Commentary Most people agree that energy policy in Australia has been a “failure” for the last 20 years. Dig a little deeper and you will find that what experts disagree on is which direction it failed in. Some believe it failed to prioritise climate change enough, and others too much. Some believe that it failed…
What to Watch Out for in Australia’s Energy Sector in 2023?
January 3, 2023
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German Inflation Hits 7.9 Percent in 2022, Highest in Over 70 Years
BERLIN—Germany has recorded its highest annual inflation in more than 70 years, according to preliminary data released Tuesday by the country’s Federal Statistical Office. Surging energy and food prices due to Russia’s attack on Ukraine saw full-year inflation reach 7.9 percent in 2022. The last time annual inflation was near that level was in 1951,…
Oil Falls as Outlook for China, Global Economy Weigh
January 3, 2023
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LONDON—Oil prices edged lower on Tuesday in volatile trade as weak demand data from China and a gloomy economic outlook weighed. Brent crude futures fell 46 cents, or 0.54 percent, to $85.45 a barrel by 1017 GMT. U.S. West Texas Intermediate crude was down 38 cents, or 0.47 percent, at $79.88. Both contracts rose by…
World Markets Mostly Gain Ahead of Fed Report, US Jobs Data
January 3, 2023
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BEIJING—Global stock markets and Wall Street futures were higher Tuesday ahead of updates on U.S. jobs amid fears of a possible global recession. Frankfurt, Shanghai, and Hong Kong advanced. Seoul declined. Oil prices rose. Coming off a year of big declines for major stock markets, traders worry the Federal Reserve and other central banks might…
Only 1 Bid Received for Alaska Offshore Oil Sales
January 2, 2023
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The U.S. government recently held an auction for the right to drill oil and gas offshore in Cook Inlet, Alaska, for which it received only a single bid. The auction, held by the Bureau of Ocean Energy Management (BOEM) on Friday, offered leases for 193 blocks totaling around 958,000 acres. However, it only received a…
World Markets Mixed After S&P 500 Ends Worst Year Since 2008
January 2, 2023
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BANGKOK—Shares began the year mixed, with European benchmarks opening higher on Monday after a lackluster session for the few Asian markets not closed for New Year holidays. U.S. markets are also closed. This week brings employment data and minutes from the latest meeting of the Federal Reserve, as 2023 begins with persisting uncertainties over the…
Today’s Cheaper Gas Is the Calm Before Next Year’s Storm
Commentary With some regions of America enjoying gasoline prices below $3 a gallon after a summer that saw the national average exceed $5 for the very first time, it’s tempting to lull oneself into thinking cheap gas will last. In fact, it won’t last for very much longer at all, especially with this administration’s never-ending…
$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…
Strategic Petroleum Reserve Falls to Lowest Level Since 1983 as Gas Prices Rise Again
December 30, 2022
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The Strategic Petroleum Reserve (SPR) fell to its lowest level since 1983, as oil and gas prices rose again last week. The Biden administration has tapped over 240 million barrels from the SPR this year to lower domestic gas prices, which have been rising since the president took office. President Joe Biden first announced his…
Keystone Pipeline Resumes Operations After 14,000 Barrel Leak
Officials said a damaged portion of the Keystone Pipeline reopened Thursday after weeks of repairs and cleanup following a 600,000-gallon crude oil leak into a Kansas stream. The pipeline, which carries oil from Canada to multiple U.S. states, shut down on Dec. 8 after spilling nearly 14,000 barrels of crude the day before at a segment of…
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