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The budget bill the U.S. Senate passed on Tuesday and the House of Representatives is now debating for final approval would dampen development of wind and solar power, kill climate funding and boost oil, gas and coal output. Below are some details about the bill's provisions on energy development and the environment: SOLAR, WIND TAX CREDITS The legislation sharply reduces access to a 30% tax credit for solar and wind power projects that had been set to run until 2032, and which [Read more]

Total oil futures and options lots traded on the Intercontinental Exchange (ICE) hit record highs in the second quarter, as U.S. President Donald Trump waged a trade war and geopolitical conflicts in the Middle East escalated. WHY IT'S IMPORTANT Significant volatility in the second quarter had global benchmark Brent crude futures dropping to a four-year low of $60.23 a barrel on May 5 and then surging to $78.85 on June 19, the highest since January, according to data from [Read more]

U.S. net imports of crude oil rose to 4.6 million barrels per day (bpd), its highest since June 2024, data from the Energy Information Administration showed, as export tumbled due to a narrow spread between U.S. West Texas Intermediate crude and Brent. Net imports rose by 2.94 million bpd in the week to June 27, the highest increase on record. U.S. crude futures' discount to Brent narrowed to as little as minus $2.20 a barrel last week, the narrowest since May 2022 and well below the minus [Read more]

U.S. crude oil and gasoline inventories rose unexpectedly last week as both exports and demand fell sharply, the Energy Information Administration (EIA) said on Wednesday. Crude inventories rose by 3.8 million barrels to 419 million barrels in the week ending June 27, the EIA said, compared with analysts' expectations in a Reuters poll for a 1.8 million-barrel draw. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.5 million barrels. Oil prices pared earlier gains following [Read more]

Activity in the U.S. oil and gas sector in Texas, Louisiana and New Mexico contracted slightly in the second quarter of 2025, the Dallas Fed survey showed on Wednesday, as firms grappled with a jump in steel tariffs. The decrease comes after U.S. President Donald Trump, who has encouraged U.S. producers to "drill, baby, drill," doubled tariffs on steel and aluminum imports to 50% from 25% in early June. Roughly a quarter of all steel used in the U.S. is imported, while half of all aluminum used [Read more]