Here is a great resource for current news and trends in the oil market. US Energy Information Administration: This Week in Petroleum

Interesting bit of information I had not seen before about trade protectionism in the domestic shipping industry that limits the number of ships that can transport products between American ports. There is an overcapacity of refineries in the Gulf States, but its not that easy transporting gasoline and diesel to other markets where there isn’t.

Because this route would involve vessel movements between U.S. ports, Jones Act vessels must be used. The Jones Act requires goods or passengers moved in U.S. coastal waters between U.S. ports to be carried on U.S. flagged ships that are constructed in the United States, and owned and crewed by U.S. citizens.

EIA’s report mentioned 56 Jones Act tankers handling petroleum, including tankers being decommissioned.

I’m sure the backers of the Jone’s Act spoke of protecting American jobs, but if those restrictions increase the prices of gasoline, you have to wonder how many jobs it actually saves.