Don't miss out on the latest business and technology news for chemical engineers, featuring select items in relation to Fuels & Petrochemicals.
US petroleum demand flirts with record highs
Demand for gasoline and heating fuels drove US petroleum consumption to 20.3 million barrels per day in February, marking an increase of more than 1 million barrels per day from February 2017 and approaching record levels not seen in over a decade, according to the American Petroleum Institute. "With US oil and NGL production at record levels -- and a resilient industry value chain that has absorbed the growth -- consumers are benefiting from this momentum and enjoying affordable and reliable fuels made right here at home," said API Chief Economist Dean Foreman.
FERC ends income-tax allowance for pipeline MLPs
Oil and natural gas pipeline companies organized as master limited partnerships (MLPs) will no longer benefit from an income-tax allowance that permitted them to recover income-tax costs twice, the Federal Energy Regulatory Commission ruled. Shares of several companies plunged in the wake of the FERC decision, which essentially threatens the survival of many MLPs.
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