Despite tight supply, US refiners export most gas in three years
3 years, 4 months ago

Despite tight supply, US refiners export most gas in three years

Al Jazeera  

As prices at the pump soar, the Biden administration this week went as far as asking OPEC+ to pump more crude. While President Biden is fretting about high gasoline prices, even going as far as asking OPEC+ to raise oil output, U.S. refiners are exporting the most gasoline in three years. The high rate of gasoline exports shine a light on the wider global oil demand picture and underscore the limitations the Biden Administration has in keeping retail prices in check. Mexico, America’s biggest foreign buyer of gasoline, still hasn’t recovered to pre-Covid levels but should in the next two years as its economy bounces back from the pandemic. The pull from Latin America is expected to remain strong despite the uneven post-pandemic recovery in the region, says Felipe Perez, a strategist at IHS Markit Ltd. Brazil, he says, is recovering faster than Mexico due to a “sizable” stimulus package and gas demand is expected to return to 2019 levels before the end of the year ahead of the summer in the Southern Hemisphere.

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History of this topic

Oil Rises Most in Six Weeks as US Affirms Canada, Mexico Tariffs
1 month ago

Oil Rises Most in Six Weeks as US Affirms Canada, Mexico Tariffs

Live Mint  

Oil rose the most in six weeks as President Donald Trump affirmed plans to impose tariffs on the top two suppliers of crude to the US. The tariffs threaten to disrupt North America’s tightly integrated oil industry and raise demand for US crude to backfill any Canadian or Mexican barrels that are diverted elsewhere to avoid the levies. Even with …

Boosting gas output while keeping prices low a tough task for Trump
2 months, 1 week ago

Boosting gas output while keeping prices low a tough task for Trump

The Hindu  

Gavin Maguire It may take more than a Sharpie pen and White House cheerleading to change natural gas output levels in the United States. But even with faster permitting for exploration and sales, the new Trump administration may struggle to boost U.S. gas output without help from local and international prices. If gas prices trend steadily higher in 2025, Mr. …

After Trump's tariffs, Asia to benefit from cheaper oil from Canada & Mexico
4 months ago

After Trump's tariffs, Asia to benefit from cheaper oil from Canada & Mexico

Firstpost  

If US President-elect Doanld Trump imposes a 25% import tariff on crude from Canada and Mexico, producers may cut prices and redirect their supply to Asia, particularly China and India Oil producers in Canada and Mexico will likely be forced to reduce prices and divert supply to Asia if US President-elect Donald Trump imposes 25 per cent import tariffs on …

Oil countries predict an oversupply of gasoline by 2030 – driving down prices at US pumps
9 months, 2 weeks ago

Oil countries predict an oversupply of gasoline by 2030 – driving down prices at US pumps

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Good news for drivers, …

Biden releasing 1 million barrels of gasoline from Northeast reserve in bid to lower prices at pump
10 months, 1 week ago

Biden releasing 1 million barrels of gasoline from Northeast reserve in bid to lower prices at pump

Associated Press  

WASHINGTON — The Biden administration said Tuesday it is releasing 1 million barrels of gasoline from a Northeast reserve established after Superstorm Sandy in a bid to lower prices at the pump this summer. The move, which the department said is intended to help “lower costs for American families and consumers,″ follows a mandate from Congress to sell off the …

Biden is gaslighting us about natural gas exports
1 year, 4 months ago

Biden is gaslighting us about natural gas exports

Salon  

Imagine you woke up one morning to find out that the government approved the construction of a giant “natural” gas processing facility in your backyard. That kind of gaslighting is the current reality for communities in Southern Louisiana, as President Biden’s Department of Energy considers granting a license to build a new “liquified natural gas” export terminal called Calcasieu Pass …

Surging oil price fuels fresh inflation fears as petrol stays above $2 per litre
1 year, 6 months ago

Surging oil price fuels fresh inflation fears as petrol stays above $2 per litre

ABC  

Surging fuel prices are igniting fresh inflation fears, as production cuts by the global oil cartel heap yet more pain on consumers. Key points: Fuel prices across Australia have averaged more than $2 a litre for about a month Analysts say production cuts by the global oil cartel and a weak Aussie dollar are to blame The resurgent price has …

Pain at the pump as gas prices hit the HIGHEST seasonal level in a decade: Average price stands at $3.811 a gallon
1 year, 6 months ago

Pain at the pump as gas prices hit the HIGHEST seasonal level in a decade: Average price stands at $3.811 a gallon

