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ADDITIONAL INSIGHT

Stillwater Spotlight

Stillwater Spotlight: Eric Lingman

September 15, 2025

Stillwater Associates is pleased to welcome Eric Lingman as our newest Associate. Eric brings decades of experience in refining, optimization, and clean fuels, developed through hands-on work at refineries across the U.S. West Coast, Asia, Europe, and beyond. His technical depth, global market perspective, and track record of innovative solutions make him a valuable addition...

Policy

Hawaii’s Gas Cap, Twenty Years After Katrina: A Policy Experiment Revisited

September 3, 2025

When Hurricane Katrina struck the Gulf Coast in late August 2005, the storm not only devastated infrastructure in Louisiana and Mississippi but also sent shockwaves through the nation’s fuel markets. Spot gasoline prices in New York Harbor, the Gulf Coast, and Los Angeles spiked dramatically as Gulf Coast refineries shut down and distribution networks from...

Policy

Trump’s Tariffs on Imports from India Put Petroleum Trade in the Crosshairs

August 26, 2025

President Trump’s new tariff regime is shaking up trade flows with India, and refined products are right in the middle of the uncertainty. On April 2, 2025, Executive Order 14257 (EO 14257) established a national emergency to address persistent U.S. trade deficits by imposing reciprocal tariffs on imports from various countries. Included in EO 14257...

Policy

Trans Mountain Pipeline: Déjà Vu all Over Again?

August 5, 2025

Last April, we published an article on the Trans Mountain Pipeline Expansion (TMX) which was built on the premise that it would provide Canadian producers with access to Asian markets. In that article, we predicted that some of the heavy Canadian crude transported on TMX would be placed in California to supplement the state’s declining...

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...
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