California Gov. Gavin Newsom released a new proposal on March 20 aimed at limiting how much profit large oil companies can make and holding them “accountable” for alleged price gouging. Newsom announced in a press release that he’d reached a deal with legislative leaders regarding the proposal, which is authored by state Sen. Nancy Skinner, and…
California Gov. Newsom Unveils New Plan to Curb Oil Profits, Create Gas Price Watchdog
March 21, 2023
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Canada’s Supreme Court to Evaluate ‘No More Pipelines’ Law
The Supreme Court of Canada will hear a federal appeal this week trying to push through what’s often called the “No More Pipelines Act.” The bill, C-69, is officially called the 2019 Impact Assessment Act (IAA), though former Alberta Premier Jason Kenney gave it its other monicker. It gives the federal government more power over…
Oil Hits Lowest Since 2021 on Banking Fears
March 20, 2023
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LONDON—Oil prices fell on Monday to their lowest in 15 months on concern that risks in the global banking sector and a potential increase to U.S. interest rates could spark a recession that would sap fuel demand. In volatile trading, Brent crude futures for May fell $2.07, or 2.8 percent, to $70.90 a barrel at…
Oil Rises on Demand Hopes as Banking Fears Ease
March 17, 2023
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LONDON—Oil prices firmed on Friday as a meeting between Saudi Arabia and Russia calmed markets and after support measures stabilized a banking crisis that set oil prices on course for their biggest weekly fall since December. Brent crude futures firmed by $1.09, or 1.46 percent, to $75.79 a barrel by 1040 GMT. U.S. West Texas…
America Will Be Petroleum, Natural Gas Exporter Through 2050, Predicts Energy Information Administration
March 16, 2023
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The Energy Information Administration (EIA) expects the United States will remain a net exporter of petroleum and natural gas at least through the middle of this century. Its 2023 Annual Energy Outlook, released on March 15, credits that trend to “growing international demand.” Yet, the EIA also projects that zero-carbon nuclear power, natural gas, and…
US Will Be Petroleum, Natural Gas Exporter Through 2050, Government Agency Projects
March 16, 2023
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The Energy Information Administration (EIA) expects the United States will remain a net exporter of petroleum and natural gas at least through the middle of this century. Its 2023 Annual Energy Outlook, released on March 15, credits that trend to “growing international demand.” Yet, the EIA also projects that zero-carbon nuclear power, natural gas, and…
Oil Regains Some Ground After Credit Suisse Handed a Lifeline
Oil prices clawed back some ground on Thursday after sliding to 15-month lows in the previous session as markets calmed somewhat after Credit Suisse was thrown a financial lifeline by Swiss regulators. But, battered by fears of growing stress on banks worldwide, market sentiment remained fragile with both benchmarks giving up some early Thursday gains…
Oil Slips as Banking Fears Return, Offsetting China Demand Hopes
March 15, 2023
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LONDON—Oil extended losses on Wednesday as unease over Credit Suisse spooked world markets, offsetting hopes of a Chinese oil demand recovery. Early signs of a return to calm and stability faded after Credit Suisse’s largest investor said it could not provide the Swiss bank with more financial assistance, sending its shares and broader European stocks…
Oil Prices Continue Slump in Fallout From SVB Shutdown
LONDON—Oil prices dropped more than $2 a barrel on Tuesday, extending the previous day’s slide, as the collapse of Silicon Valley Bank rattled equities markets and sparked fear about a fresh financial crisis. Brent crude futures fell $1.64, or 2 percent, to $79.13 a barrel by 1001 GMT. U.S. West Texas Intermediate crude futures (WTI)…
Oil Prices Fall 2 Percent in Choppy Trade as Banking Fears Rattle Markets
NEW YORK—Oil prices fell over 2 percent in volatile trading on Monday as the collapse of Silicon Valley Bank roiled equities markets and raised fears of a fresh financial crisis. Brent crude futures settled down $2.01, or 2.4 percent, to $80.77. The global benchmark earlier fell to a session low of $78.34, its lowest price…
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