News Analysis The global oil price outlook depends on the Chinese economy, the Iran nuclear deal, and the war in Ukraine. On Aug. 15, world oil prices dropped due to speculation that decreased industrial output in China would reduce global demand. China’s economy has been trending downward most of this year, which is pressuring world oil…
Are Oil and Gas Stocks Worth the Investment?
Oil and gas companies are some of the world’s largest and most prosperous companies. However, precarious market conditions and subsequent volatility have hit the oil and gas industry hard, making many investors question how wise investing in oil is. Knowing how, if, and when to invest in oil requires an educated understanding of the ever-evolving…
Oil Market Could Remain Tight For Next 5 Years: ExxonMobil CEO
June 21, 2022
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Business & MarketsCompanieseconomyenergyExxon Mobil Corp.high gas pricesMarketsoil marketoil pricesUSUS News
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ExxonMobil CEO Darren Woods does not see oil prices cooling down over the next few years, he said while speaking at the Bloomberg Qatar Economic Forum in Doha on Tuesday. Woods said that it would take some time for the volatility in the energy market to end. He is expecting oil markets to remain tight…
US Sanctions on Russia, Anti-Oil Policy Give Competitive Edge to China: Economist
Throttling the oil industry while cutting off Russian oil is putting American businesses at a serious disadvantage to those that now buy Russian oil and gas at a discount, namely China and also India, according to an expert on environmental and energy policy. Worse yet, this situation appears to be baked into the geopolitical cake…
Major Recession Only Realistic Way for Gasoline Price to Drop: Experts
The only thing that could curb the current record-high gasoline prices would be a major drop in demand, i.e. a recession, according to several experts. Theoretically, a major shift in U.S. foreign and energy policy could make a difference too, but nobody seems to realistically expect that to happen. Gas prices have particularly pained Americans,…
The Consumer Fuel Price Gouging Prevention Act: Cynical and Revealing
Commentary On May 19, the U.S. House of Representatives passed the Consumer Fuel Price Gouging Prevention Act by a vote of 217–207. Four Democrats and every Republican voted against the bill. The purpose of the bill is to empower the federal government (specifically, the Federal Trade Commission) to fine oil companies if they increase prices…
Jake Sullivan Meets With Saudi Deputy Defense Minister Amid Surging Gas, Oil Prices
U.S. National Security Advisor Jake Sullivan met with Saudi Vice Minister of Defense Khalid bin Salman bin Abdulaziz Al-Saud in Washington Tuesday and “underscored the longstanding partnership” between the two nations ahead of a joint planning committee at the Department of Defense this week. The meeting comes as oil prices are in part driving up gas…
Increased Input Costs for Farmers Mean Higher Food Prices Could Follow
Farmers are facing increased input costs as they seed their crops this spring, an obstacle that is affecting how they approach operations and that will likely mean higher food prices down the road. Professor Sylvain Charlebois, director of the Agri-Food Analytics Lab at Dalhousie University, says fertilizer costs are way up. “These critical inputs for…
BP Boosts Buybacks on Soaring Energy Prices After Costly Russia Exit
LONDON—BP reported its strongest operational performance in more than a decade on Tuesday on the back of rocketing oil prices that helped it step up share buybacks, even as a $24 billion writedown from exiting Russia led to a record quarterly loss. Shares in the energy firm climbed 2.8 percent by 1:11 p.m. GMT in…
US Gas Prices Up Again Due to Low Supply, High Crude Oil Costs
May 2, 2022
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Gasoline prices rose again across the United States, mainly due to the rising cost of crude oil, AAA announced on May 2. The national average for a gallon of gas on May 2 was $4.19, a weekly increase of 7 cents per gallon from April 29 and a year-over-year increase of $1.29 per gallon, AAA reported….
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