World Oil (Bloomberg) –The gasoline market is painting a picture of tight supplies this summer — the last thing Joe Biden will want to see as he tries to contain high fuel prices. On the New York Mercantile Exchange, futures contracts for gasoline are in an increasingly bullish structure called backwardation. They show that those who trade the fuel expect
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
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
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
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
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
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
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
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
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
Reuters BP Plc BP.L said on Tuesday it would buy the majority share it does not already own in its Thorntons joint venture from ArcLight Capital Partners LLC to expand its presence in the U.S. fuels and convenience retail business. The acquisition will bring BP more than 200 retail stores in Kentucky, Illinois, Indiana, Ohio, Tennessee and Florida and will mark
Reuters WASHINGTON – The Biden administration wants to spend $174 billion to boost electric vehicles and charging stations but its 2030 climate emissions reduction pledge released on Thursday does not include a firm date to phase out gasoline-powered vehicles. “These autos are coming. We know it. It is the future,” White House climate adviser Gina McCarthy said of EVs at
