MELBOURNE - A coronavirus-driven collapse in fuel demand is threatening Australia’s oil refining industry, just as supply chain disruptions wrought by the pandemic have focused the government on the need to shore up fuel security.
Pandemic lockdowns decimated demand for gasoline, jet fuel, diesel and shipping fuel, hitting refiners that only recently enjoyed a return to profitability after years in the red. As well as seeking proposals to build fuel storage, Energy Minister Angus Taylor launched talks with the industry on how to shore up the refineries, aiming to “protect Australia’s national sovereignty”.
“Whilst we support the investment and support the outcomes it will deliver, it is an investment that’s not going to deliver any extra return for the refinery, therefore it’s a difficult one to make, and it’s obviously a sizable one,” Viva Energy Chief Executive Scott Wyatt told Reuters. Viva’s Wyatt said the government could also provide incentives for refiners to produce higher quality gasoline earlier than 2027.
good, fuck 'em
think green! Stop driving cars
5 HATCE 5 !!!!!!!!!!!!!!!!!!!!!!!!!!!!
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oil rises after drop in U.S. crude stocks suggests demand pickupOil prices rose more than 1% on Wednesday after data showed crude inventories in the United States fell much more than expected, suggesting demand is improving even as the coronavirus outbreak spreads around the world. In other news Twitter stock continues to dive even though the NASDAQ hit a record high and the Dow Jones has nearly recovered from a 'pandemic' shut down What changed from “ news “ 28 hours ago . All BS !
Source: Reuters - 🏆 2. / 97 Read more »
Oil prices climb after U.S. inventory drop signals demand riseOil prices rose on Wednesday after an industry report showed crude stockpiles in the United States staged a bigger drop than expected, suggesting demand is improving even as the coronavirus outbreak spreads around the world. It’s a Bitcoin ... This could be a total lie and we wouldn’t know
Source: Reuters - 🏆 2. / 97 Read more »
Aramco chief adds to bullish calls for an oil demand rebound in late 2020The view from the head of Saudi Arabia's state-owned oil giant is in line with IEA and OPEC projections.
Source: CNBC - 🏆 12. / 72 Read more »
Oil prices slip on demand fears as U.S. virus cases surgeOil prices dipped on Thursday after the United States recorded its biggest one-day spike in coronavirus cases and California reimposed some lockdown measures, stoking worries a resurgence in COVID-19 cases will stall a recovery in fuel demand. Oil futures are flat... Where do they get this crap? Oil is down 6 cents from the US close. Bye bye capitalism
Source: Reuters - 🏆 2. / 97 Read more »
WSJ News Exclusive | Saudis Threaten New Oil-Price War With OPEC BrethrenSaudi Arabia threatened to ignite an oil-price war unless fellow OPEC members make up for their failure to abide by the cartel’s recent production cuts, delegates said please do They’re about to sharpen their bone saw... What if, like, when we take the oil out of the planet, we're like, taking the oil out of the machine?
Source: WSJ - 🏆 98. / 63 Read more »
Shell to write down up to $22 billion after coronavirus hitRoyal Dutch Shell said on Tuesday it would write off assets worth up to $22 billion after the coronavirus crisis knocked oil and gas demand and weakened the energy price outlook. Wow, all they gotta do is write it down? 500,000 ...anyone? No? Damn. Listen to The Tony DUrso Show: Getting High-Paying Clients Online with Jan Jegen Jan is the world's 1 online client acquisition expert for 'new breed' consultants, coaches & service providers who want to get new clients, make a bigger impact & enjoy more Nothing to do with Saudi oil dumped on the market though right?
Source: Reuters - 🏆 2. / 97 Read more »