

Gasoline is one of the products refined from crude oil. Thus, the price of crude oil should have a strong influence on the price of gasoline. The Energy Information Administration (EIA) estimates that in the United States from 2008 to 2017, crude oil represented only 61% of the retail price of gasoline. for a 10-day lag.

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US average retail gasoline prices ended 2017 lower than they started

Green Car Congress

per gallon (gal) in 2018, 30 cents/gal (13%) higher than in 2017 and 57 cents/gal higher than in 2016. Rising crude oil prices and high levels of gasoline demand contributed to rising gasoline prices from January through May. In addition, gasoline taxes in the region are among the lowest in the country.

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Obama Proposes $10 Per Barrel Tax On Oil To Fund U.S. Transportation Needs

Green Car Reports

president Barack Obama will propose a tax of $10 per barrel on oil in the 2017 budget he will submit to Congress next week. According to the White House, its goal is to create "a clear incentive for private-sector innovation to reduce our reliance on oil, and at the same time invests in clean energy.

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Shell completes divestment of oil sand interests in Canada; retains Scotford refinery and plants

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Royal Dutch Shell plc announced the completion of two previously announced agreements by Shell Canada Energy, Shell Canada Limited and Shell Canada Resources (Shell) that will see Shell sell all its in-situ and undeveloped oil sands interests in Canada and reduce its share in the Athabasca Oil Sands Project (AOSP) from 60% to 10%.

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Berkeley Law’s CLEE report provides policy options for phasing out oil and gas production in California

Green Car Congress

California is the seventh-largest oil-producing state in the US. The state’s crude oil production in 2018 was approximately 162 million barrels—mainly from onshore wells—down from 174 million barrels in 2017 and a recent high of 205 million barrels in 2014.

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Bloomberg Intelligence: US border tax could boost gasoline prices average $0.30/gallon

Green Car Congress

If the proposed broad 20% border-adjustment tax were implemented and applied to the energy sector, the result would likely lead to a large increase in gasoline prices and a big premium in domestic oil prices vs. international, according to new analysis by Bloomberg Intelligence. Pump prices could rise an average $0.30

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