Gas prices: Biden pledges to use ‘every tool at our disposal’ to limit price hikes after imposing new sanctions on Russia
2 years, 10 months 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 to make sure the pain of our sanctions is targeted at the Russian economy, not ours.” Moving forward, Biden said that the administration is “closely monitoring energy supplies for any disruption.” “We’re executing a plan in coordination with major oil producing consumers and producers toward a collective investment to secure stability and global energy supply,” he told reporters in the White House East Room. He said the moves would effectively “cut off Russia’s government from Western finance.” A senior administration official later told reporters the White House was “quite deliberate” in ensuring “the pain of our sanctions is targeted at the Russian economy, not ours.” “None of the measures are designed to disrupt the flow of energy to global markets, and we are now executing a plan, in coordination with major oil consumers and oil producers, towards our collective interest to secure the stability of global energy supplies,” the official said. The official added that rising gas prices are not the direct result of the pipeline’s halt, but over fears that Russian President Vladimir Putin might weaponize energy supply to “hold the world hostage.” The 750-mile pipeline was completed last September but has not yet received final certification from German regulators.

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History of this topic

After BRICS, Donald Trump issues ultimatum to European Union: ‘Buy US oil and gas or face tariffs’
4 days, 9 hours ago

After BRICS, Donald Trump issues ultimatum to European Union: ‘Buy US oil and gas or face tariffs’

Live Mint  

US President-elect Donald Trump has threatened to impose tariffs on the European Union unless they commit to a “large-scale” purchase of US oil and gas. “I told the European Union that they must make up their tremendous deficit with the United States by the large-scale purchase of our oil and gas. The European Union has steeply increased its US oil …

Why America is jittery ahead of Presidential polls
11 months, 3 weeks ago

Why America is jittery ahead of Presidential polls

Live Mint  

If one event dominates the coming year, it will almost certainly be the US presidential election. Moreover, some turncoat Democrats have loudly echoed Republicans in pushing the idea that inflation was due to the Biden administration’s spending on the pandemic recovery. That outcome alone would have substantially enhanced Biden’s prospects, had he been spared the Middle East turmoil. Looking ahead, …

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 …

A price cap on Russian oil aims to starve Putin of cash. But it’s largely been untested. Until now
1 year, 2 months ago

A price cap on Russian oil aims to starve Putin of cash. But it’s largely been untested. Until now

Associated Press  

FRANKFURT, Germany — For months after Ukraine’s Western allies limited sales of Russian oil to $60 per barrel, the price cap was still largely symbolic. Russia’s benchmark oil — often exported with Western ships required to obey sanctions — has traded above the price cap since mid-July, pumping hundreds of millions of dollars a day into the Kremlin’s war chest. …

Opinion: Putin is using high oil prices to test support for Ukraine. Congress’ dysfunction plays right into his hands
1 year, 2 months ago

Opinion: Putin is using high oil prices to test support for Ukraine. Congress’ dysfunction plays right into his hands

LA Times  

Wars are won and lost on battlefields. The price cap on Russian oil, pioneered by Treasury Secretary Janet Yellen and introduced by a G-7-led coalition in late 2022, was designed to reduce those revenues while keeping Russian oil on the market to hold world prices in check. The maritime tollbooth could then charge all Russian oil shipments the difference between …

Global oil prices could hit $100 a barrel: How it will impact the world
1 year, 2 months ago

Global oil prices could hit $100 a barrel: How it will impact the world

Firstpost  

The increasing oil prices complicates the global fight against inflation and feeds Russia’s war chest. That poses problems for politicians as well as the people having to spend more to get to work, transport the world’s goods or harvest fields The year 2023 is seeing a major increase in crude oil prices, with Brent Crude rising by nearly 19 per …

Oil and natural gas prices rise after weekend of turmoil in Russia
1 year, 5 months ago

Oil and natural gas prices rise after weekend of turmoil in Russia

CNN  

Hong Kong/London CNN — Oil and natural gas prices climbed Monday, while wheat prices briefly spiked higher, as investors reacted to the weekend’s brief and chaotic insurrection in Russia. “Given that the short-lived event this weekend in Russia appears to have ended, we do not expect to see such a significant increase in oil prices,” analysts at Rystad Energy wrote …

