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ADDITIONAL INSIGHT

Policy

TMX at One Year: Why the West Coast Is Not the End of the Line

August 5, 2025

By Eric Lingman and Vaughn Hulleman When the Trans Mountain Expansion (TMX) project launched in May 2024, it marked a long-awaited milestone for Western Canadian crude producers. The expectation was that with an additional 590,000 barrels per day (bpd) of pipeline or takeaway capacity, Canadian heavy crude[1] prices would strengthen, new markets would open, and...

Economics

Why Does Canada Import So Much Crude Oil?

July 23, 2025

I recently came across an infographic stating that Canada requires a new West-to-East pipeline to secure its energy and economic independence. The statement is predicated on the fact that Canada spent nearly CA$544 billion[1] on foreign oil imports between 1988 and 2023. There is no doubt that the sum is large, but 36 years is...

Policy

Time for a PADD 5 Fuels Study Tune-Up

July 9, 2025

I was walking with my neighbor John the other morning. He reminded me that he is a Stillwater Newsletter subscriber, but often he doesn’t get what all the articles are about. I told him many articles are about regulatory issues, but we do try to write for regular people as well. Our conversation then turned...

Policy

Capitol Hill’s Finishing Touches to the “Big Beautiful” Revamp of 45Z  

July 8, 2025

Last month, in an article titled “The 45Z Tax Credit Gets a ‘Big Beautiful’ Alteration,” we described amendments to the Clean Fuels Production Credit (better known as 45Z for the section of the tax code) proposed in the House version of the budget reconciliation bill, H.R. 1. By way of follow-up, today we update that...

Economics

The Great Gasoline Decline Debate – Forecasting California’s Fuel Future

June 24, 2025

With the potential closure of two refineries in California, tightening West Coast fuels production, it is more critical than ever to pin down accurate assessments of likely future gasoline demand. Various industry and government agency projections offer differing perspectives concerning potential shortages. Stillwater estimates that gasoline demand in 2030 will be 13-15% below the level...

Policy

Friday the 13th: The RFS Chapter

June 18, 2025

On Friday, June 13, 2025, the U.S. Environmental Protection Agency (EPA) released their proposed “Set 2” rule. This is the first step in the process of setting the Renewable Fuel Standard (RFS) renewable volume obligations (RVOs) for 2026 and 2027. In this article, we explore what is contained in the proposed rule, discuss how the...
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