U.S. refiners will try to convince the Biden administration not to ban exports of U.S. fuel to combat record gas prices during a meeting scheduled for Thursday, according to sources familiar with the plans. The White House has called an emergency meeting with top U.S. refiners to discuss ways to bring down record gas prices that have driven inflation to 40-year highs. The meeting follows weeks of mudslinging between U.S. President Joe Biden and oil companies over who is to blame for the price [Read more]
Oil prices skid as Biden pushes for U.S. fuel cost cuts
Oil prices dived more than $7 a barrel on Wednesday amid a push by U.S. President Joe Biden to bring down soaring fuel costs, including pressure on the country's major energy firms to help ease the pain for drivers during peak summer consumption. Brent crude futures dropped $7.12, or 6.50%, to $102.37 a barrel. Similarly, U.S. West Texas Intermediate (WTI) crude futures were off lows but still down $6.92, or 6.04%, to $107.68 a barrel. As the United States struggles to tackle soaring [Read more]
$2.4 trillion put into energy in 2022 not enough to tackle supply crunch, says IEA
The $2.4 trillion set to be invested in energy this year includes record spending on renewables but falls short of plugging a supply gap and tackling climate change, the International Energy Agency (IEA) said on Wednesday. Rising 8% from the previous year when the pandemic was more severe, the investment includes big increases in the power sector and efforts to bolster energy efficiency, the Paris-based watchdog said in its annual report on investment. "A massive surge in investment to [Read more]
Biden expected to call on Wednesday for suspending the federal gas tax, source says
U.S. President Joe Biden is expected on Wednesday to call for temporarily suspending the 18.4-cents a gallon federal tax on gasoline, a source briefed on the plan told Reuters on Tuesday. Biden said Monday he was considering whether to call for a pause in the tax, as the United States struggles to tackle soaring gasoline prices and inflation. A gas tax holiday faces significant opposition in Congress, including among many Democrats. The plan was reported earlier by Punchbowl News. The [Read more]
U.S. natgas eases to fresh 8-week low on forecasts for less demand
U.S. natural gas futures eased about 1% to a fresh eight-week low on Wednesday on forecasts for less demand over the next two weeks than previously projected and a drop in liquefied natural gas (LNG) exports with the Texas Freeport plant shut down. That price decline came despite record power demand in Texas and a slow slide in daily gas output. The Freeport shutdown on June 8 reduced the amount of U.S. gas available to the rest of the world, especially in Europe where most U.S. LNG has [Read more]
Canada seeking pathway to enable German gas flow amid Russian sanctions
Ottawa is evaluating options to help restore German gas supplies as a crucial Nord Stream 1 pipeline part is stranded in Canada due to Russian sanctions, the Canadian Natural Resources Minister said in an interview with Bloomberg on Tuesday. Gazprom's Nord Stream 1 pipeline has been forced to reduce capacity as it waits for the turbine, which is being serviced in Canada. Sanctions on Russia make it impossible for German equipment supplier Siemens Energy to receive the pipeline part, the [Read more]
Russia is rerouting trade and oil to BRICS countries
President Vladimir Putin said on Wednesday that Russia was in the process of rerouting its trade and oil exports towards countries from the BRICS group of emerging economies in the wake of Western sanctions over Ukraine. The BRICS countries comprise Brazil, Russia, India, China and South Africa. The West has imposed sweeping sanctions on Russia, including restrictions on imports of its oil, after the Kremlin sent its troops into Ukraine on Feb. 24. In order to weather the sanctions, [Read more]
Chevron CEO calls on Biden to take new approach on fuel prices, stop criticizing Big Oil
Chevron Chief Executive Michael Wirth on Tuesday rebutted White House officials' criticism of the oil industry over energy costs, saying bringing down fuel prices will require a change in approach by the government.The White House asked the CEOs of seven refiners and oil companies including Chevron to a meeting this week to discuss ways to reduce high energy prices. Wirth said he would attend."Your administration has largely sought to criticize, and at times vilify, our industry," Wirth said in [Read more]
Oil dips slightly but market caution over tight supply persists
Oil prices saw a slight dip on Tuesday, experiencing more of last week's losses, while investors focused on tight supplies of crude and fuel products rather than concerns about a recession dampening demand going forward. U.S. West Texas Intermediate (WTI) crude futures for July, which expires later on Tuesday, rose to $110.05 a barrel, down 17 cents, or 0.15%, from Friday's close. There was no settlement on Monday, which was a U.S. public holiday. WTI dropped 9.2% last week. Brent crude [Read more]
Exxonmobil CEO expects tight oil market to last years
ExxonMobil CEO Darren Woods on Tuesday said it would take time for energy market volatility to end and that he expects three to five years of fairly tight oil markets. Speaking at a panel at the Bloomberg Qatar Economic Forum in Doha, Woods added that the company had asked the U.S. administration for a more efficient investment process. He also pointed out that ExxonMobil is one of the few companies in the U.S. actively investing in refining and had started an aggressive investment [Read more]
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