Russia’s economy holds up, but growing challenges test Putin
1 year, 9 months ago

Russia’s economy holds up, but growing challenges test Putin

Associated Press  

Western sanctions have hit Russian banks, wealthy individuals and technology imports. Economists say sanctions on Russian fossil fuels only now taking full effect — such as a price cap on oil — should eat into earnings that fund the military’s attacks on Ukraine. “We have had even worse periods of time in history, and we coped,” he said, but added …

German energy boss warns: Don’t let guard down on gas supply
1 year, 10 months ago

German energy boss warns: Don’t let guard down on gas supply

Associated Press  

BONN, Germany — The temperature outside Klaus Mueller’s office almost resembles spring, exactly the kind of mild weather that helped Germany get through the winter without Russian natural gas. Mueller would only concede that he’s “optimistic” this winter will end without a further gas crunch, especially after Germany cut gas use by 14% in 2022 through lowering thermostats, switching to …

Moscow’s decades-old gas ties with Europe lie in ruins
1 year, 10 months ago

Moscow’s decades-old gas ties with Europe lie in ruins

Live Mint  

Meticulously crafted over decades as a major revenue stream for the Kremlin, Moscow's gas trade with Europe is unlikely to recover from the ravages of military conflict. After President Vladimir Putin's "special military operation" in Ukraine began almost a year ago, a combination of Western sanctions and Russia's decision to cut supplies to Europe drastically reduced the country's energy exports. …

Europe needs clear-eyed view of US moves
1 year, 11 months ago

Europe needs clear-eyed view of US moves

China Daily  

A vehicle passes the building of the European Commission in Brussels, Belgium, Oct 18, 2022. The natural gas price in Europe once hit nearly €350 per megawatt-hour since the Russia-Ukraine conflict broke out. European energy ministers agreed on Dec 19 to impose a price cap if prices in the European Union's main trading centers remained above €180 per megawatt-hour for …

Russia threatens to slash oil supplies in 2023, spooks markets
2 years ago

Russia threatens to slash oil supplies in 2023, spooks markets

Al Jazeera  

Moscow warns it may cut production by 5-7 percent in early 2023 as the energy war with the West deepens. Russia may cut oil output by 5-7 percent in early 2023 and halt sales to countries supporting a price cap on its crude and oil products, a senior official has said. “Crude prices are higher as energy traders focus on …

Ukraine war: Vladimir Putin has been weaponising energy for years. Here’s what to look for next
2 years ago

Ukraine war: Vladimir Putin has been weaponising energy for years. Here’s what to look for next

Firstpost  

Russia shifted its strategy to attrition, specifically targeting energy infrastructure, after failing to force a quick, decisive victory against Ukraine Not since the 1970s oil crisis has the West seen such a focus on energy security. Vladimir Putin’s regime had been using selective gas supply cuts as a pressure tool against Ukraine since at least the winter of 2005-06, when …

Putin says Russia will fight sanctions with shift in trade and energy flows
2 years ago

Putin says Russia will fight sanctions with shift in trade and energy flows

The Hindu  

President Vladimir Putin said on Thursday that Russia would expand trade cooperation with new partners, including by switching gas flows to eastern neighbours, in order to combat Western sanctions. Mr. Putin said in a televised speech that Russia would develop its economic relations with partners in Asia, Africa and Latin America to thwart Western efforts to isolate it economically. Mr. …

What to know about the West's new efforts to slash Russia's oil revenue
2 years ago

What to know about the West's new efforts to slash Russia's oil revenue

NPR  

What to know about the West's new efforts to slash Russia's oil revenue Enlarge this image toggle caption AP AP The United States and its allies have delivered a double blow to Russia aimed at starving its oil revenues. Also, the U.S., other members of the Group of Seven leading economies, the EU and Australia are imposing a $60 price …

