Oil prices rose during early Monday trading after a long streak of weekly declines, with the overall market sentiment expected to remain lukewarm due to worries about the state of the American economy. Brent crude oil prices were trading at $75.42 per barrel on Monday, as of 10:44 a.m. EST, up from its opening of…
Oil Prices Rise as Concerns About US Economy Persist
May 15, 2023
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Business & Marketseconomic recessioneconomyenergyGold and CommoditiesMarketsoil pricesoil productionPolicies & ImpactsUS
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Newsom Grandstands on Oil Profits
February 6, 2023
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Gavin NewsomNorthern Californiaoil pricesOpinionRegional & State NewsSouthern CaliforniaState NewsUSViewpoints
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Commentary You would think Gov. Gavin Newsom would be happy with higher gas prices at the pump, and the ensuing high oil company profits. The hits to consumers encourage people to buy the electric cars his 2020 executive order mandates for all new-vehicle sales by 2035. The order even explained at the time, “Clear policies…
Oil Production Faces ‘Serious Problem’ in 2024, With Implication for Prices, Says Goldman Sachs
Goldman Sachs Group predicts that oil will rise above $100 a barrel this year and that there could be a serious supply problem into 2024, as spare production capacity runs dry. The sanctions against Russian oil exports and rising demand from China, as it ends its zero-COVID lockdown policy, is expected to raise prices above its…
Strategic Petroleum Reserve Falls to Lowest Level Since 1983 as Gas Prices Rise Again
December 30, 2022
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Biden administraitonBusiness & Marketseconomyenergyoil pricesPolicies & ImpactsStrategic Petroleum ReserveUS
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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…
White House Now Looking to Refill SPR at $70 per Barrel
November 30, 2022
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Business & MarketseconomyenergyMarketsoil pricesSPR restockingStrategic ReserveUSUS Strategic Petroleum Reserve
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The Biden administration has changed its stance on refilling the Strategic Petroleum Reserve (SPR) after significantly depleting it earlier in its attempt to control oil prices. During an interview with Bloomberg, energy security advisor Amos Hochstein said that the White House will consider replenishing the SPR once oil prices are “consistently” at the level of…
Biden Cut the Pipeline, Complains About High Gas Prices
Commentary President Joe Biden appears to have no understanding of where high gas prices come from and that his policies have contributed to the problem. “If oil companies were investing their profits in their operations at historic rates, America would produce more oil today and prices would be down even further. Rather than giving Americans…
Capitol Report (Oct. 18): Rep. Peltola Raises $2 Million More Than Palin in Alaska House Race; Farmer Warns of Food Shortage
President Joe Biden announced what his first move would be if Democrats retain control of Congress. But how likely is that, just 21 days before the midterms? The Biden administration could be selling more oil from the strategic oil reserve. This is seen as a bid to tame prices before the November midterms. And we…
How Did the US Become OPEC-Dependent Once Again?
News Analysis The Organization of the Petroleum Exporting Countries (OPEC) and its allies, OPEC+, surprised global energy markets on Wednesday by agreeing to slash crude production by 2 million barrels per day (bpd). In response to fears of waning demand amid worries of a global recession, the cartel thought it was necessary to reduce production…
OPEC Slashes Output, Biden Releases More Oil—How Did We Get Here?
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, OPEC+, surprised global energy markets on Wednesday by agreeing to slash crude production by 2 million barrels per day (bpd). In response to fears of waning demand amid worries of a global recession, the cartel thought it was necessary to reduce production and help…
Collateral Chains Are the Real Tightening
September 8, 2022
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Business & MarketsBusiness ColumnistseconomyenergyFederal ReserveInvestmentjerome powelloil pricesOPECOpinionrecessionUSViewpointsWest Texas Intermediate
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Commentary It was barely a month ago when OPEC+, the group of major oil-exporting nations, had announced a small increase in production. The world economy was suffering under extreme oil price pressure. President Joe Biden traveled to Saudi Arabia, one of OPEC’s largest producing members, to personally deliver his plea for relief on behalf of…
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