Daily on Energy: Oil touches four-year highs, ethanol update, and NJ eyes nuclear
Oil prices surged to four-year highs amid speculation of U.S. military action against Iran but later retreated due to a shift from June to July futures contracts. The House passed the farm bill, though provisions for year-round E15 ethanol sales were excluded, leaving the issue unresolved. Meanwhile, gasoline prices reached their highest levels in four years, with demand rising despite higher costs at the pump.
- ▪Oil prices hit four-year highs with Brent Crude exceeding $126 a barrel in early trading before falling to around $110.78 by mid-afternoon.
- ▪The drop in oil prices was attributed to the expiration of June futures contracts and the transition to lower-priced July contracts, not geopolitical developments.
- ▪The House passed the farm bill, but year-round E15 ethanol sales provisions were decoupled from the final legislation.
- ▪The national average gasoline price reached $4.30 per gallon, the highest in four years, with demand increasing to 9.10 million barrels per day.
- ▪GasBuddy reported that every U.S. state experienced a rise in gasoline prices, and Americans have spent $21.7 billion more on fuel since the conflict involving Iran began.
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WHAT’S HAPPENING TODAY: Good afternoon, Daily on Energy readers! It’s hard to believe that today is the last day of April and in the iconic – mispronounced – words of Justin Timberlake…it’s gonna be May. 🎶🌸 (Apologies if that song gets stuck in your head like it’s been in ours all day!) Members of Congress rushed to break for recess today, with the House advancing the highly anticipated farm bill. 🏛️🧑🌾🌽 While the legislation was expected to include provisions related to the year-round sale of ethanol fuel blends known as E15, those were ultimately decoupled from the final bill. However, passing E15 is still critical to send the farm bill to the Senate. Keep reading to find out what we mean.
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Excerpt limited to ~120 words for fair-use compliance. The full article is at Washington Examiner.
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