July marks the midpoint of an evolving year in the energy and transportation industry. The Organization of Petroleum Exporting Countries (OPEC) held their bi-annual meeting to address global oil production quantities, supply and demand, and the outlook for fuel markets in an evolving geopolitical and economic landscape.
In this month’s edition of the Breakthrough®Advisor, the Applied Knowledge team addresses how the oil cartel’s decision involving upstream and downstream oil and refined products could impact the cost to move your goods to market. In addition, they bring transparency to state-level diesel tax updates for the second half of 2018.
OPEC Meets in Vienna
Oil production cuts have been a common theme for OPEC ministers in recent years. The cartel has been under a self-imposed production quota since January 2017 to stabilize prices in the global marketplace and approach supply-demand equilibrium. Recent industry hardships, combined with production struggles in Libya, Venezuela, Iran, and other key countries, set the stage as OPEC revisited their current output decisions at a late-June meeting.
What did they decide and how will the outcome impact your transportation fuel expense? Find the details in this month’s Breakthrough®Advisor.
State Diesel Tax Changes
It’s that time of year again—July is a recurring time for states to adjust fuel taxes. In this month’s edition of the Breakthrough®Advisor, the Applied Knowledge team calls out which states made changes to their diesel taxes and exposes how the updates could affect your transportation budget.
California was at center stage in November 2017 as substantial tax increases were felt throughout transportation networks. Eight months later, negative feedback from California residents caused the infrastructure-driven tax program to qualify for repeal on the November ballot later this year. Find out how changes in California’s fuel tax program and updates to state-level fuel taxes could drive prices in the months ahead.