article thumbnail

EIA forecasts crude oil prices will decline through 2023

Green Car Congress

Global oil consumption outpaced oil production for the six consecutive quarters ending with the fourth quarter of 2021 (4Q21), which has led to persistent withdrawals from global oil inventories and significant increases in crude oil prices.

article thumbnail

EIA expects US petroleum trade to shift toward net imports during 2022

Green Car Congress

In 2021, the United States returned to importing more petroleum (which includes crude oil, refined petroleum products, and other liquids) than it exports following its historic shift to being a net exporter of petroleum in 2020, according to the US Energy Information Administration (EIA). million b/d. million b/d in 2023. million b/d.

article thumbnail

BMW i Ventures invests in Prometheus Fuels; CO2 air-capture and conversion to carbon-neutral gasoline

Green Car Congress

BMW i Ventures has invested in Prometheus Fuels ( earlier post ), a company removing CO 2 from the air and turning it into zero-net carbon gasoline that it will sell at gas stations, at a price that competes with fossil fuels, starting as early as this year. Aqueous CO 2 electrolysis with base-metal catalysts. 2020.01.002.

Gasoline 321
article thumbnail

Tesla prices; in-wheel motor Land Rover; airless tires, robotaxis, Autopia: Today’s Car News

Baua Electric

Tesla cuts prices nearly across the board and appears to be pushing more people into Full Self Driving. And do in-wheel motors make more sense for EV conversions? The Tesla Model Y undercuts the Model 3 by $5,000 —for those who are EV tax credit eligible—under the latest round of Tesla price cuts made on Saturday.

article thumbnail

EU research project IDEALFUEL seeks to develop marine low-sulfur heavy fuel oils from biomass; Bio-HFO

Green Car Congress

In an EU-funded research project, an international consortium is aiming to develop new production methods for sustainable marine fuels to replace heavy fuel oils in shipping. This is cost competitive with Ultra-Low Sulfur Fuel Oil (ULSFO) which current, 2019, price level is €450-550/tonne. The participants are Vertoro B.V. (NL);

Mariner 273
article thumbnail

Southern Rock Energy Partners picks Cushing, OK as site for new $5.56B 250 kbpd crude refinery

Green Car Congress

and the City of Cushing, Oklahoma announced that Southern Rock Energy Partners, LLC (SREP) has selected Cushing as the site for its 250,000 BPD next-generation, full conversion crude refinery. Cushing is the delivery point for West Texas Intermediate, a blend of US light sweet crude oil streams traded on the New York Mercantile Exchange.

Oklahoma 170
article thumbnail

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

Green Car Congress

He also continued his calls for the oil industry to increase refinery capacity to increase production. According to the US Energy Information Administration (EIA), as of 13 June 2022, the average price of US regular gasoline was $5.006 per gallon, up $1.937 from a year ago. (An State gas taxes average another 30 cents per gallon.

Congress 259