The world’s oil refiners are struggling to make enough of the fuel that powers vast swaths of the global economy.
In northwest Europe, benchmark diesel futures have topped $1,000 a ton, trading at a 10-year seasonal high. In New York, the fuel is at its most expensive in three decades, and it’s a similar story in Asia.
Diesel-type fuels aren’t just used by drivers of trucks and cars. They’re also consumed in farming, construction and manufacturing, by trains and ships, even in heating. The world may be trying to move on from oil, but petroleum prices still matter.
Costly fuel typically spurs refiners to make more, increasing supply and ultimately bringing prices down. But this year, a slew of factors have made that difficult.
A sweltering summer in the Northern Hemisphere led to cuts in oil processing. Meanwhile, some large new refineries have been slow to start. Many plants have also closed, with 3.9 million barrels a day shuttered in recent years, International Energy Agency data show.
Fake news, Janet Yellen assured me a barrel of oil MUST cost less than $60USD/barrel forever more.
Get turdeau on this right away, he understands how you reduce a product cost with more taxation, and he stands up for us all-right?
/sarc do I really need to type that?
Diesel is almost 2 bucks a liter in southern Ontario again. For a while it recently it was cheaper than gasoline. Not any more.
Yes … if you strangle and/or eliminate fossil fuels … YOU WILL strangle capitalism. Strangle the economy. Strangle food production.
Is it any wonder you’re being told to eat insects?
No … this isn’t gonna end well.
Why does europe trade commodities in such weird values?
1 metric ton of diesel is 310.79 US Gallons, so that works out to a wholesale price of $3.22/gallon or $0.85/liter (all funds in USD) and obviously that’s before everyone else (like the government) sticks their fingers in to get a piece of the pie. (for comparison, the US spot price is at $1.97/gallon)
The hangover from the Russian embargo just keeps reoccurring. What other outcome did the clowns who got us into this war expect?
Exactly. Our genius leaders underestimated how much the BRICS aligned countries would push back. More taxes will fix everything.
Liberal politicians are directly to blame, but equally guilty are their biggest voting block, unionized teachers. They’ve brainwashed so many kids over the last 22 years with respect to climate change, it’s almost hopeless. My own kids were just hitting high school when Gore’s movie was forced on them as a documentary rather than the idiot fiction it was. I’ll bet they’re still showing it.
Mine where in a Catholic elementary school, still remember the argument with the oldest daughter after she watched it at school.
I already hated Liberalism then.
Seventeen years later all doubt has been removed about my feeling towards it, and wishy washy Conservatism as well.
C’mon man.
We can always fuel the trucks, emergency electric generators, farm machinery, and mining equipment with solar cells, wind turbines and unicorn farts!
Glad I sold my Duramax last summer. The last time I filled the tank it cost me $230 and it was 1/4 full!
All internal combustion engines should be banned but owning a V8 should lead to capital punishment for scum like you.
The climate cult is 150% responsible for poverty, homelessness, inflation, etc etc etc. But libtards just want more.
This transition to Green is not how transitions normally work.
All previous shifts occurred because the next way of doing things was just simply a better way of getting it done. True, it created some difficulties and adjustments but in the long run, people determined that the benefits outweighed the pain.
This is the first time that a transition has been forced on the people. And this is why ultimately it will not work and create nothing but chaos.
Isn’t chaos the intended outcome with Marxists?
I’m not worried, sockboy has summoned the grocery store chain heads to explain why food – 100% of which is grown, harvested, and moved in this country by diesel powered trucks and trains – is so expensive.
It’s almost as if we were governed by complete idiots. If they were deliberately trying to destroy the entire global food chain, collapse the economy’, and cause mass starvation, what would they be doing differently?
We are governed by complete idiots, both in the US and Canada!
I have a question for those who know more about refining/processing diesel, as I know absolutely nothing about it. The statement from the article read “A sweltering summer in the Northern Hemisphere led to cuts in oil processing. “, my question is: What does outside temperature have to do with diesel refining ?
Could the statement be a bogus tie in to the man made global warming hoax, as in we can’t supply fuel because it’s to warm outside ?
It’s total BS. Just another propaganda talking point.
I’m thankful we sold our diesel VW.
We are never moving on from oil. When and if we do billions will die. That folks will be the unvarnished truth.