Big oil and biofuels team up against electric vehicles
February 20, 2025
The API inventory report had crude oil supplies up 3.34 million barrels, gasoline supplies up 2.83 million barrels, and distillate supplies down by 2.69 million barrels.
The average estimate for today’s propane inventory update is for supplies to be down 3.26 million barrels.
The average estimates from the Bloomberg survey for today’s DOE refined fuels inventory report is calling crude oil up 3.506 million barrels, gasoline down 857,000 and distillates down 1.468 million barrels.
Big oil and biofuel groups are banding together to advocate higher blending mandates in 2026+, per Reuters’ coverage. The two groups have historically butted heads on the RFS as they saw one another as threats, but the two have joined forces to now fight against a different existential threat: electric vehicles.