US oil companies are in no rush to solve Biden’s gas price problem
3 years, 1 month ago

US oil companies are in no rush to solve Biden’s gas price problem

CNN  

New York CNN Business — US oil companies used to ramp up production at even the slightest hint of higher prices. Oil companies are ‘very confused’ Not only are oil companies plowing money into low-carbon businesses, the climate crisis has created vast uncertainty about the future demand for fossil fuels. Yet analysts said it’s not fair to pin the blame for sluggish US oil supply, and thus high prices, on the climate crackdown. ‘They don’t want them to spoil the party’ It’s worth noting that US oil companies are cashing in on high prices. Climate scientists and even the International Energy Agency have said oil companies need to stop drilling now to reduce greenhouse gas emissions warming the planet.

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History of this topic

OPEC Has Little Room to Revive Oil Supply, Iran Official Says
4 weeks ago

OPEC Has Little Room to Revive Oil Supply, Iran Official Says

Live Mint  

-- OPEC has little scope to reverse its oil production cuts, which have triggered a wave of rival supply from the US shale industry, Iran’s representative to the group said. “This strategy in support of prices has effectively encouraged higher supply outside the group, particularly on the part of the US,” Iranian OPEC governor Afshin Javan said of the curbs …

Oil settles down on strong US supply, losses capped by Ukraine escalation
1 month ago

Oil settles down on strong US supply, losses capped by Ukraine escalation

Live Mint  

By Georgina McCartney HOUSTON -Oil prices settled lower on Wednesday after U.S. crude and gasoline stocks rose by more than expected last week, but losses were capped by worries about the intensifying war between major oil producer Russia and Ukraine. Weak demand in the world's largest crude importer continued, with Chinese stimulus announcements failing to boost oil demand growth in …

Trump’s pick for fracker-in-chief will have a tough time pumping a lot more oil
1 month ago

Trump’s pick for fracker-in-chief will have a tough time pumping a lot more oil

CNN  

CNN — President-elect Donald Trump may find the road to cheaper gas prices is a little rocky. Andy Cross/The Denver Post/Getty Images The United States produces more than 13.4 million barrels of oil each day and oil production is projected to increase to an estimated 13.6 million by the end of 2025 — the most oil produced by any country …

Oil Prices Fall as Reality of Weak Global Demand Takes Center Stage Again
1 month, 3 weeks ago

Oil Prices Fall as Reality of Weak Global Demand Takes Center Stage Again

Associated Press  

Oil prices are falling as the reality of weak global demand takes center stage again. The price of benchmark U.S. crude tumbled 6% Monday after a weekend retaliatory strike by Israel on Iran targeted military sites rather than the oilfields of the world's seventh largest producer of crude. This puts the price of a barrel of U.S. crude well under …

Oil producers led by Saudis face a decision on whether to extend production cuts as oil prices lag
6 months, 3 weeks ago

Oil producers led by Saudis face a decision on whether to extend production cuts as oil prices lag

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 Saudi Arabia and allied oil …

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

Oil rises over $1 on tighter supply, stays on track for 3rd monthly gain ahead of OPEC decision; Brent hits $87
8 months, 3 weeks ago

Oil rises over $1 on tighter supply, stays on track for 3rd monthly gain ahead of OPEC decision; Brent hits $87

Live Mint  

International crude oil prices rebounded and rose by more than $1 per barrel on Thursday, March 28, after falling for two consecutive sessions ahead of the policy decision by the Organisation of Petroleum Exporting Countries. Brent crude futures for May were last up $1.21, or 1.4 per cent, at $87.30 per barrel, while the more actively traded June contract rose …

Meet America’s Newest Oil Trader Extraordinaire: Joe Biden
11 months, 3 weeks ago

Meet America’s Newest Oil Trader Extraordinaire: Joe Biden

Live Mint  

President Biden’s unprecedented release of oil from America’s petroleum reserves in 2022 turned the White House into an unusually active player in the volatile crude market. The flood of emergency supplies helped arrest surging oil prices after Russia invaded Ukraine, and pulled billions of dollars into the Energy Department’s coffers in the process. The Energy Department says it has already …