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 …

Gas crunch eases in Europe — but the respite might not last
2 years, 1 month ago

Gas crunch eases in Europe — but the respite might not last

Associated Press  

FRANKFURT, Germany — Natural gas and electricity prices in Europe have plunged from summer peaks thanks to mild weather and a monthslong scramble to fill gas storage ahead of winter and replace Russian supplies during the war in Ukraine. The good news is natural gas prices on Europe’s TTF benchmark fell on Monday below 100 euros per megawatt-hour for the …

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 …

Biden vows ‘consequences’ for Saudi Arabia after oil output cuts
2 years, 2 months ago

Biden vows ‘consequences’ for Saudi Arabia after oil output cuts

Al Jazeera  

US president suggests he will soon take action as aides announce the White House is re-evaluating its relationship with the kingdom. Joe Biden, the United States president, has warned Saudi Arabia that there will be “consequences” after a global cartel of oil-producing countries led by the kingdom and Russia announced that they would cut oil production despite Washington’s objections. Biden …

‘Balanced, thoughtful’: Russia praises OPEC for production cut
2 years, 2 months ago

‘Balanced, thoughtful’: Russia praises OPEC for production cut

Al Jazeera  

US fears a spike in gasoline prices ahead of the midterm elections after OPEC+ decision to cut oil production by two million barrels per day starting in November. Russia praised OPEC+ on Sunday for agreeing to sharply cut oil production and fight what it called the “mayhem” sown by the United States in global energy markets. The 13-nation OPEC+ group’s …

OPEC+ makes big oil cut to boost prices; pump costs may rise
2 years, 2 months ago

OPEC+ makes big oil cut to boost prices; pump costs may rise

Associated Press  

FRANKFURT, Germany — The OPEC+ alliance of oil-exporting countries decided Wednesday 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 key national elections. The group said the decision was based on the “uncertainty that surrounds the global …

Inflation hits record 10% in 19 EU countries using euro
2 years, 2 months ago

Inflation hits record 10% in 19 EU countries using euro

Associated Press  

FRANKFURT, Germany — Inflation in the European countries using the euro currency has broken into double digits as prices for electricity and natural gas soar, signaling a looming winter recession for one of the globe’s major economies as higher prices undermine consumers’ spending power. The European Central Bank is raising interest rates to combat inflation by keeping higher prices from …

EU wants price cap on Russian gas, energy companies to pay
2 years, 3 months ago

EU wants price cap on Russian gas, energy companies to pay

Associated Press  

BRUSSELS — European Union countries should set a price cap on Russian natural gas and seek a “solidarity contribution” from European oil and gas companies making extraordinary profits as the war in Ukraine drives up energy costs, European Commission President Ursula von der Leyen said Wednesday. “We are facing an extraordinary situation, because Russia is an unreliable supplier but also …

Putin says Russia to stop supplying energy if Western price caps imposed
2 years, 3 months ago

Putin says Russia to stop supplying energy if Western price caps imposed

The Hindu  

President Vladimir Putin on Wednesday threatened to cut off energy supplies if price caps are imposed on Russia's oil and gas exports, warning the West it would be "frozen" like a wolf's tail in a famous Russian fairy tale. Speaking at an economic forum in Russia's Pacific city of Vladivostok, Mr. Putin said European calls for a price cap on …

Putin warns 'no gas, no oil' to countries that cap prices
2 years, 3 months ago

Putin warns 'no gas, no oil' to countries that cap prices

Firstpost  

G7 industrialised powers on Friday vowed to move urgently towards implementing a price cap on Russian oil imports, in a bid to cut off a major source of funding for Moscow’s military action in Ukraine Moscow: Russia will stop delivering oil and gas supplies to countries that introduce price caps, President Vladimir Putin said Wednesday. Capping prices, as some Western …

Explained: Europe's looming energy crisis as Russia chokes gas supply
2 years, 3 months ago

Explained: Europe's looming energy crisis as Russia chokes gas supply

Firstpost  

With the halt in the Nord Stream 1 pipeline, Russian gas shipments have fallen 89 per cent from a year ago. Russia used to supply 40 per cent of Europe’s natural gas, and even more to Germany, where inexpensive energy was a pillar of the economy. There’s still some Russian gas flowing to Europe through a pipeline passing through Ukraine …

EU plans to cap Russian gas price as Putin issues warning
2 years, 3 months ago

EU plans to cap Russian gas price as Putin issues warning

Al Jazeera  

‘We must cut Russia’s revenues which Putin uses to finance this atrocious war in Ukraine,’ European Commission President Ursula von der Leyen told reporters on Wednesday. The European Union has proposed a price cap on Russian gas just as Russia’s President Vladimir Putin warned that such a move would cause Moscow to cut off all energy supplies. “We will propose …

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 …

Explainer: Will capping Russian oil prices actually work?
2 years, 3 months ago

Explainer: Will capping Russian oil prices actually work?

