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Fuel Freedom Staff

Bloomberg: U.S. Refineries Boost Oil Use to Record as Prices Plunge

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Refiners in the U.S. used the most oil ever last week, taking advantage of crude prices tumbling to a five-year low.

Plants processed 16.6 million barrels a day of crude in the week ended Dec. 5, the most in Energy Information Administration data going back to 1989. The rise occurred as futures tumbled to the lowest in more than five years after the Organization of Petroleum Exporting Countries decided Nov. 27 to maintain output levels and as U.S. production climbed to the highest level in three decades.

The access to cheaper domestic crude and natural gas has enabled U.S. refiners to increase operating rates to above 95 percent for the first time since 2005, increasing gasoline supply and driving down prices at the pump to the lowest level in more than four years. Refineries have used more crude in each of the past six weeks as seasonal turnarounds wound down.

Read more at: Bloomberg

Fuel Freedom Staff

Market Watch: Here are the reasons oil is plunging toward $60

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[Slideshow] Oil’s stunning price collapse is undoubtedly one of 2014’s top stories and will remain a major theme for investors in 2015. Here’s a look at the factors that have led to the largest price decline since the 2008 financial crisis.

Indeed, oil futures CLF5, -2.94%  have plunged 39% from the beginning of the year, including carnage in Thursday trading that saw oil settle below $60, at $59.95, marking its lowest settlement price since July 14, 2009, while Brent LCOF5, -1.62%   is down about 42% for the year (though marginally higher in Thursday trade).

Read more at: MarketWatch