This week the domestic fuel market saw the effects of Hurricane Harvey ripple far from the coast of Texas, while oil companies see an increase in production and cash flow. OPEC production cuts are succeeding, meanwhile big oil companies are among the largest firms to cut pollution and greenhouse gas emissions. Electric and autonomous vehicles continue their innovation journey, and more traditional modes of transportation reach record MPG capabilities.
Run on Less Finishes in Atlanta
Collectively, the fleets covered 50,107 miles with an average fuel efficiency of 10.1 miles per gallon. The seven trucks saved 2,877 gallons of fuel when compared with the EPA’s SmartWay program average fuel efficiency of 6.4 miles per gallon. Perhaps most impressively, the average of the seven trucks’ worst days of fuel efficiency was 8.8 miles per gallon. The average gross combination weight during the event was 55,500 lbs.
Learn more about the fleets, technology, and data collection for the Run on Less program and why the implications of these accomplishments could mean big change for the transportation industry in an interview with Mike Roeth, Executive Director of NACFE.
Hurricane Harvey Has Made Refinery Maintenance Everything but Routine
Far from the Texas coast, Hurricane Harvey is hitting oil refineries. At least 13 refineries from Louisiana to Montana, with a combined 3.27 million barrels per day production, have delayed maintenance for weeks or months. Some of the refiners are producing more fuel to take advantage of strong margins, while others cannot complete routine maintenance because workers were dispatched to other storm-ravaged refineries to repair damages and restart facilities.
To read more about the evolution of the effects of Hurricane Harvey, visit our latest Advisor Pulse. The Breakthrough®Fuel Applied Knowledge team is dedicated to monitoring conditions of the fuel market in response to these natural disasters. For more information on this event, please contact Daniel Cullen, Vice President of Advisory Services, at Daniel.Cullen@breakthroughfuel.com.
In Other News
Big oil companies are among the world’s largest greenhouse gas emitters, but are also keeping pace with some of the world’s largest companies in cutting emissions. From 2010-2015 Exxon, Shell, Chevron, BP and Total averaged a 13 percent reduction in their emissions.
Oil major Total (TOTF.PA) has stepped up its expansion into renewables with investments in solar and wind energy producer EREN RE and energy efficiency firm GreenFlex.
With cities and countries about to put bans on internal combustion engines in the next couple of decades, electric bus technology needs to advance. Proterra thinks it just proved it’s already there.
Second-quarter 2017 financial statements indicate US oil companies’ aggregate liquids production grew year-over-year for the first time since the fourth quarter of 2015. According to the EIA, these companies’ ability to sufficiently meet financial obligations and their increased hedging activity, which locks at prices for their future production, suggest that production could continue growing in the coming quarters.
When OPEC and its allies gather this week, they’ll have the best evidence yet that their efforts to clear a global oil glut are succeeding. It may prove short-lived.