Oil companies offer $382M for drilling rights in Gulf of Mexico in last offshore sale before 2025
1 year ago

Oil companies offer $382M for drilling rights in Gulf of Mexico in last offshore sale before 2025

Associated Press  

WASHINGTON — Oil companies offered $382 million for drilling rights in the Gulf of Mexico on Wednesday after courts rejected the Biden administration’s plans to scale back the sale to protect an endangered whale species. It comes as President Joe Biden’s Democratic administration tries to navigate between energy companies seeking greater oil and gas production and environmental activists who want …

Despite climate goals US oil boom shows, ‘World wants for more energy, not less’
1 year ago

Despite climate goals US oil boom shows, ‘World wants for more energy, not less’

Hindustan Times  

The world may be pushing for renewable energy and climate change action, but guess what? - Bob McNally, President of Rapidan Energy Group Surpassing Trump-era records Last month, weekly US oil production hit 13.2 million barrels per day, just edging past the previous record set during the Trump era. Despite geopolitical tensions affecting energy prices globally, America's oil is trading …

Biden is gaslighting us about natural gas exports
1 year, 1 month 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 …

Oil prices could reach ‘uncharted waters’ if the Israel-Hamas war escalates, the World Bank says
1 year, 1 month ago

Oil prices could reach ‘uncharted waters’ if the Israel-Hamas war escalates, the World Bank says

Associated Press  

WASHINGTON — The World Bank reported on Monday that oil prices could be pushed into “uncharted waters” if the violence between Israel and Hamas widens, which could result in increased food prices worldwide. The World Bank’s Commodity Markets Outlook found that while the effects on oil prices should be limited if the conflict doesn’t expand, the outlook “would darken quickly …

Oil ticks higher on optimism ahead of Biden’s Israel trip; Brent at $90/bbl
1 year, 2 months ago

Oil ticks higher on optimism ahead of Biden’s Israel trip; Brent at $90/bbl

Live Mint  

Oil prices edged higher on Tuesday, October 17, ahead of a trip by US President Joe Biden to the Middle East that is likely to involve balancing support for Israel with trying to prevent any regional escalation of its war with Hamas. Back home, on the Multi Commodity Exchange, crude oil futures due for a October 19 expiry, was last …

US oil production hits all-time high, conflicting with efforts to cut heat-trapping pollution
1 year, 2 months ago

US oil production hits all-time high, conflicting with efforts to cut heat-trapping pollution

Associated Press  

United States domestic oil production hit an all-time high last week, contrasting with efforts to slice heat-trapping carbon emissions by the Biden administration and world leaders. And it conflicts with oft-repeated Republican talking points of a Biden “war on American energy.” The U.S. Department of Energy’s Energy Information Administration reported that American oil production in the first week of October …

Biden delays plans to restock nation’s emergency oil reserve
1 year, 4 months ago

Biden delays plans to restock nation’s emergency oil reserve

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 The Biden administration is …

Why are gas prices rising? Experts point to extreme heat and oil production cuts
1 year, 4 months ago

Why are gas prices rising? Experts point to extreme heat and oil production cuts

Associated Press  

NEW YORK — Drivers are in for another headache at the pump as U.S. gas prices continue to rise. The national average for gas prices stood at about $3.78 a gallon on Tuesday — about 25 cents higher than that seen one month ago, according to motor club AAA. There are a few factors causing oil prices to rise, Gross …

Oil prices remain steady as high inventories balance US debt bill development
1 year, 6 months ago

Oil prices remain steady as high inventories balance US debt bill development

Live Mint  

Oil prices held steady on Thursday as news of rising inventories in the largest oil consumer in the world overshadowed likely pauses in US interest rate hikes and the passage of the crucial vote on the US debt ceiling bill. While US West Texas Intermediate crude declined by 16 cents, or 0.23%, to $67.93, Brent crude futures dropped 17 cents, …

