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RBOB
Reformulated Blendstock for Oxygenate Blending (RBOB) is a gasoline futures contract traded on the New York Mercantile Exchange (NYMEX). It is the benchmark futures contract for wholesale gasoline in the United States. History Edwin Drake was the first to discover RBOB gasoline but discarded it as a byproduct on his quest to refine crude oil into kerosene. Composition RBOB gasoline is a blend of hydrocarbons suitable for use in Spark-ignition engines. It typically contains various additives, including oxygenates like ethanol or methyl tertiary butyl ether (MTBE), to improve octane rating and reduce air pollution. Refining RBOB is refined from crude oil and about half of the crude oil is refined into RBOB gasoline, therefore RBOB tracks the price of WTI crude closely. See also * Commodity market * Fuel taxes in the United States * New York Mercantile Exchange The New York Mercantile Exchange (NYMEX) is a commodity futures exchange owned and operated by CME Group o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gasoline
Gasoline ( North American English) or petrol ( Commonwealth English) is a petrochemical product characterized as a transparent, yellowish, and flammable liquid normally used as a fuel for spark-ignited internal combustion engines. When formulated as a fuel for engines, gasoline is chemically composed of organic compounds derived from the fractional distillation of petroleum and later chemically enhanced with gasoline additives. It is a high-volume profitable product produced in crude oil refineries. The ability of a particular gasoline blend to resist premature ignition (which causes knocking and reduces efficiency in reciprocating engines) is measured by its octane rating. Tetraethyl lead was once widely used to increase the octane rating but is not used in modern automotive gasoline due to the health hazard. Aviation, off-road motor vehicles, and racing car engines still use leaded gasolines. Other substances are frequently added to gasoline to improve chemical st ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New York Mercantile Exchange
The New York Mercantile Exchange (NYMEX) is a commodity futures exchange owned and operated by CME Group of Chicago. NYMEX is located at One North End Avenue in Brookfield Place in the Battery Park City section of Manhattan, New York City. The company's two principal divisions are the New York Mercantile Exchange and Commodity Exchange, Inc (COMEX), once separately owned exchanges. NYMEX traces its history to 1882 and for most of its history, as was common of exchanges, it was owned by the members who traded there. Later, NYMEX Holdings, Inc., the former parent company of the New York Mercantile Exchange and COMEX, went public and became listed on the New York Stock Exchange on November 17, 2006, under the ticker symbol NMX. On March 17, 2008, Chicago based CME Group signed a definitive agreement to acquire NYMEX Holdings, Inc. for $11.2 billion in cash and stock and the takeover was completed in August 2008. Both NYMEX and COMEX now operate as designated contract marke ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fuel Taxes In The United States
The United States federal excise tax on gasoline is 18.4 cents per gallon and 24.4 cents per gallon for diesel fuel.Federal Highway Administration US Department of Transportation, Federal Highway Administration: When did the Federal Government begin collecting the gas tax? Proceeds from the tax partly support the Highway Trust Fund. The federal tax was last raised on October 1, 1993, and is not indexed to inflation, which increased 111% from October 1993 until December 2023. On average, , state and local taxes and fees add 34.24 cents to gasoline and 35.89 cents to diesel, for a total US volume-weighted average fuel tax of 52.64 cents per gallon for gas and 60.29 cents per gallon for diesel. State taxes The first US state to tax fuel was Oregon, introduced on February 25, ...[...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commodity Market
A commodity market is a market that trades in the primary economic sector rather than manufactured products. The primary sector includes agricultural products, energy products, and metals. Soft commodities may be perishable and harvested, while hard commodities are usually mined, such as gold and oil. Futures contracts are the oldest way of investing in commodities. Commodity markets can include physical trading and derivatives trading using spot prices, forwards, futures, and options on futures. Farmers have used a simple form of derivative trading in the commodities market for centuries for price risk management. A financial derivative is a financial instrument whose value is derived from a commodity termed an underlier. Derivatives are either exchange-traded or over-the-counter (OTC). An increasing number of derivatives are traded via clearing houses some with central counterparty clearing, which provide clearing and settlement services on a futures exchange, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Edwin Drake
Edwin Laurentine Drake (March 29, 1819 – November 9, 1880), also known as Colonel Drake, was an American businessman and the first American to successfully drill for oil. Early life Drake was born in Greenville, New York, on March 29, 1819, the son of Lyman and Laura Drake. He grew up on family farms around New York state and Castleton, Vermont, before leaving home at the age of 19. He spent the early parts of his life working the railways around New Haven, Connecticut, as a clerk, express agent, and conductor. Drake was a Freemason. Career Seneca Oil While petroleum oil was known prior to this, there was no appreciable market for it. Samuel Kier is credited with founding the first American oil refinery in Pittsburgh. He was the first person in the United States to refine crude oil into kerosene. Along with a new lamp to burn Kier's product, a new market to replace whale oil as a lamp oil began to develop. Seneca Oil Company, originally called the Pennsylvania Rock O ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Crude Oil
