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 as the economic recovery and an increase in travel boosted demand for petrol and Russia’s war in Ukraine caused a spike in oil prices. Petrol prices mostly reflect trends in global oil prices, and crude — both the US benchmark and the international Brent — has been slumping since mid-June on growing fears of a global recession that would reduce demand for energy. But changes in sentiment about the economy, Russia’s war against Ukraine, and even hurricane season — always a threat to disrupt refineries along the Gulf Coast — make predictions uncertain.

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History of this topic

Oil prices near two-month high on Middle East, Hurricane Beryl concerns
5 months, 3 weeks ago

Oil prices near two-month high on Middle East, Hurricane Beryl concerns

Hindustan Times  

Oil prices were little changed on Tuesday, trading near two-month highs reached in the previous session on expectations of rising demand during the summer driving season and possible supply disruptions from Hurricane Beryl. Also supporting oil prices is a rising risk premium linked to Middle East tensions and signs of subsiding inflation in the United States, rekindling hopes of interest …

Surprise rise in inflation to 3.2% driven by soaring gas prices - with fears cost to fill up a car will keep rising and hamper Biden's plan to cut inflation in election year
9 months, 1 week ago

Surprise rise in inflation to 3.2% driven by soaring gas prices - with fears cost to fill up a car will keep rising and hamper Biden's plan to cut inflation in election year

Daily Mail  

President Biden today welcomed new inflation data despite it showing costs have risen 3.2 percent in the last year. Pictured: during a speech at a YMCA March 11, 2024 Inflation rose slightly to 3.2 percent in February as prices were pushed up by housing costs and gas The inflation figure plays a big part in the whether the Federal Reserve …

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 …

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 …

OPEC+ to debate large cut in amount of crude it ships to global economy
2 years, 2 months ago

OPEC+ to debate large cut in amount of crude it ships to global economy

The Hindu  

The OPEC+ alliance of oil-exporting countries on October 5 will debate a potentially large cut in the amount of crude it ships to the global economy — a move that could help Russia weather a looming European ban on oil imports and raise gasoline prices for U.S. drivers just ahead of national midterm elections. It’s unclear how much impact a …

Biden to oil industry: Don’t raise prices due to hurricane
2 years, 2 months ago

Biden to oil industry: Don’t raise prices due to hurricane

Associated Press  

WASHINGTON — President Joe Biden on Wednesday warned oil and gas companies against increasing prices for consumers as Hurricane Ian lashed Florida’s southwest coast. “Do not, let me repeat, do not use this as an excuse to raise gasoline prices or gouge the American people,” Biden said at the start of a conference on hunger in America and just hours …

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 …

Gasoline Prices Fall Below $4 a Gallon but Many Americans Still Fear a Possible Recession
2 years, 4 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 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 vows to battle inflation as prices keep climbing
2 years, 6 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 …

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 …

Gas prices jump to fresh record highs
2 years, 7 months ago

Gas prices jump to fresh record highs

CNN  

New York CNN Business — In another blow to the US economy, prices at the pump soared to fresh record highs. Real gas prices, adjusted for inflation, would need to climb above $5.30 a gallon to break the records set in 2008, according to the US Energy Information Administration. Still, the latest spike in gas prices will only make today’s …

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 …

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 …

Biden demands faster drop in gas prices as oil tumbles
2 years, 9 months ago

Biden demands faster drop in gas prices as oil tumbles

CNN  

New York CNN Business — President Joe Biden is using his bully pulpit to call out the tendency for gasoline prices to go up like a rocket when oil spikes, but only drop like a feather when crude crashes. “What if I was the guy who just bought my tanker load yesterday and the next two days crude oil dropped?” …

AP FACT CHECK: Biden skirts blame on inflation; GOP gas hype
2 years, 9 months ago

AP FACT CHECK: Biden skirts blame on inflation; GOP gas hype

Associated Press  

WASHINGTON — Facing political attacks over rising costs, President Joe Biden exaggerated his role in reducing the federal deficit and skirted responsibility by asserting that a flood of government spending into the economy has no impact at all on higher prices. Biden last year signed a $1.9 trillion coronavirus relief package known as the American Rescue Plan — and many …

Q&A: Forecasters say gasoline prices likely to remain high
2 years, 9 months 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 …

