Oil refinery News & Breaking Stories

Biden to unveil plan to raise corporate taxes in State of the Union address, aiming to trim deficits and cut taxes.

Texas wildfires threaten oil refining, nuclear weapons plant, and cattle ranches. Evacuations ordered, with potential impact on beef prices.

The US Treasury Department has announced that it will temporarily lift sanctions on Venezuelan oil exports and gold for six months, with the option to amend or revoke the authorizations if President Maduro fails to fulfill his commitments. The move has drawn criticism from Republicans, who argue that it supports oppressive regimes and threatens US national security. However, Latin American scholars and energy analysts see it as a positive step towards stabilizing Venezuela's oil industry, which has been plagued by underinvestment and mismanagement.

US gas prices are continuing to rise, with the average price in Fresno increasing from $4.69 to $4.84 in just over a week. The national average is $3.82 per gallon. The rising prices are unusual given that fewer people are fueling up their cars this summer compared to previous years. The increase in gas prices is due to a combination of factors including record temperatures, which have caused refineries to operate below capacity, and production cuts by major oil-producing countries.

"When Calls the Heart" Season 10 premiere sets the stage for an exciting season with relationship developments and potential town changes.

Gasoline prices in the US have reached a national average of $3.732 per gallon, with analysts warning that prices may continue to rise. The increase is attributed to rising oil prices, heat-related refinery outages in Louisiana and Texas, and tight gasoline supply. The market has also seen increased buying of gasoline futures contracts by speculators ahead of the hurricane season. Higher wholesale prices are expected to lead to higher retail prices in the coming weeks, but prices may pause or reverse if the hurricane threat dissipates.