An Oakland Institute analysis challenges claims that a large increase in mining is an unavoidable cost of replacing fossil fuels. Using International Energy Agency (IEA) data, Oakland calculated that wind, solar, renewable-power networks, grid batteries and electric vehicles accounted for 26% of combined demand for copper, lithium, nickel, cobalt, graphite and magnet rare earths in 2024. It assigned the remaining 74% to construction, conventional transport, industrial machinery, defense, electronics and other uses. The calculation describes consumption…
Refining & Products Context
Downstream margins — or crack spreads — have experienced considerable volatility as refinery operators navigate feedstock cost fluctuations, product demand seasonality, and evolving fuel specifications. Gasoline and distillate margins serve as key profitability levers for integrated refiners.
Refinery utilization rates, particularly in the U.S. Gulf Coast and Northwest European hubs, directly influence product availability and pricing. Unplanned outages, scheduled turnarounds, and weather-related disruptions are recurring factors that tighten regional product supply.
What to Watch
Key metrics to watch include refinery utilization rates, weekly distillate inventory builds or draws, and crack spread movements, which serve as real-time indicators of refining profitability across major processing hubs.
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