The International Maritime Organization (IMO) impending regulation change might not grab headlines like the Iran sanctions or the Venezuelan economic crisis have; but some experts feel it will have a large impact on crude oil prices in less than 1 ½ years. On January 1st 2020, the IMO is set to enforce that marine vessels can only burn low sulfur diesel. This restriction is in place to reduce carbon emissions globally.
On Thursday July 6th Scott Pruitt resigned from his position of Chief Administrator of the Environmental Protection Agency (EPA). Pruitt has held the position since February of 2017 but recently been under fire for numerous ethics controversies, ultimately stating the reason for his resignation was due to “unrelenting attacks on himself and his family which have taken a sizable toll on all of us”. Let’s take a look at what Pruitt was able to accomplish while in office and also some of the controversies that plagued him.
While the implications of the United States withdrawing from the Iran nuclear deal are still unknown, the oil industry as a whole is watching ever so closely. The Trump campaign claims that sanctions are to be put back on Iran, which could limit the crude oil exports from their country.
One of crude oil’s heaviest uses is when it enters the refining process to create petroleum products people use daily, but let’s take a step back from the fuel aspect of oil, and take a look at other products that can be made from one barrel of crude.