Biden sets out oil, gas leasing reform, stops short of ban
3 years ago

Biden sets out oil, gas leasing reform, stops short of ban

Associated Press  

WASHINGTON — The Biden administration on Friday recommended an overhaul of the nation’s oil and gas leasing program to limit areas available for energy development and raise costs for oil and gas companies to drill on public land and water. The long-awaited report by the Interior Department stops short of recommending an end to oil and gas leasing on public …

Business Highlights: Biden vs. inflation, oil release
3 years, 1 month ago

Business Highlights: Biden vs. inflation, oil release

Associated Press  

___ Biden aims to do what presidents often can’t: Beat inflation WASHINGTON — LBJ tried jawboning. Confronting a spike in consumer prices that’s bedeviling American households, Biden on Tuesday ordered the release of 50 million barrels of oil from the U.S strategic petroleum reserve. ___ Fighting gas prices, US to release 50 million barrels of oil WASHINGTON — President Joe …

Biden aims to do what presidents often can’t: Beat inflation
3 years, 1 month ago

Biden aims to do what presidents often can’t: Beat inflation

Associated Press  

WASHINGTON — LBJ tried jawboning. The Ford administration printed buttons exhorting Americans to “Whip Inflation Now.’’ Over the years, American presidents have tried, and mostly floundered, in their efforts to quell the economic and political menace of consumer inflation. Confronting a spike in gasoline and other consumer prices that’s bedeviling American households, Biden on Tuesday ordered the release of 50 …

Biden ignores questions after saying families can 'rest easy' because 'shelves are full'
3 years, 1 month ago

Biden ignores questions after saying families can 'rest easy' because 'shelves are full'

Daily Mail  

President Joe Biden sought to reassure Americans about rising gas prices, supply chain issues, and the availability of holiday presents – but didn't take questions from White House reporters as he prepared to leave Washington for Thanksgiving Tuesday. Biden announced the 'largest ever' release of oil from the U.S. Strategic Petroleum Reserve with 50 million barrels as Americans pay premium …

Why Biden’s bid to lower gas prices is more of a Band-Aid than a gamechanger
3 years, 1 month ago

Why Biden’s bid to lower gas prices is more of a Band-Aid than a gamechanger

CNN  

New York CNN Business — For months, OPEC and its allies refused pleas from Washington and otherworld capitals to pump more oil. “While our combined actions will not solve the problem of high gas prices overnight, it will make a difference,” Biden said. “Releasing oil from the SPR reserve will likely not have a long-term effect on lowering gasoline prices,” …

Pump pain: What can Biden do to ease soaring gasoline prices?
3 years, 1 month 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,” …

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 …

OPEC+ keeps cautious oil production despite Biden pressure
3 years, 1 month ago

OPEC+ keeps cautious oil production despite Biden pressure

Associated Press  

FRANKFURT, Germany — OPEC and allied oil-producing countries rebuffed pressure from U.S. President Joe Biden to pump significantly more oil and lower gasoline prices for American drivers, deciding Thursday to stick with their plan for cautious monthly increases even as prices surge and the global economy is thirsty for fuel. “OPEC+ seems unwilling to use the capacity and power it …

Gasoline prices are soaring. OPEC and Russia aren’t coming to the rescue
3 years, 1 month ago

Gasoline prices are soaring. OPEC and Russia aren’t coming to the rescue

CNN  

London CNN Business — OPEC and its allies have disregarded calls from US President Joe Biden to do more to tame soaring energy prices that are fueling inflation and hurting vulnerable households. “Now is the time for major country producers to stabilize energy prices and ensure high prices do not hamstring the current global economic recovery.” The price of Brent …

Surging natural gas prices: Threat to consumers this winter?
3 years, 2 months ago

Surging natural gas prices: Threat to consumers this winter?