Daily Mail  

Gas prices are now at their highest seasonal level in more than a decade - following a surprise rally toward the end of the summer driving season. At the same time, gasoline demand ballooned back to levels well above those last summer, leaving national stockpiles largely below seasonal norms The decision was billed by both Riyadh and Moscow as a …

With oil prices slumping, OPEC+ producers weigh more production cuts
1 year, 9 months ago

With oil prices slumping, OPEC+ producers weigh more production cuts

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The major oil-producing countries led …

Oil Prices Today: Oil edges lower in cautious trade ahead of US inflation data
1 year, 10 months ago

Oil Prices Today: Oil edges lower in cautious trade ahead of US inflation data

Live Mint  

Oil prices edged lower on May 9, relinquishing some of the strong gains of the previous two sessions amid cautious trading ahead of US inflation data for April, which will be key to the Federal Reserve's next interest rate decision. The oil cartel last cut crude output in April with an aim to provide market stability, as per Saudi Arabia, …

US oil prices hit lowest level in nearly a year. Gas is down 6% in a month
2 years, 4 months ago

US oil prices hit lowest level in nearly a year. Gas is down 6% in a month

CNN  

London CNN Business — US oil prices have fallen to their lowest level since December 2021 on concerns that protests in China against Covid-19 lockdowns will dent demand. Global oil prices have fallen about 35% since June as strict coronavirus restrictions in China have kept demand weak, and as some of the world’s major economies have signaled they are heading …

US oil giants ExxonMobil, Chevron report huge profits in tight energy market
2 years, 5 months ago

US oil giants ExxonMobil, Chevron report huge profits in tight energy market

Firstpost  

The results show how the surge in crude prices in the aftermath of Russia’s invasion of Ukraine has boosted the industry by lifting crude prices, as well as natural gas prices due to Europe’s mobilization to offset lost natural gas imports from Russia New York: A day after blockbuster profits from European oil heavyweights, US oil giants ExxonMobil and Chevron …

High gas prices help serve up steep profits for California’s Chevron, other oil giants
2 years, 5 months ago

High gas prices help serve up steep profits for California’s Chevron, other oil giants

LA Times  

High gas prices, such as those shown Sept. 29 at a Los Angeles Shell station, helped boost third-quarter profits of the giant oil companies. Oil companies brought in staggering profits once again as people worldwide struggled with high gasoline and energy prices. Steep gas prices and oil company profits have drawn criticism from President Biden and Democratic lawmakers. That fueled …

Ahead of elections, Biden announces steps to reduce gas prices in U.S.
2 years, 5 months ago

Ahead of elections, Biden announces steps to reduce gas prices in U.S.

The Hindu  

Ahead of the crucial mid-term polls, U.S. President Joe Biden has announced a slew of measures to lower gas prices, which have been hurting the middle class. Mr. Biden, in a major policy speech, reiterated that Russian President Vladimir Putin was responsible for the hike in energy prices in the U.S. “When the price of gas goes up, other expenses …

Gasoline Prices Fall Below $4 a Gallon but Many Americans Still Fear a Possible Recession
2 years, 7 months ago

Gasoline Prices Fall Below $4 a Gallon but Many Americans Still Fear a Possible Recession

News 18  

Gas prices in the United States fell below $4 a gallon Thursday, retreating to their lowest level since March, a sign of relief for Americans struggling with historically high inflation and a political boost for President Joe Biden, who has been under pressure to do more to bring down prices. The decline below $4 per gallon “is providing much needed …

Biden tells oil refiners: Produce more gas, fewer profits
2 years, 9 months ago

Biden tells oil refiners: Produce more gas, fewer profits

Associated Press  

President Joe Biden on Wednesday called on U.S. oil refiners to produce more gasoline and diesel, saying their profits have tripled during a time of war between Russia and Ukraine as Americans struggle with record high prices at the pump. “While we appreciate the opportunity to open increased dialogue with the White House, the administration’s misguided policy agenda shifting away …

Biden calls on oil refiners to produce more, cut profit margins
2 years, 9 months ago

Biden calls on oil refiners to produce more, cut profit margins

Al Jazeera  

United States President Joe Biden has called on oil refiners to produce more petrol and diesel, saying their high profit margins are hurting consumers. While he said the Russian invasion of Ukraine is “principally responsible” for the financial burden US residents are facing, “historically high refinery profit margins are worsening that pain”. “Your companies need to work with my Administration …

Crippling cost of living continues: Gas price rockets to $5.014 a gallon, food prices hike 12%
2 years, 9 months ago

Crippling cost of living continues: Gas price rockets to $5.014 a gallon, food prices hike 12%

