• The national average diesel price rose above $4 per gallon for the first time in 10 weeks, reaching $4.109, marking a significant increase of 21 cents per gallon.
• This surge is the largest one-week rise since July 2023, attributed partially to refinery issues such as a power outage at the BP oil refinery in Whiting, Ind., the largest in the Midwest.
• Despite stable oil prices, refining capacity dropped significantly in early February, tightening supplies and leading to price increases.
• Refinery utilization decreased to 80.6% in early February, the lowest since the early days of the COVID-19 pandemic, indicating tight refining capacity.
• Experts anticipate refining capacity to remain tight in the coming weeks, with refineries expected to switch operations to produce less-polluting summer blend gasoline, typically leading to higher prices.
• The Biden administration’s National Outer Continental Shelf Oil and Gas Leasing Program, criticized by the petroleum industry for its restrictions on exploration in the Gulf of Mexico, is expected to impact future energy production and may increase reliance on foreign sources.
• The American Petroleum Institute (API) criticized the program, stating it limits access to energy resources and could lead to increased reliance on higher-carbon oil from other parts of the world, potentially undermining efforts to reduce climate change.

          Inspired by: https://www.ttnews.com/articles/diesel-price-surges-0212

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