Oil company Shell recorded a quadrupling of yearly profits as oil and gas prices reached peak levels, leading the company to buy back shares and increase shareholder dividends. “2021 was a momentous year for Shell,” said company CEO Ben van Beurden in the earnings report published Feb. 3. “Progress made in 2021 will enable us…
Are High Gas Prices Here to Stay?
News Analysis Americans are expected to spend more on gas in the new year if Wall Street predictions play out. While the U.S. government says gas prices will fall below $3 per gallon in 2022, many analysts forecast the opposite. With strong global demand and “underinvestment” in the oil and gas sector, prices at the pump…
Energy Boss Granholm Calls on Oil Companies to Increase Supply
November 24, 2021
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Energy Secretary Jennifer Granholm called on United States’ oil companies to increase production to try to help bring down the elevated prices Americans are paying at the pump. Granholm’s comments came during a Nov. 23 White House press briefing, hours after President Joe Biden ordered 50 million barrels of oil released from the nation’s Strategic…
UK Authorises Release of 1.5 Million Barrels of Oil From Strategic Reserves
November 23, 2021
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The UK government on Tuesday authorised British oil companies to release up to 1.5 million barrels of oil from their strategic reserves to ease pressure on energy prices. The Prime Minister’s official spokesman said that it was part of a coordinated international move led by the United States, which is releasing 50 million barrels. “We…
OPEC Is Not the Only Solution to High Oil Prices
Commentary High oil prices are a symptom of economic and monetary imbalances, not a consequence of Organization of the Petroleum Exporting Countries (OPEC) decisions. Throughout history, we have seen how OPEC cuts have done little to elevate prices when diversification and technology added to rising efficiency. Likewise, OPEC output increases don’t necessarily mean lower prices,…
Halliburton Posts Q3 Profit as Drilling Rebounds, Eyes Jump in Customer Spending
Oilfield firm Halliburton Co. on Tuesday posted its third consecutive quarterly profit and said customer spending in the United States could jump 20 percent next year, as stronger oil prices and drilling activity boost demand for services and equipment. Oil prices have rallied to multi-year highs with global crude futures climbing 4.5 percent in the…
Global Money Market Funds Attract Big Inflows on Inflation Concerns: Lipper
Global money market funds saw huge inflows in the week to Oct. 6, as investors favored safety amid concerns over higher inflation, supply shortages, and distress in the China property sector. According to data from Lipper, investors purchased a net $13.95 billion in global money market funds in the week, compared with net selling of…
US Energy Secretary Says Tapping Emergency Oil Reserves a Possible ‘Tool’ to Tame Fuel Prices
October 6, 2021
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Energy Secretary Jennifer Granholm on Wednesday said that the Biden administration is considering tapping the country’s emergency oil reserves to tame soaring gasoline prices, according to a Financial Times (FT) report. “It’s a tool that’s under consideration,” Granholm said at an FT energy transition summit when asked the possibility of the United States tapping into…
High Oil Prices but Slow Growth in Canada’s Energy Sector
The highest oil prices in seven years will encourage drilling, investment, and employment in Canada’s energy sector, but not as much as in past years, say analysts. The West Texas Intermediate (WTI) oil price exceeded US$79.10 per barrel on Oct. 5, and some analysts expect prices to rise higher still. The last time the price was…
Oil Prices Fall $1 After Saudi Price Cuts for Asia Spur Demand Concerns
Oil prices fell on Monday, extending losses after Saudi Arabia, the world’s top oil exporter, slashed crude contract prices for Asia over the weekend, reflecting well-supplied global markets and concerns over the outlook for demand. Brent crude futures fell 0.69 percent to $72.11 a barrel by 10:39 GMT, while U.S West Texas Intermediate crude was at $68.83 a…
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