The three-month streak of falling gas prices may be coming to an end after 14 consecutive weeks, as uncertainties regarding crude oil supplies begin to mount. After declining for 99 days, the national gas average rose slightly, to $3.68 a gallon, on Sept. 21, according to AAA, a sign that fuel costs may begin to rise again….
Gasoline Prices Jump as Supply Uncertainties Mount
September 21, 2022
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US Emergency Oil Reserves Fall to Lowest Levels Since 1984
The U.S. Strategic Petroleum Reserve (SPR) has declined to its lowest level since November 1984, according to the latest data from the Energy Information Administration (EIA). In the week ended Sept. 2, the nation’s emergency crude stockpiles totaled 442.5 million barrels. It has not been this low since late November 1984, when the SPR hovered at around 441…
Price Cap on Russian Oil Not a ‘Panacea’ for Global Energy Markets, Experts Warn
The Group of Seven’s (G7) plan to install a price cap on Russian crude oil is not a “panacea” for international energy markets and may worsen conditions, experts say. G7 finance ministers recently agreed to institute a price cap on Russian oil in an effort to cripple the country’s revenues that help pay for its…
OPEC Slashes Oil Output Weeks After Biden’s Fist Pump With Saudi Crown Prince
Crude futures rallied Monday after the Organization of the Petroleum Exporting Countries (OPEC) and its oil-producing allies, OPEC+, agreed to trim their production levels amid growing global recession fears. The cartel plans to reduce output targets by approximately 100,000 barrels per day (bpd) beginning in October. Officials purported that it was necessary to stabilize market…
OPEC Slashes Oil Output Weeks After Biden’s Fist Bump With Saudi Crown Prince
Crude futures rallied Monday after the Organization of the Petroleum Exporting Countries (OPEC) and its oil-producing allies, OPEC+, agreed to trim their production levels amid growing global recession fears. The cartel plans to reduce output targets by approximately 100,000 barrels per day (bpd) beginning in October. Officials purported that it was necessary to stabilize market…
Capitol Report (July 14): Last World War II Medal of Honor Recipient Honored; Investigation: US Emergency Oil Shipped to China
July 14, 2022
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Capitol ReportCCPChinachinese espionagecrude oildefense billDepartment of EnergyEpochTVfarmlandFBIinflationIranIsraelJosh HawleyKevin CramerOilSaudi Arabiaservice membersU.S. economyUSUS News
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President Joe Biden is wrapping up his visit to Israel, yet he’s faced with complicated geopolitical questions as pressure from inflation mounts at home. What’s he saying about Iran and his next stop—Saudi Arabia? Service members could see around a 5 percent raise in their salaries, as the House spent hours of floor time passing…
Gasoline Prices Fall For 26th Straight Day
Gasoline prices continued their decline on Sunday, easing some of the burdens on American citizens who have been grappling with rising gas prices for the past several months. “Average US #gasprices have now declined for the 26th straight day and are nearly 36c/gal lower than 26 days ago,” oil and refined products analyst Patrick De…
United Airlines CEO Warns Fuel Costs Could Remain High
United Airlines Inc. is expecting fuel prices to remain at elevated levels over the long term, says the company’s CEO Scott Kirby. Speaking to reporters in Doha, Qatar, Kirby said that United Airlines will have to foot the bill for $12 billion in fuel in 2022 considering current prices, according to Reuters. In North America,…
US Crude Output Still Below Pre-Crisis Levels; Slowing Production Could Weigh on Growth
Over the last month, West Texas Intermediate (WTI) crude oil prices have surged nearly 20 percent to around $120 per barrel. Despite soaring energy prices, U.S. output is still below pre-pandemic levels, with analysts pointing to Washington and cash discipline as the causes. WTI and Brent, the international benchmark for oil prices, have rallied in…
US Announces Sales of 40 Million Crude Oil Barrels From Strategic Petroleum Reserve
May 25, 2022
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The U.S. government has announced the sale of up to 40.1 million barrels of crude oil to be released from the Strategic Petroleum Reserve (SPR) over the coming months. The U.S. Department of Energy’s (DOE) notice of sale is part of the Biden administration’s March 31 announcement to release 1 million barrels of crude oil…
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