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Publication year - 2006
Publication title -
oil and energy trends
Language(s) - English
Resource type - Journals
eISSN - 1744-7992
pISSN - 0950-1045
DOI - 10.1111/j.1744-7992.2006.310506.x
Subject(s) - gasoline , oil refinery , diesel fuel , downstream (manufacturing) , petroleum , petroleum product , crude oil , petroleum industry , upstream (networking) , business , economics , agricultural economics , economy , engineering , operations management , waste management , paleontology , telecommunications , environmental engineering , petroleum engineering , biology
This section summarizes downstream developments of the previous month. Exploration & Production are covered in 'Upstream Review'. Crude oil prices climbed to new record levels on fears of a future loss of supplies from Iran as Washington stepped up its efforts to persuade Tehran to abandon its programme to produce nuclear fuel. IPE's December Brent contract set a new record for the exchange by trading at $75.80/bbl on 21st April. On the same day October WTI reached an all‐time high of $77.30/bbl on Nymex. US product prices gained as refiners struggled to produce sufficient middle distillate. Alarmed by the rising retail price of gasoline, the US Senate debated a reduction in the already low US tax rate on motor spirit. The House of Representatives passed a measure to prohibit overcharging for petrol, diesel and heating oil, but Democrats rejected a Republican proposal to speed‐up the process for approving new refineries. President George W Bush announced a temporary easing of new gasoline and diesel specifications ( see 'Focus', March 2006 ) to allow more fuel to be produced. He also agreed to delay the repayment of some 2.1 mn bbl of crude oil lent to companies after last year's hurricanes from the Strategic Petroleum Reserve. California announced an inquiry into alleged overcharging for fuel by oil companies operating in the state.