Al Jazeera  

For the plan to be effective, other countries will have to take part -particularly large nations – such as India and China, some of Russia’s most important clients. Capping the price of Russian oil, an approach G7 members said they want to pursue “urgently,” would be an unprecedented move and one which some analysts say could backfire. While the G7 …

EU’s top executive backs price cap on Russian pipeline gas
2 years, 3 months ago

EU’s top executive backs price cap on Russian pipeline gas

Associated Press  

BRUSSELS — The European Union’s top executive said Friday that the bloc’s electricity market “is no longer operating” amid the Ukraine war, and proposed a price cap on Russian pipeline gas. European Commission President Ursula von der Leyen blamed Russian President Vladimir Putin’s war against Ukraine for the energy crisis and the dramatic rise in gas and electricity prices. “We …

G-7 countries agree to move forward with Russia oil price cap system
2 years, 3 months ago

G-7 countries agree to move forward with Russia oil price cap system

The Hindu  

Finance ministers from the Group of Seven industrial powers on September 2 pledged to put in place a system designed to cap Russia’s income from oil sales, an idea that the nations’ leaders had promised to explore at their summit in June. In a statement issued by Germany, which chairs the G-7 this year, the ministers said they “confirm our …

Mint Explainer: Is Putin pushing Europe towards a recession?
2 years, 3 months ago

Mint Explainer: Is Putin pushing Europe towards a recession?

Live Mint  

As the stock market frets over the US Federal Reserve’s hawkish stance on inflation, another deep crisis is brewing in Europe. Russia has drastically cut natural gas supplies to Europe, sending energy prices soaring. Now, as the European Union opposed Russia’s invasion of Ukraine, imposed sanctions against Russia and offered military and humanitarian aid to Ukraine, Putin responded with sharp …

Putin warns EU that gas supplies could keep dwindling
2 years, 5 months ago

Putin warns EU that gas supplies could keep dwindling

Associated Press  

MOSCOW — Russian President Vladimir Putin said Tuesday it is the West’s own fault that the flow of Russian natural gas to European customers has dwindled and warned that it could continue ebbing. Speaking to Russian reporters in Tehran, where he attended the talks with the leaders of Iran and Turkey, Putin said the amount of gas pumped through the …

Economics of war: Pain for Europe now, later for Russia
2 years, 5 months ago

Economics of war: Pain for Europe now, later for Russia

Associated Press  

Across Europe, signs of distress are multiplying as Russia’s war in Ukraine drags on. Meanwhile, high energy costs fueled by the war are benefiting Russia, a major oil and natural gas exporter whose agile central bank and years of experience living with sanctions have stabilized the ruble and inflation despite economic isolation. Molkerei Berchtesgadener Land, a large dairy cooperative in …

Why is Russia driving Europe's gas prices? What happens if they cut the flow?
2 years, 5 months ago

Why is Russia driving Europe's gas prices? What happens if they cut the flow?