Oil Prices Today: Oil sinks on US inflation anxiety, sudden rise in inventories
1 year, 7 months ago

Oil Prices Today: Oil sinks on US inflation anxiety, sudden rise in inventories

Live Mint  

Oil prices dropped on May 10, ending a three-day rally as an unexpected rise in US oil inventories sparked demand concerns and markets saw cautious trading as investors' anxiety as they await inflation data. Surprise increase to US crude oil inventories US crude inventories rose by about 3.6 million barrels in the week ended May 5 while petrol stockpiles rose …

Oil producers’ cuts could boost gasoline prices, help Russia
1 year, 8 months ago

Oil producers’ cuts could boost gasoline prices, help Russia

Associated Press  

FRANKFURT, Germany — Major oil-producing countries led by Saudi Arabia said they’re cutting supplies of crude — again. The decision by oil producers, many of them in the OPEC oil cartel, to cut production by more than 1 million barrels a day comes after prices for international benchmark crude slumped amid a slowing global economy that needs less fuel for …

Oil producers' cuts could boost gasoline prices, help Russia
1 year, 8 months ago

Oil producers' cuts could boost gasoline prices, help Russia

Firstpost  

Russia is joining in by extending its own cuts for the rest of the year. In theory, less oil flowing to refineries should mean higher gasoline prices for drivers and could boost the inflation hitting the US and Europe Major oil-producing countries led by Saudi Arabia said they’re cutting supplies of crude — again. In theory, less oil flowing to …

Column: Big oil companies are already reneging on their global warming promises
1 year, 10 months ago

Column: Big oil companies are already reneging on their global warming promises

LA Times  

The Kern River Oil Field in Bakersfield: Don’t expect scenes like this to go away any time soon. “We need continuing near-term investment into today’s energy system — which depends on oil and gas — to meet today’s demands and to make sure the transition is an orderly one,” Looney said in BP’s strategy update, published Tuesday. BP and Shell …

Chevron CEO defends record profits as ‘modest return’ over time
1 year, 11 months ago

Chevron CEO defends record profits as ‘modest return’ over time

LA Times  

Chevron Chief Executive Mike Wirth pushed back on claims by President Biden that Big Oil’s record profits are being made on the back of the war in Ukraine and at the expense of the American people. The industry’s highest-ever cash haul should not be viewed in isolation because only three years ago it was “losing billions of dollars as prices …

US panel accuses ‘Big Oil’ of disinformation over climate plans
2 years ago

US panel accuses ‘Big Oil’ of disinformation over climate plans

Al Jazeera  

House Oversight Committee says oil companies are ‘lying’ about promises to reduce greenhouse gas emissions. “It’s time for the fossil fuel industry to stop lying to the American people and finally take serious steps to reduce emissions and address the global climate crisis they helped create.” The panel said a “key part” of the oil companies’ climate plans has been …

US oil prices hit lowest level in nearly a year. Gas is down 6% in a month
2 years 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, 1 month 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 …

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

Facing tough midterms, Biden releasing oil from US reserve
2 years, 2 months ago

Facing tough midterms, Biden releasing oil from US reserve

Associated Press  

WASHINGTON — High gasoline prices are the problem that President Joe Biden keeps trying to fix — and roughly a year’s worth of extraordinary efforts have done little to significantly lower costs. The reserve now contains roughly 400 million barrels of oil, a level that opponents say has more to do with Biden’s attempts to help his fellow Democrats than …

Why is OPEC+ cutting oil production and what’s next?
2 years, 2 months ago

Why is OPEC+ cutting oil production and what’s next?

