Russian oil production is falling. In March, it shed half a million bpd, which by the end of April reached a full 1 million bpd, according to BP’s CEO, Bernard Looney. And this may well grow to 2 million bpd this month. These barrels may not be returning to the market any time soon. As …
Continue reading “Russia’s Oil Output Is Plummeting, And It May Never Recover”
The average price of diesel just hit a new record for a third consecutive day. It now sits at $5.43 per gallon. That’s actually a significant jump over yesterday’s $5.37, according to AAA. Gas prices also continuing to rise, but not at quite the same pace. The average price of a gallon of regular gasoline …
Continue reading “Diesel Prices Hit New Record On Wednesday”
The Federal Reserve delivered the biggest interest-rate increase since 2000 and signaled it would keep hiking at that pace over the next couple of meetings, unleashing the most aggressive policy action in decades to combat soaring inflation.The U.S. central bank’s policy-setting Federal Open Market Committee on Wednesday voted unanimously to increase the benchmark rate by …
German Economy Minister Robert Habeck shared on Wednesday, during a press conference, that he cannot “guarantee that regional oil supplies will not be disrupted.” The comment comes after the European Union announced a new proposal on the sanctions package, which targets Russian oil. The bloc plans to phase out the crude in the period of …
Continue reading “Habeck: Can’t guarantee smooth regional oil supply”
Omicron is so infectious it makes it hard for the elderly and immunocompromised to avoid The omicron variant of the coronavirus that causes COVID-19 that has swept across the U.S. since late last year has taken a grimmer toll than earlier variants, including in people who were vaccinated and even had booster shots. That’s according …
Continue reading “Omicron caused spike in deaths in vaccinated people”
Investing.com — Oil prices soared Monday as the major European nations considered joining the U.S. in an embargo of Russian oil exports, further tightening global supply. By 9:50 AM ET (1350 GMT), U.S. crude futures traded 5.4% higher at $108.66 a barrel, while the Brent contract rose 5.8% to $114.23. U.S. Gasoline RBOB Futures were …
Continue reading “Oil up 3% after EU proposal on Russian oil embargo”
The European Union is expected to target oil imports from Russia in a fresh sanctions package aimed at undermining the finances of Moscow and its ability to wage war in Ukraine. The details of the proposed new sanctions are expected to be laid out later Wednesday by the European Commission, before ambassadors of EU member …
Continue reading “EU to target Russian oil in new sanctions package”
The U.S. energy industry has taken its role of savior of Europe seriously. After boosting LNG exports to a record because of Europe’s thirst for energy, oil exports from the U.S. are now on the rise, as well, but the trend may not be sustainable. Reuters’ John Kemp wrote in a recent column that the …
Continue reading “Falling Inventories Could Stifle U.S. Plans To Help Europe Replace Russian Oil”
The move would open the Kremlin’s way to announcing a full mobilization and escalating the war in Ukraine, officials said.May 9, known as Russia’s “Victory Day,” commemorates the Russians’ defeat of the Nazis in 1945. Western officials have long believed that Putin would leverage the symbolic significance and propaganda value of that day to announce …
Domestic supplies of gasoline and diesel in the United States are dwindling as record volumes of fuel are being exported from the Gulf Coast (NB: wanna hear the outrage… the fuel exported is not going to Europe but to Latin America AND US domestic inventories of diesel, gasoline and Jet fuel are at record lows) …
Continue reading “U.S. Fuel Exports Are Draining Domestic Diesel And Gasoline Supplies”