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Energy

“Gas prices jump to fresh record highs”

“The national average price for regular gasoline climbed more than four cents on Tuesday to $4.37 a gallon, according to AAA. That takes out the prior record of $4.33 set on March 11.The gas spike — prices are up 17 cents… Continue Reading…

Energy

“Exxon signals record quarterly profit from oil and gas prices”

“Exxon Mobil Corp on Monday said its first-quarter results could top a seven-year quarterly record, with operating profits from pumping oil and gas alone of up to $9.3 billion. A snapshot of the largest U.S. oil company’s quarter ended March… Continue Reading…

Energy

“U.S. to release 1 million barrels of oil per day from reserves to help cut gas prices”

“The White House on Thursday announced that the U.S. will release 1 million barrels of oil per day from strategic reserves to help cut gas prices and fight inflation across the country…” https://www.cnbc.com/2022/03/31/us-to-release-1-million-barrels-of-oil-per-day-from-reserves-to-help-cut-gas-prices.html This is bad. If all emergency supplies… Continue Reading…

Economy, Energy

“Oil Price Rise ‘Trickles Down to Everything,’ Even Your Potato Salad to Go”

“The headlines about high oil and gas prices seem far away from products like plastic wrap or lawn fertilizer. In reality, though, these everyday items need hydrocarbons to get made, and all across the supply chain, the struggle is on… Continue Reading…

Energy

“Why are US gas prices soaring when America barely uses Russian oil?”

“…Most of Russia’s oil goes to Europe and Asia. But the key here is to think about the oil supply globally, rather than the US specifically. The commodities world is a heavily interconnected one, and oil is priced through a… Continue Reading…

Economy, Energy

“Russia warns of $300 oil, threatens to cut off European gas if West bans energy imports”

“Russia has threatened to close a major gas pipeline to Germany and warned of $300 oil prices if the West goes ahead with a ban on its energy exports. “It is absolutely clear that a rejection of Russian oil would… Continue Reading…

Economy, Energy

“Shell won’t buy any more Russian 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 investments in Russia, said its decision… Continue Reading…

Energy

“Oil Traders Bet Prices Will Pass $200 a Barrel This Month”

“Traders piled into options that oil could surge even further after rising to the highest since 2008, with some even placing low-cost bets that futures surpass $200 before the end of March… Prices to buy call options at higher prices… Continue Reading…

Economy, Energy

“…Americans are warned to budget for $5-A-GALLON gas as oil prices surge during Russian invasion of Ukraine and US national average rises to $3.61”

“Americans can expect to see gas prices to rise to $5 a gallon in the coming weeks, as the cost of oil continues to rise in the days following Russia’s invasion of Ukraine, experts say – and some parts of California… Continue Reading…

Economy, Energy

“Energy Prices Surge on Ukraine With Oil Closing In on $100”

“European natural gas led the gains with as much as 13% rise, helped higher by Germany halting the approval process of the controversial Nord Stream 2 pipeline. Brent oil closed in on $100 a barrel, and power and coal prices… Continue Reading…