Refined Products Archives - Page 12 of 32 -

Biden asks FTC to investigate ‘illegal conduct’ by oil, gas companies as prices surge

November 17, 2021

Fox Business President Biden on Wednesday called for the Federal Trade Commission to probe whether oil and gas companies are engaging in criminal conduct by profiting from artificially high prices at the pump, even as wholesale fuel costs decline. Biden – under mounting political pressure with inflation at the highest rate in more than three decades – urged FTC Chair Lina Khan in a

Exxon workers begin a vote on union’s future at Texas refinery

November 15, 2021

Nasdaq HOUSTON, Nov 15 – Workers locked out of their jobs at an Exxon Mobil XOM.N oil refinery this week begin casting ballots in a vote that will decide the fate of the United Steelworkers union (USW) at their Texas plant. Exxon locked out union members from the 2,700-acre Beaumont, Texas, refinery and oil packaging plant on May 1 after failed

Biden’s National Economic Council can’t settle on a plan as energy prices spike

November 12, 2021

World Oil (Bloomberg) –One hour after U.S. government data showed on Wednesday that American inflation had soared to a 31-year high, President Joe Biden vowed to fight the surge as “a top priority.” Key to his administration’s response, Biden said in a statement, would be addressing the rising cost of energy — what he described as “the largest share of

Refiner Marathon warns natgas rally may hurt profits, shares fall

November 2, 2021

Reuters Marathon Petroleum Corp signaled on Tuesday that a sustained rally in natural gas prices could take a toll on earnings, sending the largest U.S. refiner’s shares down 4%. The warning comes after U.S. natural gas prices soared more than 60% in the third quarter — translating into higher costs since natgas is used to power refining operations — as sky-rocketing global

Putin’s pledge for more supply can’t stop Europe’s gas price surge

October 14, 2021

World Oil (Bloomberg) –European gas futures continued their march upwards on Thursday, even after Russia pledged to deliver as much supply as the continent needs. Europe’s largest gas supplier is ramping up deliveries in line with requests from customers and is “prepared to discuss any additional steps” to stabilize the market, President Vladimir Putin said on Wednesday. He blamed the

Putin ready to send more Russian gas to Europe, blames flawed policies for shortage

October 13, 2021

World Oil MOSCOW (Bloomberg) – Russia is ready to deliver all of the natural gas that Europe needs, said President Vladimir Putin, blaming the continent’s current energy crisis on flawed policies rather than a lack of supply. Europe’s largest gas supplier is raising deliveries in line with requests from its customers and is “prepared to discuss any additional steps” to

Biden’s options to tame gas prices clash with his climate agenda

October 12, 2021

Bloomberg President Joe Biden is under intensifying pressure to keep a lid on rising gasoline and natural gas prices that threaten the economic recovery and Democrats’ political ambitions. But he has little power to control global energy markets. “The toolbox is actually pretty limited,” said Kevin Book, managing director of research firm ClearView Energy Partners. “The U.S. government doesn’t have

European gas prices hit all-time highs as Russian flows slump

October 1, 2021

Nasdaq MOSCOW – European gas prices surged to all-time highs on Friday as Russia kept a tight lid on supply, signalling further price pressures on European consumers heading into the winter heating season. Russian gas supplies via the Yamal-Europe pipeline fell on Friday by almost 77% from Thursday, according to data from grid operator Gascade, as Kremlin-controlled Gazprom GAZP.MM booked only a

Biden demands OPEC boost oil production amid rising gas prices

September 29, 2021

NY Post The White House is pressuring OPEC and its allies to boost oil production in a bid to tackle rising gasoline prices — despite imposing tighter restrictions on US oil companies last year. Biden’s National Security Advisor Jake Sullivan issued a statement on Wednesday urging OPEC — the Organization of the Petroleum Exporting Countries — to move faster to restore

Gas Price Pain Ahead if Refiners Face Restart Struggle

September 1, 2021

Rigzone (Bloomberg) — Some U.S. motorists who’d been expecting an end-of-summer relief for gasoline prices should start bracing for higher costs at the pump in the coming days due to Hurricane Ida. Ida made landfall in Louisiana Sunday and is traveling along a path where seven fuel-makers process the equivalent of 12% of the oil refined nationwide. The Category 4

Biden suspects “unlawful” oil and gas mergers are behind higher gasoline prices

August 31, 2021

World Oil (Bloomberg) –The Federal Trade Commission is examining ways to crack down on mergers in the oil and gas industry and investigate whether gas station franchises are driving up gas prices as part of a Biden administration effort to combat higher costs at the pump. FTC Chair Lina Khan is directing staff to identify new legal theories to challenge

Ida’s fury hits U.S. oil production, gasoline supplies

August 30, 2021

Nasdaq HOUSTON – Hurricane Ida pummeled U.S. Gulf Coast energy suppliers, knocking out most of the region’s offshore wells, nearly half its motor fuel production and closing energy-export ports. The storm moved into Mississippi on Monday after leaving a trail of destruction in Louisiana and rampaging through U.S. offshore oil and gas fields. Hundreds of oil production platforms were

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