The OPEC+ alliance of crude-producing countries has agreed to deep cuts in oil output, providing a likely floor to falling prices and delivering a blow to President Joe Biden’s pleas for the cartel to boost production to help quell soaring inflation. The Organization of Petroleum Exporting Countries (OPEC) and its oil-producing allies, known as OPEC+, agreed…
OPEC+ Agrees to Sharply Cut Oil Output in Blow to Biden
October 5, 2022
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OPEC Expects to Increase Oil Output by 1 Million Barrels per Day in 2023
OPEC expects to increase oil output in 2023 by nearly 1 million barrels per day due to rising global demand. “In 2023, expectations for healthy global economic growth amidst improvements in geopolitical developments, combined with expected improvements in the containment of COVID-19 in China, are expected to boost consumption of oil,” the organization said in its monthly…
Abbott: EPA Plan Will Cripple Oil Production in Permian Basin, Raise Gas Prices Further
June 30, 2022
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Business & MarketsCompanieseconomyGreg AbbottLocal Newsoil productionPermian BasinRegional-Local NewsTexasUS
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Texas Gov. Greg Abbott is pushing back against an Environmental Protection Agency (EPA) proposal that he says would cripple oil and gas production in the Permian Basin—potentially jeopardizing a quarter of the U.S. gas supply. In a letter he sent to President Joe Biden on Monday, he said, “While you express concern about out-of-control gas…
OPEC+ Agrees to Boost Production to Offset Russian Output Losses
Oil-producing countries allied under the OPEC+ banner have agreed to pump more oil in July and August, accommodating months of requests by the United States and others to boost production to cool soaring crude prices that have fed into a cost-of-living crisis amid sky-high inflation. The OPEC+ cartel said in a June 2 statement that…
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…
Saudi’s Aramco Pledges to Increase Investment in Oil Production to Meet Growing Demand
Saudi Arabia’s state oil company Aramco on March 20 pledged to increase the amount it invests in oil production after it reported that profits more than doubled year-on-year to $110 billion. The world’s largest oil exporter said its net profit increased by 124 percent to $110 billion in 2021, compared with $49 billion a year prior. In an effort…
US Energy Policies Created Financially Favorable Conditions for Russia’s Invasion of Ukraine: Rick Santorum
March 16, 2022
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Weaknesses of the Biden administration’s energy policies became one of the decisive factors that prompted Russian President Vladimir Putin to invade Ukraine, said Rick Santorum, a former U.S. senator from Pennsylvania. War needs to be financed, and Russia relies on the revenue from the energy sector to fund its military and continue to feed its…
Unleashing American Domestic Energy Production Must Be Priority No. 1
Commentary On March 10, the average price of a gallon of gasoline in the United States hit an all-time high of $4.32, surpassing the previous record of $4.12 in July 2008. Also, on March 8, President Joe Biden announced he will sign an executive order “to ban the import of Russian oil, liquefied natural gas,…
Biden: Pushing OPEC to Boost Oil Output ‘Not at All Inconsistent’ With Climate Goals
November 1, 2021
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President Joe Biden said on Sunday that it was “not at all inconsistent” for him to push energy-producing countries to ramp up production of fossil fuels while also urging others to lower emissions in line with his climate goals. Speaking at a press briefing following days of negotiations in Rome between leaders of the Group…
US Shale Producers Lock in Future Sales as Oil Prices Rise to One-Year High
NEW YORK/HOUSTON—U.S. shale producers are taking advantage of the oil market’s rally to levels not seen in nearly a year by locking in prices for future sales, sources familiar with the matter said. U.S. crude futures this month jumped above $50 a barrel to the highest since February. The rally has sparked optimism among shale…
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