A nationwide challenge that continues to affect the trucking industry is the driver shortage. The same questions continue to surface, where are the drivers? Are they all migrating to a different skill set/industry? Or is there simply just more demand than ever and not enough heads to put in the trucks?
British Petroleum (BP) has announced the discovery of two new oilfields in the Gulf of Mexico and has approved a $1.3 billion expansion of its Atlantis three oil field. The new expansion will include eight new wells to the existing offshore oil and gas platforms and they are speculating that it will increase production by 38,000 barrels per day by 2020. The expansion comes nearly a decade after BP’s Deepwater Horizon disaster that caused more than $60 billion in damages to the region.
As the 4th generation family member here at Guttman Energy, I wanted to take a moment to thank all of you for a successful 2018. We could not be where we are without our valued customers, vendors, partners and employees.
The thinly traded holiday gasoline market bottomed out on December 24th with a NYMEX low of $1.2352 per gallon. Here we are a few days into the New Year trading at a high of $1.4146. Here’s what happened to push prices higher.
The U.S. and China conclude their two-day trade talks in Beijing today with President Trump tweeting this morning “Talks with China are going very well!” This tweet and word that China had their top trade official, Liu He, attend the talks early this week have boosted equity and oil markets along with it as February WTI trades higher today to $49.42/barrel despite growing U.S. oil production.