Associated Press  

NEW YORK — Brace for a rude surprise on your winter heating bills. Having enjoyed a prolonged period of low prices, consumers of natural gas are facing the burden of far more expensive fuel — and the prospect of much higher heating bills this winter. All those factors combined to send natural gas prices in Europe skyrocketing to roughly $26 …

Oil edges higher as producers assess Hurricane Ida damage
3 years, 3 months ago

Oil edges higher as producers assess Hurricane Ida damage

Al Jazeera  

While Gulf of Mexico oil producers had shut in about 1.7 million barrels a day of crude output ahead of the storm, refineries in the US state of Louisiana may be slower to resume operations. Oil edged higher in New York as offshore explorers assess damage from Hurricane Ida and as investors shift focus to an OPEC+ meeting that could …

Oil industry in Louisiana hit hard by Hurricane Ida
3 years, 3 months ago

Oil industry in Louisiana hit hard by Hurricane Ida

CNN  

New York CNN — Hurricane Ida hit New Orleans Sunday after cutting through the Gulf of Mexico, causing massive disruptions to US oil production before making landfall. More than 95% of the Gulf of Mexico’s oil production facilities have been shut down, regulators said Sunday, indicating the massive storm is having a significant impact on energy supply. “It’s now a …

Biden Asked OPEC To Pump More Oil. Is That Climate Denial?
3 years, 4 months ago

Biden Asked OPEC To Pump More Oil. Is That Climate Denial?

Huff Post  

LOADING ERROR LOADING On Wednesday, the White House asked the Organization of the Petroleum Exporting Countries to pump more oil in hopes of stemming the rise in gas prices in the United States. President Joe Biden administration’s request to increase production of a major source of planet-heating pollution came just days after the United Nations issued a dire new report …

Why Biden may want to take a page from Trump’s OPEC playbook
3 years, 5 months ago

Why Biden may want to take a page from Trump’s OPEC playbook

CNN  

New York CNN Business — Americans despise high gasoline prices. “We will see a nasty spike in crude oil and pump prices if they don’t increase production,” said Robert McNally, president of consulting firm Rapidan Energy. “It’s the traditional playbook where you pick up the phone and make the ask.” Trump’s interventionist approach continued in April 2020 when oil prices …

Here comes $3 gas, just as Americans start traveling again
3 years, 9 months ago

Here comes $3 gas, just as Americans start traveling again

CNN  

New York CNN Business — Travel-starved Americans emerging from lockdown may need to budget for $3-a-gallon gasoline on their next road trip. That has led some critics to try to pin the “blame” for higher gas prices on Biden — even though energy industry insiders say the increase really is not about federal policy. “We view the recent sell-off as …

Why hurricanes can take gasoline prices for a wild ride
4 years, 3 months ago

Why hurricanes can take gasoline prices for a wild ride

Live Mint  

Investors are keeping a close eye on energy markets as Hurricane Laura moves toward the Texas-Louisiana border, the latest potential weather event that could disrupt supplies for gasoline. Here’s what you need to know about how hurricanes and tropical storms can affect prices at the pump: Refining and Infrastructure Dangerous weather events on the Gulf Coast tend to drive volatility …

Oil Holds at Five-Month High as Hurricane Nears U.S. Gulf Coast
4 years, 3 months ago

Oil Holds at Five-Month High as Hurricane Nears U.S. Gulf Coast

Live Mint  

Oil held near a five-month high as Hurricane Laura bore down on key refining facilities on the U.S. Gulf Coast, with forecasts saying it will strengthen rapidly into a “potentially catastrophic” Category 4 storm. Prices also got a boost after the American Petroleum Institute reported U.S. oil inventories fell by 4.52 million barrels last week and gasoline stockpiles shrunk by …

Oil Edges Up As Storms Take Aim At Gulf Of Mexico, More Than Half of Region's Oil Production Shut
4 years, 4 months ago

Oil Edges Up As Storms Take Aim At Gulf Of Mexico, More Than Half of Region's Oil Production Shut

News 18  

Crude oil prices nudged higher on Monday as storms bore down on the Gulf of Mexico, shutting more than half the region’s oil production, although gains were capped by ongoing concerns about demand from coronavirus lockdowns. Hurricane Marco and Tropical Storm Laura tore through the Caribbean and Gulf of Mexico on Sunday, forcing energy companies to pull workers from offshore …

Oil Prices Slip as Coronavirus Case Surge Dents Fuel Demand Hopes
4 years, 4 months ago

Oil Prices Slip as Coronavirus Case Surge Dents Fuel Demand Hopes

News 18  

Oil prices dipped on Thursday as a surge of coronavirus infections around the globe raised fears a rebound in fuel demand would stutter just as major oil producers are set to raise output in August. Both benchmark contracts hovered around unchanged levels after having jumped on Wednesday after the US Energy Information Administration reported a sharp, unexpected 10.6 million barrel …

