Crude oil prices will be higher in 2023 and 2024 as global supplies become tighter, the U.S. Energy Information Administration (EIA) predicted in its latest Short-Term Energy Outlook (STEO). The EIA forecasts that the average spot price for Brent, the international benchmark for global oil prices, will be $79.54 per barrel this year, up 1.1…
US Gas Prices Inch Higher as Oil Gets Expensive
Gas prices at the pump rose over the past week in the wake of higher oil prices, with experts foreseeing more increases as long as oil costs remain elevated. The national average price for regular gas has risen by $0.08 over the past week, from $3.58 a gallon to $3.66 a gallon as of April…
Markets Expect Higher Oil Prices After Surprise OPEC Cut
Crude oil prices rallied as much as 6 percent on April 3, with both West Texas Intermediate (WTI) and Brent futures soaring above $80 per barrel. Oil prices climbed in response to the Organization of the Petroleum Exporting Countries (OPEC) and its allies, OPEC+, slashing output by 1.16 million barrels per day (bpd) from May…
Markets Expecting Higher Oil Prices After Surprise OPEC Cut
Crude oil prices rallied as much as 6 percent on April 3, with both West Texas Intermediate (WTI) and Brent futures soaring above $80 per barrel. Oil prices climbed in response to the Organization of the Petroleum Exporting Countries (OPEC) and its allies, OPEC+, slashing output by 1.16 million barrels per day (bpd) from May…
Oil Prices Soar After OPEC’s Shock Production Cut
Oil prices surged over 5 percent on Monday, notching their biggest daily jump in nearly a year after OPEC+ surprised markets on Sunday by announcing production cuts. In early trading Monday, the U.S. crude oil benchmark West Texas Intermediate (WTI) rose $4.38 to $80.03 per barrel, or 5.79 percent, according to TradingView data. Brent crude,…
Crude Oil, Natural Gas Prices Rally After Storage Reports
Crude oil and natural gas futures rallied on Thursday after the U.S. government reported the latest domestic storage data. According to the Energy Information Administration (EIA), U.S. crude oil inventories increased by 7.648 million barrels for the week ending Feb. 17, down from the previous week’s build of 16.283 million barrels. This was also higher…
Newsom Refuses to Address the Hydrocarbon Elephant in the Room
January 18, 2023
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Commentary California Gov. Gavin Newsom is refusing to address the hydrocarbon elephant in the room, namely that the end of oil would be the end of civilization, as the products manufactured from crude oil played a major role in allowing the world population to grow from one billion to eight billion people in the past…
$100 Crude in 2023? Oil and Gas Prices Expected to Have Another Bullish Year
Crude oil prices have ended 2022 close to where they started the year, despite a broad array of factors that disrupted global energy markets over the last 12 months. West Texas Intermediate (WTI) crude oil rose 4.5 percent, to about $79 per barrel on the New York Mercantile Exchange in 2022. Brent, the international benchmark…
Over 70% of Canadians Support Increasing Domestic Oil and Gas Production to Cut Global Dependency on Russia
Over 70 percent of Canadians say they support increasing Canada’s oil and gas production to reduce the world’s dependence on Russian energy, according to a recent poll. Released by market research firm Leger on Oct. 12, the poll found that 72 percent of Canadians indicated their support for producing and exporting more domestic oil and gas…
Gas Prices Rise for 6th Consecutive Day as Expert Predicts ‘Notable Jump’ Ahead
Average national gas prices have risen for the sixth consecutive day, as one energy expert predicts a “notable jump” in the coming weeks. The price for a gallon of gasoline in the United States started to rise again in the past week, after a 99 day decline during the peak summer driving season. The average…
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