Petroleum, also known as crude oil or simply oil, is a naturally occurring, yellowish-black liquid chemical mixture found in geological formations, consisting mainly of hydrocarbons. The term ''petroleum'' refers both to naturally occurring unprocessed crude oil, as well as to petroleum products that consist of refined crude oil. Petroleum is a fossil fuel formed over millions of years from anaerobic decay of organic materials from buried prehistoric organisms, particularly planktons and algae, and 70% of the world's oil deposits were formed during the Mesozoic. Conventional reserves of petroleum are primarily recovered by drilling, which is done after a study of the relevant structural geology, analysis of the sedimentary basin, and characterization of the petroleum reservoir. There are also unconventional reserves such as oil sands and oil shale which are recovered by other means such as fracking. Once extracted, oil is refined and separated, most easily by disti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kerosene
Kerosene, or paraffin, is a combustibility, combustible hydrocarbon liquid which is derived from petroleum. It is widely used as a fuel in Aviation fuel, aviation as well as households. Its name derives from the Greek (''kērós'') meaning "wax"; it was registered as a trademark by Nova Scotian, Nova Scotia geologist and inventor Abraham Pineo Gesner, Abraham Gesner in 1854 before evolving into a generic trademark. It is sometimes spelled kerosine in scientific and industrial usage. Kerosene is widely used to power jet engines of aircraft (jet fuel), as well as some rocket engines in a highly refined form called RP-1. It is also commonly used as a cooking and lighting fuel, and for fire toys such as Poi (performance art)#Fire poi, poi. In parts of Asia, kerosene is sometimes used as fuel for small outboard motors or even motorcycles. World total kerosene consumption for all purposes is equivalent to about 5,500,000 barrels per day as of July 2023. The term "kerosene" is comm ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Spark-ignition Engine
A spark-ignition engine (SI engine) is an internal combustion engine, generally a petrol engine, where the combustion process of the air-fuel mixture is ignited by a spark from a spark plug. This is in contrast to compression-ignition engines, typically diesel engines, where the heat generated from compression ratio, compression together with the injection of fuel is enough to initiate the combustion process, without needing any external spark. Fuels Spark-ignition engines are commonly referred to as "gasoline engines" in North America, and "petrol engines" in Britain and the rest of the world. Spark-ignition engines can (and increasingly are) run on fuels other than gasoline, petrol/gasoline, such as autogas (Liquefied petroleum gas, LPG), methanol, ethanol, bioethanol, compressed natural gas (CNG), hydrogen, and (in drag racing) nitromethane. Working cycle The working cycle of both spark-ignition and compression-ignition engines may be either two-stroke cycle, two-stroke or fou ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Oxygenate
In the liquid fuel industry, oxygenates are hydrocarbon-derived fuel additives containing at least one oxygen atom to promote complete combustion. Absent oxygenates, fuel combustion is usually incomplete, and the exhaust stream pollutes the air with carbon monoxide, soot particles, aromatic and polyaromatic hydrocarbons, and nitrated polyaromatic hydrocarbons. The most common oxygenates are either alcohols or ethers, but ketones and aldehydes are also included in this distinction. Carboxylic acids and esters can be grouped with oxygenates in the simple definition that they contain at least one oxygen atom. However, they are usually unwanted in oils, and therefore likely fuels, due to their environmental toxicity and tendency to cause catalyst poisoning and corrosion during oil production and refining. * Alcohols: ** Methanol (MeOH) ** Ethanol (EtOH); see also Common ethanol fuel mixtures ** Isopropyl alcohol (IPA) ** ''n''-Butanol (BuOH) ** Gasoline grade ''tert''-buta ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ethanol Fuel In The United States
The United States became the world's largest producer of ethanol fuel in 2005. The U.S. produced 15.8 billion U.S. liquid gallons of ethanol fuel in 2019, up from 13.9 billion gallons (52.6 billion liters) in 2011, and from 1.62 billion gallons in 2000. Brazil and U.S. production accounted for 87.1% of global production in 2011. In the U.S., ethanol fuel is mainly used as an oxygenate in gasoline in the form of low-level blends up to 10 percent, and, increasingly, as E85 fuel for flex-fuel vehicles. The U.S. government subsidizes ethanol production. The ethanol market share in the U.S. gasoline supply grew by volume from just over 1 percent in 2000 to more than 3 percent in 2006 to 10 percent in 2011. ''See pp. 10''.''See pages 2–3, 10–11, 19–20, and 26–27''. Domestic production capacity increased fifteen times after 1990, from 900 million US gallons to 1.63 billion US gal in 2000, to 13.5 billion US gallons in 2010. The Renewable Fuels Association reported 209 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Methyl Tertiary Butyl Ether
Methyl ''tert''-butyl ether (MTBE), also known as ''tert''-butyl methyl ether, is an organic compound with a structural formula (CH3)3COCH3. MTBE is a volatile, flammable, and colorless liquid that is sparingly soluble in water. Primarily used as a fuel additive, MTBE is blended into gasoline to increase its octane rating and knock resistance, and reduce unwanted emissions. Production and properties MTBE is manufactured via the chemical reaction of methanol and isobutylene. Methanol is primarily derived from natural gas, where steam reforming converts the various light hydrocarbons in natural gas (primarily methane) into carbon monoxide and hydrogen. The resulting gases then further react in the presence of a catalyst to form methanol. Isobutylene can be produced through a variety of methods. ''n''-butane can be isomerized into isobutane which can be dehydrogenated to isobutylene. In the Halcon process, ''t''-Butyl hydroperoxide derived from isobutane oxygenation is treated wit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
