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Oil Industry News
Oil and gas prices fluctuate on a minute by minute basis. Many factors determine the price of oil, however it really all comes down to supply and demand. Demand typically does not fluctuate too much (except during a recession) but supply shocks can occur for a number of reasons. OPEC meets and determines oil production for the coming months and the pice of oil goes on a wild ride. 8 of the 10 member nations of OPEC are among the world‚ leading exporters of oil, Saudi Arabia is the top with 8.65 million barrels per day. Of course that is crude oil which goes to the refinery before we see it. At the refinery it is physically, thermally and chemically separated into fractions and then converted into finished products. Almost 90% of these products are fuels such as gasoline, aviation fuel, distillates and residual oils, liquefied petroleum gas and kerosene. Refineries also produce non-fuel products including petrochemicals, asphalt, road oil, lubricants, solvents and wax. So by the time we see the gas at the pump, diesel to run commercial equipment or fuel oil to heat our homes a number of factors have influenced the price we pay per gallon. Domestic Fuels works very hard to give our customers the best price possible in this fluctuating oil industry and maintain the level of service you deserve. Lube NewsOur Lube Center, located at 100 East Liberty Street in Chesapeake, has specials on all types of lubricant products from time to time. We carry marine grade, commercial grade and retail grade oils and lubricants and sell to commercial as well as retail customers. For counter sales, just stop by our warehouse or call them at (757) 545-0216 and ask about the current specials. This is also the home of our service and tank division. The warehouse manager and the tank division manager is John Allison. If you need help with an order, just call Martha. Our lube delivery territory covers from Richmond to Rayleigh and the Eastern shore." *Complied from various on-line sources |
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Domestic Fuels & Lubes
Oil Industry News
All of us are aware the oil/energy industry is extremely large and complex. The Department of Energy reports that fossil fuels (including coal, oil and natural gas) make up 85% of the energy consumed in the United States. Oil supplies 40% of our energy needs.