somrat4030
Well-known member
Forex Forum Crude Oil and Gas News And Fundamental Analysis.
This week, the Najah's Desert Oasis gas station in southeastern California put up a sign of the times. It read: $6.39 for regular. This remote gas pump isn't your average fuelling station, to be sure, and even at the best of times, it has the highest gas prices in the country. But breaking the $6 mark is a monumental occasion, even for Najah's. In California as a whole, the average gas prices are a painful and record-breaking $4.68 per gallon, and the nationwide average for a gallon of regular gasoline is now $3.41 -- a whopping $1.29 more than just a year ago. Indeed, inflation rates across the country are at a 31-year high, and Americans are really feeling the squeeze, and many are casting about who to blame for the hardship.
On the other hand, OPEC has declined to boost production to address high prices, despite White House appeals. The oil cartel led by Saudi Arabia has stuck with its policy of gradual increases in production as the global economy continues to recover from the pandemic.
U.S. oil producers — under pressure from their own investors — have also not increased production by as much as they typically do when prices are this high.
That has left the Biden White House under intense pressure to do something to address high prices. After all, history has shown that surging gas and food prices can take a heavy political toll.
On the other hand, The US Coast Guard said it is investigating reports of an oil sheen, about 30-by-70 feet in size, which was spotted Saturday in roughly the same area where about 25,000 gallons of crude oil spilled into the Pacific Ocean off the Southern California coast in October.
The sheen was "reported in vicinity of damaged pipeline," USCG Southern California wrote in a tweet Saturday afternoon. In a later update, the coast guard said no oil sheen was "currently observed by on-water and aerial assets."
"Previous syntho-glass wrap was removed from pipeline, new wrap was installed. Crews will monitor the line overnight ensuring effectiveness," it said, adding there is an ongoing investigation to determine if the reported sheen was associated with the pipeline or a separate source.
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