Hot Summers, Not Hurricanes, Nudge Gas Pump Pinches

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Daily Bulletin

Lone Star Stories

• Hot Summers, Not Hurricanes, Nudge Gas Pump Pinches

ODespite concerns from recent hurricanes, summer heat and overseas oil production reductions play a more significant role in influencing U.S. gas prices. Refineries scale back during extreme heat, and while Labor Day travel might cause a minor uptick in prices, AAA spokesman Andrew Gross anticipates a drop in gas prices as fall approaches.

• Denbury Plays Hard to Get: Exxon’s Third Proposal's the Charm

Denbury Inc. navigated over 28 proposals and rejected two from ExxonMobil before accepting the oil titan's third offer, finalizing the deal at $4.9 billion in stock. The acquisition journey faced fluctuations with the Inflation Reduction Act boosting Denbury’s stock and changing negotiation dynamics, but Exxon secured the acquisition with a final offer of $89.45 a share.

Reader Question of the Day

How do oil companies ensure the safety of their storage facilities, particularly large tanks and underground reservoirs?

Safety is a big deal when storing vast amounts of oil. For large tanks, oil companies use special materials and designs to prevent leaks. They often build a secondary barrier or a "catchment area" around tanks. Think of it like a safety net; if there's a spill, this area catches the oil, preventing it from spreading. Regular inspections and maintenance checks are also done to spot any wear and tear or potential issues before they become big problems.

For underground reservoirs, it's a bit different. These are natural spaces deep in the ground where oil or gas was once found. When they're empty, companies sometimes use them to store oil or gas. To ensure safety, they monitor the pressure and condition of these reservoirs closely. They also use strong, durable materials for the wells leading to these storage spaces. This way, they can make sure everything stays where it's supposed to and the environment is protected.

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