Al Jazeera  

The move comes ahead of the European Union embargoes on Russian energy over the Ukraine war. Abdulaziz bin Salman said the real supply cut would be about 1 million to 1.1 million bpd, a response to rising global interest rates and a weakening world economy. Swissquote analyst Ipek Ozkardeskaya warned the big cut could “backfire” on OPEC+ if investors fear …

Biden to oil companies: Don’t hike prices as Hurricane Ian nears
2 years, 2 months ago

Biden to oil companies: Don’t hike prices as Hurricane Ian nears

Al Jazeera  

There are few signs that average gas prices have jumped significantly in Florida as the hurricane began to approach. President Joe Biden has warned oil and gas companies against increasing prices for consumers as Hurricane Ian neared landfall along Florida’s southwest coast. The nationwide average price had risen past $5 a gallon — and $6 in California — in June …

Oil slides to fresh seven-month lows as selloff deepens
2 years, 3 months ago

Oil slides to fresh seven-month lows as selloff deepens

CNN  

New York CNN — Oil prices dropped sharply on Wednesday, deepening a selloff that has already brought relief to drivers at the gas pump. “High prices are already starting to weigh on the European economy, and fears of contagion are causing a vicious selloff in oil prices today,” said Matt Smith, lead oil analyst Americas at Kpler. Tom Kloza, global …

OPEC+ makes small trim to world oil supplies as prices fall
2 years, 3 months ago

OPEC+ makes small trim to world oil supplies as prices fall

Associated Press  

FRANKFURT, Germany — OPEC and allied oil-producing countries, including Russia, made a small trim in their supplies to the global economy Monday, underlining their unhappiness as recession fears help drive down crude prices — along with the cost of gasoline, to drivers’ delight. Since then, growing worries about slumping future demand have helped send oil prices down from June peaks …

‘Slap in the face’: Biden’s fist bump with MBS fails to move the OPEC needle significantly
2 years, 4 months ago

‘Slap in the face’: Biden’s fist bump with MBS fails to move the OPEC needle significantly

CNN  

CNN — Candidate Joe Biden promised in 2019 to make Saudi Arabia a “pariah” over the kingdom’s human rights record. “It’s a purely symbolic gesture.” Others go even further, describing the OPEC+ move as an insult given Biden’s journey to Saudi Arabia, the de facto leader of the producer group. “Well, no it doesn’t,” White House senior energy adviser for …

Unprecedented profit for major oil drillers as prices soared
2 years, 4 months ago

Unprecedented profit for major oil drillers as prices soared

Associated Press  

NEW YORK — Oil companies swam in record profits over the last few months at a time when Americans struggled to pay for gasoline, food and other basic necessities. “It’s devastating,” said Mark Wolfe, executive director of the National Energy Assistance Directors Association, who added that high energy prices hit low-income families and frontline workers the hardest. Shares of Exxon …

Oil falls 8% as global recession fears spook market
2 years, 5 months ago

Oil falls 8% as global recession fears spook market

Al Jazeera  

Oil tumbled as concerns about a global economic slowdown and growing Covid-19 cases in China reduced traders’ appetite for risk. “The decimation of other commodities has also reduced risk appetite for crude even in a supply-constrained market.” Despite recession fears, several energy administrations agree that supply tightness is set to worsen. IEA’s Executive Director Fatih Birol said nations “might not …

Biden tells oil refiners: Produce more gas, fewer profits
2 years, 6 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 is under pressure on gas prices. So he's putting pressure on oil companies
2 years, 6 months ago

Biden is under pressure on gas prices. So he's putting pressure on oil companies

NPR  

Biden is under pressure on gas prices. So he's putting pressure on oil companies Enlarge this image toggle caption Mario Tama/Getty Images Mario Tama/Getty Images Under intense political pressure to address soaring gasoline prices, President Biden is trying to push the nation's largest refiners to do more to boost supplies and lower prices. "My administration is prepared to use all …

Biden calls on oil refiners to produce more, cut profit margins
2 years, 6 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 …

OPEC+ alliance boosts oil production as energy prices soar
2 years, 6 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, 6 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 …

Biden is ‘obsessed’ with lowering ‘outrageous’ gas prices, but presidents don’t control prices, says Energy Secretary
2 years, 6 months ago