ABC  

The Nord Stream 1 pipeline that transports gas from Russia to Germany will undergo planned maintenance this week, cutting gas supplies to Europe and raising concerns about a prolonged halt to supply. Russia has already reduced production to 40 per cent of the pipeline's capacity, which has helped to push up European and British gas prices. Russian gas flows to …

Putin warns sanctions risk energy price spike ‘catastrophe’
2 years, 5 months ago

Putin warns sanctions risk energy price spike ‘catastrophe’

Al Jazeera  

Russian president says Western calls to reduce reliance on Russian energy have made global markets spike in oil and gas. Signalling that the Kremlin was in no mood for compromise, President Vladimir Putin on Friday said continued sanctions against Russia over the war in Ukraine risked triggering catastrophic energy price rises for consumers around the world. Addressing leaders of Russia’s …

Higher gas prices hurt pockets, make small dent in emissions
2 years, 5 months ago

Higher gas prices hurt pockets, make small dent in emissions

Associated Press  

As Congress and now the Supreme Court stymie the Biden administration’s efforts to curb climate change, one thing the president doesn’t want - sky high gas prices - actually is nibbling away at emissions of heat-trapping gas. “High fuel prices are a really difficult thing because they’re a double-edged sword,” said Samantha Gross, director of the energy security and climate …

Gas prices 'double-edged sword' hurts drivers, helps climate
2 years, 5 months ago

Gas prices 'double-edged sword' hurts drivers, helps climate

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. “High fuel prices are a really difficult thing …

Implored by Zelensky, Biden and G-7 allies will increase Ukraine defense aid, economic support
2 years, 5 months ago

Implored by Zelensky, Biden and G-7 allies will increase Ukraine defense aid, economic support

LA Times  

President Biden and other G-7 leaders listen to a video address from President Volodymyr Zelensky on Monday during their working session at Castle Elmau in Kruen, Germany. Zelensky, speaking to leaders of the G-7 a day after Russian missiles struck civilian targets in Ukraine’s capital of Kyiv, told Biden and the other leaders gathered here in the Bavarian Alps that …

G7 leaders discuss price cap on Russian oil over Ukraine invasion
2 years, 5 months ago

G7 leaders discuss price cap on Russian oil over Ukraine invasion

Al Jazeera  

G7 leaders meeting in Germany discuss plans to reduce Russian revenues from oil exports amid a surge in energy prices. Chided by Ukraine for not going far enough to punish Russia, G7 leaders were having “really constructive” talks on a possible price cap on Russian oil, a German government source was quoted as saying by the Reuters news agency. The …

Solidarity behind Ukraine’s Russia fight atop summit agendas
2 years, 6 months ago

Solidarity behind Ukraine’s Russia fight atop summit agendas

Associated Press  

WASHINGTON — Back-to-back world leader summits in Europe opening this weekend will focus on uniting Western nations behind Ukraine in its fight against Russia’s invasion and overcoming Turkey’s opposition to NATO membership for Finland and Sweden. A look at some of the key issues and themes on the table as President Joe Biden prepares to join both summits: UKRAINE UNITY …

Germany faces gas supply 'crisis'; warns storage targets for winter at risk
2 years, 6 months ago

Germany faces gas supply 'crisis'; warns storage targets for winter at risk

Firstpost  

The government said the decision to raise the level to ‘alarm’ follows the cuts to Russian deliveries made since 14 June and the continued high market price for gas Berlin: Germany activated the second phase of its three-stage emergency plan for natural gas supplies Thursday, saying the country faces a “crisis” and warning that storage targets for the winter are …

Biden To Urge US Congress For 3-Month Suspension Of Federal Gas Tax As Prices Skyrocket
2 years, 6 months ago

Biden To Urge US Congress For 3-Month Suspension Of Federal Gas Tax As Prices Skyrocket

News 18  

US President Joe Biden will ask Congress Wednesday to suspend the federal gas tax for three months as skyrocketing prices cause widespread anger among Americans just months before crucial mid-term elections. “With our deficit already down by a historic $1.6 trillion this year, the president believes that we can afford to suspend the gas tax to help consumers while using …

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 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 …

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 …

Europe’s push to cut Russian gas faces a race against winter
2 years, 7 months ago

Europe’s push to cut Russian gas faces a race against winter

Associated Press  

While Europeans bask in the warmth of spring, governments are in a race against winter. “There’s no additional supply,” said James Huckstepp, manager for Europe, Middle East and Africa gas analytics at S&P Global Commodity Insights. But there’s a long way to go — Russia sent 155 billion cubic meters of natural gas to Europe annually before the war. Huckstepp …

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 …

Why US gas prices are at a record, and why they’ll stay high for a long time
2 years, 7 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 …

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