Daily Mail  

The average cost of a gallon of gasoline in the US has risen to $5.014 as grocery costs saw the highest surge in a year since 1979. Surveys show that Americans see high inflation as the nation's top problem, and most disapprove of Biden's handling of the economy After the release of the Labor Department's May numbers, President Biden finally …

Several factors are converging to push gas prices higher
2 years, 9 months ago

Several factors are converging to push gas prices higher

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. The United States is the world's largest oil …

Biden vows to battle inflation as prices keep climbing
2 years, 9 months ago

Biden vows to battle inflation as prices keep climbing

Associated Press  

LOS ANGELES — In President Joe Biden’s estimation, the U.S. is in a strong position to overcome the worst inflation in more than 40 years. Biden on Friday pledged to keep fighting against inflation while touring the Port of Los Angeles, America’s busiest port and a place that the White House said last October would be key for reducing price …

Drain on wallets: Gas prices close in on $5 for in US, touch record high in UK
2 years, 9 months ago

Drain on wallets: Gas prices close in on $5 for in US, touch record high in UK

Firstpost  

Fears of short supplies are being compounded by demand, which usually picks up around Memorial Day at the end of May — the unofficial start of summer and vacation trips in the U.S Dallas: The average price that Americans pay for gasoline is closing in on $5 a gallon, another drain on the wallets of consumers who are paying more …

US inflation hit a new 40-year high in May of 8.6 percent
2 years, 9 months ago

US inflation hit a new 40-year high in May of 8.6 percent

Al Jazeera  

President Joe Biden will talk about inflation and his administration’s efforts to lower prices on Friday in Los Angeles. The costs of petrol, food and other necessities jumped in May, raising inflation in the United States to a new four-decade high and giving American households no respite from rising costs. Consumer prices surged 8.6 percent last month from 12 months …

Why US gas prices are at a record, and why they’ll stay high for a long time
2 years, 9 months ago

Why US gas prices are at a record, and why they’ll stay high for a long time

CNN  

New York CNN Business — Russia’s invasion of Ukraine is a major reason that US drivers are paying record prices for gasoline. But now the national average is expected to hit $5 a gallon within the next two weeks, said Tom Kloza, global head of energy analysis for the OPIS, which tracks gas prices for AAA. “We could certainly see …

OPEC+ alliance boosts oil production as energy prices soar
2 years, 9 months ago

OPEC+ alliance boosts oil production as energy prices soar

Associated Press  

LONDON — The OPEC oil cartel and allied producing countries including Russia will raise production by 648,000 barrels per day in July and August, offering modest relief for a global economy suffering from soaring energy prices. “The United States will continue to use all tools at our disposal to address energy prices pressures.” Biden administration officials have recently visited Saudi …

Despite pain at the pump, Americans are hitting the road
2 years, 10 months ago

Despite pain at the pump, Americans are hitting the road

Al Jazeera  

Heading into the US summer driving season, Americans are fueling up but how long before they have to hit the brakes? As petrol prices continue to break records in the United States, putting a significant strain on Americans’ wallets and threatening economic growth, analysts predict that pain at the pump will cause some demand destruction in the coming months of …

LOCALIZE IT: Ideas for local coverage of soaring fuel prices
2 years, 10 months ago

LOCALIZE IT: Ideas for local coverage of soaring fuel prices

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy EDITORS/NEWS DIRECTORS: What a difference …

Oil rises 4% as US gasoline prices jump to record high
2 years, 10 months ago

Oil rises 4% as US gasoline prices jump to record high

Al Jazeera  

Global benchmark Brent fell for the first time in three weeks. Oil prices rose about 4 percent on Friday as United States gasoline prices jumped to a record high, China looked ready to ease pandemic restrictions and investors worried supplies will tighten if the European Union bans Russian oil. Automobile club AAA said US prices at the pump rose to …

Why US gas prices are at a record, and why they’ll stay high for a long time
2 years, 10 months ago

Why US gas prices are at a record, and why they’ll stay high for a long time

CNN  

New York CNN Business — Russia’s invasion of Ukraine is a major reason that US drivers are paying record prices for gasoline. The good news for drivers is that crude oil prices have been falling in recent days, amid concerns that China keeping Covid lockdowns in place to combat will continue to hurt oil demand. Gas prices could be near …

Drivers bemoan high gasoline prices with no relief in sight
2 years, 10 months ago

Drivers bemoan high gasoline prices with no relief in sight

Associated Press  

NEW YORK — Just as Americans gear up for summer road trips, the price of oil remains stubbornly high, pushing prices at the gas pump to painful heights. “The money, your salary, is practically the same, and everything is going up, so they should do something about it.” The high price of oil is the main cause of the biting …