Biden is ‘obsessed’ with lowering ‘outrageous’ gas prices, but presidents don’t control prices, says Energy Secretary

CNN  

New York CNN Business — Energy Secretary Jennifer Granholm said President Joe Biden is laser-focused on knocking down sky-high gasoline prices, though she concedes that even the most powerful person on the planet has limited influence to do that. “He’s obsessed with the fact that gas prices are so high and people are hurting,” Granholm told CNN on Tuesday following …

Oil rises 4% as US gasoline prices jump to record high
2 years, 7 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 …

US natural gas prices at 13-year high as Ukraine war creates global supply crunch
2 years, 8 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 …

Biden boosts ethanol to lower US fuel prices amid war in Ukraine
2 years, 8 months ago

Biden boosts ethanol to lower US fuel prices amid war in Ukraine

Al Jazeera  

With gas prices surging amid Russia’s invasion and inflation rising, US president unveils new plan for corn-based fuel. “Putin’s invasion of Ukraine has driven up gas prices and food prices all over the world,” Biden told workers at POET Bioprocessing, the largest biofuels producer in the country. “The Environmental Protection Agency is planning to issue an emergency waiver allowing E15 …

Democrats accuse oil companies of ‘rip off’ on gas prices
2 years, 8 months ago

Democrats accuse oil companies of ‘rip off’ on gas prices

Associated Press  

WASHINGTON — House Democrats on Wednesday accused oil companies of “ripping off the American people” and putting profits before production as Americans suffer from ever-increasing gasoline prices during the war in Ukraine. At a time of war and high prices, “oil companies should not be sending profits back to shareholders,’' she said, urging oil executives to restore production to pre-pandemic …

Why Biden’s release of US oil reserves won’t end pain at the pump
2 years, 8 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’
2 years, 8 months 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 …

OPEC sticks to modest boost in oil despite war jitters
2 years, 8 months ago

OPEC sticks to modest boost in oil despite war jitters

Associated Press  

LONDON — OPEC and allied oil producers including Russia decided Thursday to stick to a modest increase in the amount of crude they pump to the world, a step that supports higher prices even as the Biden administration plans to try to lower them by releasing oil from strategic reserves. To combat high gasoline prices — averaging $4.24, up $1.38 …

Oil And Gas Executives Say It's Not Joe Biden Holding Back Domestic Production
2 years, 9 months ago

Oil And Gas Executives Say It's Not Joe Biden Holding Back Domestic Production

Huff Post  

LOADING ERROR LOADING The top reason domestic energy production hasn’t ramped up isn’t Joe Biden’s green energy agenda, according to oil company executives. Republicans, including some of Congress’ largest recipients of oil and gas donations, have swarmed to defend the industry, falsely accusing Biden of “destroying” America’s energy industry and demanding the president “unleash” domestic oil and gas. But when …

Here are 3 reasons why Big Oil can't just drill more to ease the pain at the gas pump
2 years, 9 months ago

Here are 3 reasons why Big Oil can't just drill more to ease the pain at the gas pump

NPR  

Here are 3 reasons why Big Oil can't just drill more to ease the pain at the gas pump Enlarge this image toggle caption Joe Raedle/Getty Images Joe Raedle/Getty Images It might seem like a logical fix. Last year, oil and gas producers recovered about half of the jobs lost, but there are still about 12,400 fewer workers producing oil …

Democrats Blame Oil And Gas Companies For Driving Up Gas Prices
2 years, 9 months ago

Democrats Blame Oil And Gas Companies For Driving Up Gas Prices

Huff Post  

LOADING ERROR LOADING WASHINGTON — Ahead of the midterm elections, President Joe Biden is trying to head off a potentially potent political attack and convince voters that rising gas prices are not his fault. “Oil and gas companies shouldn’t pad their profits at the expense of hardworking Americans,” Biden tweeted Wednesday. “But something is happening that Americans shouldn’t overlook: Over …

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