Oil falls 2% on U.S.-China tensions, rising virus cases
4 years, 4 months ago

Oil falls 2% on U.S.-China tensions, rising virus cases

Live Mint  

Oil prices dropped nearly 2% on Monday despite a weaker U.S. dollar, as rising coronavirus cases and tensions between the United States and China clouded the outlook for oil demand's recovery. "In lack of larger fundamental news, oil prices are following the overall macro trends, behaving as a 'risky asset' and being traded lower when safe-haven assets strengthen," said Bjornar …

Oil prices slip amid uncertainty over fuel demand, easing supply curbs
4 years, 5 months ago

Oil prices slip amid uncertainty over fuel demand, easing supply curbs

Live Mint  

Oil prices slipped on Friday amid growing uncertainty about the global recovery in fuel demand as coronavirus cases surged in several countries, while major producers were set to ease output curbs. The two benchmark crudes fell 1% on Thursday after the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, agreed to trim their record …

Oil prices drop on demand worries as coronavirus cases rise
4 years, 5 months ago

Oil prices drop on demand worries as coronavirus cases rise

Deccan Chronicle  

SEOUL: Crude prices fell on Friday as the resurgence of the coronavirus globally and in the United States, the world’s largest oil consumer, dimmed the prospects of fuel demand recovery. Brent crude futures were down 37 cents, or 0.9%, at $42.77 a barrel as of 0042 GMT, and U.S. West Texas Intermediate crude futures fell 34 cents, or 0.8%, to …

Oil falls as growing coronavirus cases stoke fuel demand worries
4 years, 5 months ago

Oil falls as growing coronavirus cases stoke fuel demand worries

Hindustan Times  

Crude prices fell on Friday as the resurgence of the coronavirus globally and in the United States, the world’s largest oil consumer, dimmed the prospects of fuel demand recovery. Gasoline demand will be closely watched as the United States heads into its July 4 holiday weekend as many Americans are expected to hit the road. Brent crude futures were down …

Oil falls as growing coronavirus cases stoke fuel demand worries
4 years, 5 months ago

Oil falls as growing coronavirus cases stoke fuel demand worries

Live Mint  

Crude prices fell on Friday as the resurgence of the coronavirus globally and in the United States, the world's largest oil consumer, dimmed the prospects of fuel demand recovery. Brent crude futures were down 37 cents, or 0.9%, at $42.77 a barrel as of 0042 GMT, and U.S. West Texas Intermediate crude futures fell 34 cents, or 0.8%, to $40.31 …

Oil prices higher on tighter supply, but demand concerns resurface
4 years, 6 months ago

Oil prices higher on tighter supply, but demand concerns resurface

Deccan Chronicle  

SINGAPORE: Oil prices nudged higher on Monday on tighter supplies from major producers, but concerns that a record rise in global coronavirus cases could curb a recovery in fuel demand checked gains. Both contracts rose about 9% last week and Brent crude futures flipped into backwardation, where oil for immediate delivery costs more than supply later, usually an indication of …

Oil edges up on tighter supply, but demand concerns check gains
4 years, 6 months ago

Oil edges up on tighter supply, but demand concerns check gains

Live Mint  

Oil prices nudged higher on Monday on tighter supplies from major producers, but concerns that a record rise in global coronavirus cases could curb a recovery in fuel demand checked gains. Both contracts rose about 9% last week and Brent crude futures flipped into backwardation, where oil for immediate delivery costs more than supply later, usually an indication of tightening …

Oil prices drop on demand worries as coronavirus cases rise
4 years, 6 months ago

Oil prices drop on demand worries as coronavirus cases rise

Deccan Chronicle  

MELBOURNE: Oil prices fell more than 1% in early trade on Thursday as a spike in new coronavirus cases in China and the United States renewed fears that people would stay home and stall a recovery in fuel demand even as lockdowns ease. Worries about fuel demand rose after a surge in coronavirus cases led Beijing to cancel flights and …

Oil prices drop as coronavirus infections rise
4 years, 6 months ago

Oil prices drop as coronavirus infections rise

Deccan Chronicle  

TOKYO: Oil prices dipped on Tuesday on jitters that a rise in coronavirus infections around the world could hurt fuel demand, but hopes that production cuts could be extended kept declines in check. “Renewed optimism that OPEC+ production cuts could remain in place if we see second wave concerns intensify have oil prices refusing to enter freefall,” said Edward Moya, …

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