As the Biden administration contemplates expanding punitive measures on Russia for its invasion of Ukraine, a big hurdle lies closer to home: the American consumer. U.S. drivers are embarking on summer vacations with gasoline prices averaging more than $5 a gallon for the first time ever. And rising oil and natural gas prices are helping to boost inflation to the highest level in four decades, driving up prices for food, electricity and housing. Tougher sanctions on Russia, among the [Read more]
U.S. steps up heavy crude imports as Biden blasts profiteering
U.S. refiners last month imported the most heavy crude in nearly two years, customs data showed, as they cranked up motor fuel production and sought to replace sanctioned Russian oil. Higher heavy-crude imports are common in summer-driving months, but this year's increase comes as the Biden administration is calling on for refiners to ramp up output and shave profit margins to ease soaring prices. The administration has asked for a parley to explore further efforts. Heavy crudes are [Read more]
Column: White House demands U.S. refiners make more gasoline and diesel
U.S. President Joe Biden has written to major oil companies to complain about the high refining margins for gasoline and diesel and demanded an explanation for refinery closures since 2020. The president’s letter, dated June 14, should be seen mostly as a political exercise to deflect responsibility for high fuel prices and accelerating inflation (“Biden warns big oil over gasoline output”, Axios, June 15). He blamed historically high profit margins made by refiners for causing an [Read more]
Oil prices move down, even against tight supplies and firm demand outlook
Oil prices were down on Thursday, even after a steep drop in the previous session, supported by tight oil supply and peak summer consumption, after a U.S. rate hike sparked fears of slower economic growth and less fuel demand. U.S. West Texas Intermediate (WTI) crude futures dropped to $114.27 a barrel, down $1.57, or 1.36%. Brent crude futures slid $1.35, or 1.13%, to $117.54 a barrel. Prices slipped more than 2% overnight after the Federal Reserve raised interest rate by three-quarters [Read more]
High fuel prices to persist into 2023, Wood Mackenzie says
Consumers can expect fuel prices at the pump to remain high into next year due to disruptions to Russian oil supplies and as refineries struggle to meet demand recovering from the pandemic, consultancy Wood Mackenzie said. The pressure should ease in the second half of next year when several new large refineries including in the Middle East are expected to start up, WoodMac said in a report. For now, record gasoline and diesel prices in the United States, Europe and elsewhere have cooled [Read more]
U.S. natgas jumps 6% on high global prices, ahead of storage report
U.S. natural gas futures gained about 6% on Thursday on soaring global gas prices, forecasts for record power demand in Texas and a small decline in U.S. daily output. That U.S. price increase came despite a reduction in U.S. gas demand this week due in part to the extended 90-day outage at the Freeport liquefied natural gas (LNG) plant in Texas and ahead of a federal report expected to show a bigger-than-usual storage build last week due to a reclassification of stockpiles in California last [Read more]
Energy company execs say industry too focused on later decades for energy transition
Energy company officials on Wednesday urged using shorter-term solutions such as energy efficiency and conservation as the world makes the transition to renewable energy, saying companies must scramble to meet climate targets set for 2030. Global energy supplies have been tight, with fuel costs skyrocketing since Russia's Feb. 24 invasion of Ukraine, shifting the industry's focus toward supplying current energy demand. Oil futures have soared about 50% since the start of the year, raising [Read more]
Oil prices slip ahead of expected U.S. Fed interest rate hike
Oil prices dropped on Wednesday on worries over fuel demand ahead of a U.S. Federal Reserve meeting which is expected to see the central bank to hike rates by at least 75 basis points to combat inflation. WTI crude futures fell 80 cents, or 0.67%, to $118.16 a barrel. Brent crude futures fell 18 cents, or 0.15%, to $120.66 a barrel. Surging inflation has led investors and oil traders to brace for a big move by the Fed this week - what could be the largest U.S. interest rate hike in 28 [Read more]
Global oil demand set to rise 2% to new high in 2023, says IEA
World oil demand will rise more than 2% to a record high of 101.6 million barrels per day (bpd) in 2023, the International Energy Agency said on Wednesday, although sky-high oil prices and weakening economic forecasts dimmed the future outlook. The Paris-based IEA also said in its monthly report supply was being constrained because of sanctions on Russia over its invasion of Ukraine. "Economic fears persist, as various international institutions have recently released downbeat outlooks," [Read more]
Column: Surging oil prices show business cycle slowdown is inevitable
Policymakers, economists and journalists often talk about the business cycle using the good-and-evil language of a fairy tale. Booms are attributed to wise and enlightened policies while recessions are blamed on policy errors or the need to cleanse previous excess. But the economy is not a morality play. Expansions are not a reward for virtuous and wise actions, and recessions are not a punishment for bad behaviour and mistakes. Wrenching cycles in production, employment, prices and [Read more]
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