Saudi Arabia slashing oil supply, could drive up gas prices
The Saudi cut of 1 million barrels per day, to start in July, comes as the other OPEC+ producers agreed to extend earlier production cuts through next year.
Oil
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Facing tough midterms, Biden releasing oil from U.S. reserve
The withdrawals have sent the nation’s strategic reserve to its lowest level since 1984 in what the administration called a “bridge” until domestic production could be increased.
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OPEC+ makes big oil cut to boost prices; pump costs may rise
The alliance of oil-exporting countries on Wednesday decided to sharply cut production to support sagging oil prices, a move that could deal the struggling global economy another blow and raise politically sensitive pump prices for U.S. drivers just ahead of elections.
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UPDATE: Biden tapping oil reserve for 6 months to control gas prices
The release of reserves in the U.S. could create pressures that could reduce oil prices, though Biden has already twice ordered releases from the strategic reserves without causing a meaningful shift in oil markets.
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U.S. gasoline prices rise again on talk of banning Russian oil
Oil prices soared early Monday before retreating. Benchmark U.S. crude surged to $130 a barrel overnight, then moderated to around $119, a 3% gain, in afternoon trading. The international price skyrocketed to $139 before falling back to about $123 a barrel.
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Articles
Oil producers’ cuts could boost gasoline prices, help Russia
Less oil flowing to refineries should mean higher gasoline prices for drivers and could boost the inflation hitting the United States and Europe.
Saudis, other oil giants announce surprise production cuts
The cuts total up to 1.15 million barrels per day from May until the end of the year, a move that could raise prices worldwide.
Shortage of cooking oil looms as biofuels gain global appeal
From the U.S. to Brazil and Indonesia, governments are embracing energy made from plants like soybeans or canola, or even animal fat, to move away from fossil fuels and cut emissions.
Biden set to expand methane emissions rules amid push for more oil
The supplemental rule comes as President Biden has accused oil companies of “war profiteering” and raised the possibility of imposing a windfall tax on energy companies if they don’t boost domestic production.
Biden vows ‘consequences’ for Saudis after OPEC+ cuts output
The production cut threatens a global economy already destabilized by the Ukraine conflict and risks saddling Biden and Democrats with newly rising gasoline prices just ahead of the U.S. midterm elections.
Production resumes at Indiana refinery shut down after fire
The refinery produces about 435,000 barrels per day and provides about 20% to 25% of the refined gasoline, jet fuel, and diesel used by Illinois, Indiana, Michigan, and Wisconsin.
Climate bill’s unlikely beneficiary: U.S. oil and gas industry
While the Inflation Reduction Act concentrates on clean energy incentives that could drastically reduce overall U.S. emissions, it also buoys oil and gas interests by mandating leasing of vast areas of public lands and off the nation’s coasts.
Manchin wins big nods to oil in deal ending logjam on climate
The breakthrough spending deal reached by Sens. Joe Manchin and Chuck Schumer would commit a historic $370 billion to combat climate change, but it comes at a cost that some green activists are finding impossible to accept.
Biden administration holding its first onshore oil sales
President Joe Biden suspended new leasing just a week after taking office in January 2021. A federal judge in Louisiana ordered the sales to resume.
Oil refineries are making a fortune, but that’s not stopping them from closing
A White House desperate to bring down gas prices is having little success persuading refinery owners to expand operations, and more closures are imminent.
Biden tells oil refiners to produce more gas, take fewer profits
The American Petroleum Institute, which represents the industry, said in a statement that capacity has been diminished as the Biden administration has sought to move away from fossil fuels as part of its climate change agenda.
Indianapolis-based Calumet gets new CEO as part of leadership reshuffling
Todd Borgmann, Calumet’s former CFO, was promoted to CEO effective this week. The move, and several other executive-level changes, were triggered by the May 1 retirement of board chairman Fred Fehsenfeld.
Ukraine invasion increases pressure for U.S. oil, but industry faces hurdles
Obstacles to more U.S. oil are surmountable, according to analysts, yet will take months to work through and it could be late this year or early next before a significant production increase materializes.
Oil retreats to about $102 per barrel with focus on Ukraine-Russia talks
A further round of talks between Russian and Ukrainian officials on Monday will focus on discussing a potential ceasefire with an immediate withdrawal of troops and security guarantees, Ukraine negotiator Mykhailo Podolyak said.
Record gas prices are pushing up everyday costs, dampening economic recovery
Economists say the one-two punch of rising prices and the intensifying geopolitical crisis could put the brakes on the rapid rebound and raise the risks of recession.
U.S. banning Russian oil imports as Biden warns of ‘costs’
The average price for a gallon of gasoline in the U.S. hit a record $4.17 Tuesday, rising by 10 cents in one day, and up 55 cents since last week, according to auto club AAA.
Wall Street tumbles after oil prices touch $130 per barrel
Markets worldwide have swung wildly recently on worries about how high prices for oil, wheat and other commodities produced in the region will go because of Russia’s invasion, inflaming the world’s already high inflation.
Oil up $10 per barrel as Russia’s invasion of Ukraine deepens
The surge followed a warning from Russian President Vladimir Putin that Ukrainian statehood was imperiled as Russian forces battered strategic locations.
OPEC sticks to plan of gradual output hikes as crude soars
The leaders of OPEC and its oil-producing allies plan to gradually increase oil production while Russia’s invasion of Ukraine rattles markets, reshapes alliances, kills civilians and sends the price of crude skyrocketing.