This week, the Biden administration revealed that it will release as much as 180 million barrels of crude oil in a bid to calm oil prices, which have remained above $100 per barrel for an extended period of time. The International Energy Agency, meanwhile, is coordinating a smaller but international reserve release of some 60 […]
A week ago, we reported that the rise in oil and gas prices triggered by the Ukraine conflict had raised the threat of the worst stagflationary shock to hit Europe since the 1970s. Europe is at high risk of plunging into a deep recession if Russia follows through with its threat to halt gas supplies. […]
CNN — As gas prices soared and deepened the pain at the pump this month, consumers reacted by searching for — and possibly dreaming of — more fuel-efficient vehicle alternatives. Web search interest in electric vehicles reached a record high in the US in March, according to Google Trends. While high gas prices are certainly […]
new York CNN Business — The US oil industry doesn’t appear to be in any rush to come to the rescue of Americans struggling with high gas prices. Oil company CEOs say Wall Street is to blame. Fifty-nine percent of oil executives said investor pressure to maintain capital discipline is the primary reason publicly traded […]
A consortium operating the pipeline that Kazakhstan uses to export the bulk of its oil has said the route may be largely unusable for up to two months because of infrastructure damage caused by a recent storm. The Caspian Pipeline Consortium, or CPC, said in a March 22 statement that two of three tanker loading […]
As we first noted on Monday in “Hedge Funds Liquidate Oil Positions At A Near-Record Pace Amid Extreme Volatility”, and as Bloomberg writes today, “fund managers have shown signs of being cautious when it comes to energy stocks, the only major industry group in the S&P 500 with a positive return so far this year” […]
The Biden administration has made no secret of their disdain for traditional energy sources that derive from petroleum sources, favoring instead, so-called “green energy” alternatives. In fact on the campaign trail, Candidate Biden was explicit in his desire to end the oil industry in America as it presently exists- “Number one, no more subsidies for […]
Metals prices are all over the place, with rapid rises to record levels followed by sharp falls and considerable anxiety — anxiety that has also applied to surging oil prices. Agricultural commodities have likewise seen an unprecedented surge in prices since the war in Ukraine broke out. There is a risk of unrest in parts […]
In the two weeks since Russia’s invasion of Ukraine, oil prices have rallied by more than $30 to top $130 per barrel as concerns about disruptions to Russian oil supply mount. Oil is now holding near its highest level since 2008, and analysts are not ruling out a continued run to all-time highs of $150 […]
London CNN Business — Russia is finding it ever harder to sell its oil and gas. Shell (RDSA)said Tuesday it was breaking completely with Russia’s giant energy industry, halting all purchases of Russian crude oil immediately and shutting its service stations in the country. The UK-based company, which last week announced it was dumping its […]
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