US natural gas prices at 13-year high as Ukraine war creates global supply crunch
2 years, 11 months ago

US natural gas prices at 13-year high as Ukraine war creates global supply crunch

Hindustan Times  

US natural gas prices surged to the highest intraday level in over 13 years as robust demand tests drillers’ ability to expand supplies. FILE PHOTO: 3D printed Natural Gas Pipes are placed on displayed Russia's and Ukraine's flags in this illustration, Futures rose as high as $7.558 per million British thermal units, topping January’s short squeeze-fueled rally and roughly double …

U.S. consumer prices accelerate in March
2 years, 11 months ago

U.S. consumer prices accelerate in March

The Hindu  

U.S. monthly consumer prices increased by the most in 16-1/2 years in March as Russia's war against Ukraine boosted the cost of gasoline to record highs, cementing the case for a 50 basis points interest rate hike from the Federal Reserve next month. The consumer price index surged 1.2% last month, the biggest monthly gain since September 2005, the Labor …

Think U.S. gas prices are high? Try filling up in Hong Kong — for around $11 a gallon
2 years, 11 months ago

Think U.S. gas prices are high? Try filling up in Hong Kong — for around $11 a gallon

LA Times  

Petrol station attendants fill up vehicles at a petrol station in Hong Kong on March 7, 2022 with fuel prices rising as traders fretted over the fallout from Russia’s invasion of Ukraine. “It’s so expensive in Hong Kong,” said Ho, a 58-year-old government contract worker, “but in America, the price is so cheap.” Ho proves, like most things in life, …

Why Biden’s release of US oil reserves won’t end pain at the pump
2 years, 11 months ago

Why Biden’s release of US oil reserves won’t end pain at the pump

Al Jazeera  

Gas prices will keep rising amid Russian war in Ukraine as sanctions tighten and demand outstrips supply, experts say. Washington, DC – When Joe Biden announced that the United States would release more than 180 million barrels of oil from its strategic petroleum reserve over the next six months, the US president hailed it as an historic move that would …

Biden oil move aims to cut gas prices ‘fairly significantly’
3 years ago

Biden oil move aims to cut gas prices ‘fairly significantly’

Associated Press  

WASHINGTON — President Joe Biden on Thursday ordered the release of 1 million barrels of oil per day from the nation’s strategic petroleum reserve for six months, a bid to control energy prices that have spiked after the United States and allies imposed steep sanctions on Russia over its invasion of Ukraine. Biden said Thursday he expects gasoline prices could …

High gas prices falsely attributed to a shutdown of US oil production
3 years ago

High gas prices falsely attributed to a shutdown of US oil production

Associated Press  

CLAIM: Gas prices are skyrocketing because oil production has been “shut down” in the United States. The U.S. produced just as many barrels of crude oil per day in 2021 as it did in 2020, according to data from the U.S. Energy Information Administration. THE FACTS: As prices at the pump hit a record high on Tuesday, social media users …

Q&A: Forecasters say gasoline prices likely to remain high
3 years ago

Q&A: Forecasters say gasoline prices likely to remain high

Associated Press  

DALLAS — Gasoline prices have smashed a 2008 record and are likely to head even higher, further fueling inflation and hitting consumers and businesses that are still coming to grips with the pandemic. After averaging $2.69 a gallon in 2019, U.S. gasoline prices collapsed as COVID-19 forced offices and businesses to close in early 2020. “Oil companies don’t set the …

Q&A: Forecasters say gasoline prices likely to remain high
3 years ago

Q&A: Forecasters say gasoline prices likely to remain high

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Gasoline prices have smashed a …

As war in Ukraine intensifies, US gasoline hits record $4.17
3 years ago

As war in Ukraine intensifies, US gasoline hits record $4.17

Associated Press  

The average price of gasoline in the U.S. hit a record $4.17 per gallon Tuesday as the country banned Russian oil imports after its invasion of Ukraine. Rising gas prices come as President Joe Biden has decided to ban Russian oil imports, toughening the toll on Russia’s economy in retaliation for its invasion of Ukraine. Curbs on Russian oil exports …

US gasoline prices rise again on talk of banning Russian oil
3 years ago

US gasoline prices rise again on talk of banning Russian oil

Associated Press  

Gasoline prices are pushing even farther above $4 a gallon, the highest price that American motorists have faced since July 2008, as calls grow to ban imports of Russian oil. “Forget the $4 per gallon mark, the nation will soon set new all-time record highs and we could push closer to a national average of $4.50,” said GasBuddy analyst Patrick …

