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Energy

“U.S. crude oil falls nearly 3%, closes below $68 on report Saudi committed to production increase”

“…Prices are also under pressure on the expectation that oil production will rise in Libya. Factions in the North African country reached a deal Wednesday to appoint a new central bank governor. A political dispute over who should lead the… Continue Reading…

Business

“…California sues ExxonMobil, alleging deception about plastics recycling”

“…“Exxon Mobil knew that 95% of the plastic in the blue bin was going to be incinerated, go into the environment or go into a landfill,” California Attorney General Rob Bonta said in an interview. “They knew and they lied.”… Continue Reading…

Energy

“U.S. crude oil holds above $72 per barrel after erasing most of 2024 gain”

“…The U.S. benchmark is now up just 0.91% for the year, while global benchmark Brent crude has erased all of its gains for 2024. Oil prices settled more than 1% lower on Wednesday after U.S. job growth was revised significantly lower,… Continue Reading…

Energy

“Oil giant Saudi Aramco’s second-quarter profit dips 3% on lower crude production volumes”

“Net income from the first half of the financial year was $56.3 billion, down from $62 billion during the same period last year. Aramco reaffirmed its second-quarter base dividend of $20.3 billion, and declared a performance-linked dividend of $10.8 billion… Continue Reading…

Energy

“U.S. crude oil falls to six-month low as market sells off on recession fears”

“U.S. crude oil closed below $73 per barrel, the lowest settlement since Feb. 5…” https://www.cnbc.com/2024/08/05/crude-oil-prices-today.html

Economy, Energy

“Oil Billionaires Bet on Trump’s Energy Agenda”

“As Donald Trump accepted the GOP presidential nomination last Thursday, he reminded the megawealthy coterie of oil tycoons backing him why he is their man. “We have more liquid gold under our feet than any other country by far, we are a… Continue Reading…

Energy

“Oil market ‘oversold’? Analysts and traders pin crude’s price plunge on demand, trading strategies”

“… …” https://www.cnbc.com/2024/06/05/oil-market-oversold-analysts-and-traders-on-crudes-price-plunge.html The cost of energy is going to keep going up over time not down. America needs to become energy independent. Then prices will not only fall but stay low.

Economy, Energy

“U.S. oil rises nearly 2% to top $83 a barrel as slowing manufacturing raises interest rate cut hopes”

“U.S. crude oil moved nearly 2% higher Tuesday to top $83 a barrel on optimism that weak manufacturing data could accelerate interest rate cuts. U.S. manufacturing activity hit a four month low of 49.9 in April, according to the S&P Global… Continue Reading…

Energy

“Hot oil summer: Soaring prices threaten consumers and Biden”

“…The big picture: Average gas prices are up 24 cents per gallon over the last month to $3.63, per AAA, and summer driving demand typically puts more upward pressure on costs. Threat level: The Middle East crisis has already pushed up oil… Continue Reading…

Economy, Energy

“Oil Holds Above $90 After Middle East Tensions Push Brent Higher”

“…The global benchmark Brent earlier pierced $91 a barrel, before trading little changed. The focus has shifted to a dramatic repricing of geopolitical risk, after Israel increased preparations for a potential retaliation by Tehran to a strike on an Iranian… Continue Reading…