How high could gas prices go? More pain at the pump likely coming
3 years ago

How high could gas prices go? More pain at the pump likely coming

LA Times  

Based on wholesale gasoline futures just before Biden’s announcement, average gas prices will probably hit $4.50 a gallon nationally in the next couple of days. And if crude oil prices keep rising, analysts say it’s not hard to see fuel costs reaching $5 a gallon on average — which means $6 to $7 in California and some parts of the …

Biden announces Russian oil import ban and warns gas prices could increase even more
3 years ago

Biden announces Russian oil import ban and warns gas prices could increase even more

NPR  

Biden announces Russian oil import ban and warns gas prices could increase even more Enlarge this image toggle caption Joseph Prezioso/AFP via Getty Images Joseph Prezioso/AFP via Getty Images President Biden on Tuesday announced a ban on U.S. imports of Russian oil and gas — the latest move to try to punish Moscow for invading Ukraine. "That means Russian oil …

US gasoline prices rise again on talk of banning Russian oil
3 years ago

US gasoline prices rise again on talk of banning Russian oil

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Gasoline prices are pushing even …

Oil prices surge as fears about Russian crude supplies intensify
3 years, 1 month ago

Oil prices surge as fears about Russian crude supplies intensify

NPR  

Oil prices surge as fears about Russian crude supplies intensify Enlarge this image toggle caption Frederic J. Brown/AFP via Getty Images Frederic J. Brown/AFP via Getty Images Oil prices continue to surge on Wednesday, with markets bracing for serious disruptions to crude supplies from Russia as Moscow's invasion of Ukraine grinds on. Enlarge this image toggle caption Nikolay Doychinov/AFP via …

Gas prices: Biden pledges to use ‘every tool at our disposal’ to limit price hikes after imposing new sanctions on Russia
3 years, 1 month ago

Gas prices: Biden pledges to use ‘every tool at our disposal’ to limit price hikes after imposing new sanctions on Russia

CNN  

CNN — President Joe Biden on Tuesday pledged that his administration is using “every tool at our disposal” to limit the effect on gas prices in the US of sanctions he announced against Russia, acknowledging that Americans will likely see rising prices at the pump in the coming months. But as we do this, I’m going to take robust action …

Caution from OPEC+ producers to keep oil prices high
3 years, 1 month ago

Caution from OPEC+ producers to keep oil prices high

Associated Press  

FRANKFURT, Germany — Oil cartel OPEC and allied producing countries are sticking with cautious increases in the amount of oil they send to the global economy, a decision likely to support prices that are near seven-year highs amid fears of a Russian military move against Ukraine. The move comes as oil prices hover near their highest levels since 2014, pushing …

High gas prices are hitting heavy-duty pickup owners hard. Here’s what they’re saying
3 years, 4 months ago

High gas prices are hitting heavy-duty pickup owners hard. Here’s what they’re saying

LA Times  

That silver Dodge Ram Warlock with the 5.7-liter V-8 Hemi engine must have looked pretty sweet when gasoline prices hovered around $4 a gallon. General Motors designer Karan Moorjani put it this way in a 2019 Muscle Car & Trucks article about the GMC Sierra HD pickup: “We spent a lot of time making sure that when you stand in …

U.S. to release 50 mn barrels of oil to ease soaring prices
3 years, 4 months ago

U.S. to release 50 mn barrels of oil to ease soaring prices

The Hindu  

President Joe Biden announced on Tuesday he has ordered the release of 50 million barrels of oil from the U.S. strategic reserves in a coordinated attempt with other countries to tamp down soaring fuel prices. “This release will be taken in parallel with other major energy consuming nations including China, India, Japan, Republic of Korea and the United Kingdom,” the …

Gasoline prices are surging. Can Biden actually do something about it?
3 years, 4 months ago

Gasoline prices are surging. Can Biden actually do something about it?

NPR  

Gasoline prices are surging. Enlarge this image toggle caption Drew Angerer/Getty Images Drew Angerer/Getty Images Another option is to release oil from the Strategic Petroleum Reserve — the stockpile of crude that the U.S. government stores underground, so the country can cope with any unexpected disruption in crude supply. And because the SPR stores crude oil, not gasoline, it wouldn't …

Pump pain: What can Biden do to ease soaring gasoline prices?
3 years, 4 months ago

Pump pain: What can Biden do to ease soaring gasoline prices?

Al Jazeera  

After being shunned by OPEC+, US President Joe Biden faces growing pressure to rein in prices. US President Joe Biden, like all presidents, is mindful of how higher gasoline prices can make voters discontent with his stewardship of the economy. “The US president does not have much control at all over gasoline or oil prices, even inside the United States,” …

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