The United States is going through a tense situation with regard to energy supply and demand, and the Biden administration is exacerbating the problem, said Jerry Simmons, president of the Domestic Energy Producers Alliance. In a recent interview for NTD’s “Capitol Report” program, Simmons pointed out that since crude oil is a global commodity, any event…

OPEC expects to increase oil output in 2023 by nearly 1 million barrels per day due to rising global demand. “In 2023, expectations for healthy global economic growth amidst improvements in geopolitical developments, combined with expected improvements in the containment of COVID-19 in China, are expected to boost consumption of oil,” the organization said in its monthly…

After Saudi Arabia announced a rise in crude prices for July, crude oil futures in the United States hit their highest level in nearly three months. West Texas Intermediate crude futures hit a three-month high of $120.99 per barrel on Monday, and were trading at $119.28 per barrel at 04:58 a.m. EDT. Meanwhile, Brent crude…

There are major concerns over the tightening supply situation in the global crude oil market, as the global oil benchmark Brent crude nears a two-month high. Brent crude could rise past $150 a barrel if there is a sharp cut in Russian oil exports, according to Bank of America’s (BOA) Global Research report on May…

Gas prices have hit a record high amid the crude oil price rally in international markets during the past few days, according to latest data from AAA. The national average price for regular unleaded gas on May 17 was $4.52 per gallon, which is an all-time record according to AAA. This is 3.4 percent higher…

Gas prices in the United States hit a record high on Tuesday as crude oil continues to remain above $100 per barrel, with some states seeing prices above $5 per gallon. The average price for regular unleaded gas on May 10 was $4.374 per gallon, beating the earlier record of $4.331 per gallon set on…

Brent crude oil fell below $100 per barrel on April 11 due to concerns about COVID-19 lockdowns lowering Chinese demand, as well as fresh supplies pouring into the market from global oil reserves. Brent oil futures were trading at $98.59 per barrel as of 16:08 coordinated universal time (12:08 p.m. Eastern time) on April 11,…

Stock markets around the world posted new highs even as rising inflation rates prompted Fed policymakers to issue hawkish remarks on upcoming rate hikes, treasury notes are on track for multi-year record yield percentages, and the war rages on in Ukraine. U.S. markets ended Tuesday on a positive note, with the Dow finishing 0.74 percent…

As the Russia–Ukraine conflict continues to rattle global markets, some traders are betting on crude oil prices going over $200 per barrel this month suggesting relief, in terms of fuel and related costs, is still far off. The prices of call option contracts for higher crude oil prices rose on Monday according to an analysis…

Russia’s crude oil is being sold at record discount rates as the country faces tough sanctions from Western nations following its invasion of neighboring Ukraine, but traders have remained cautious and stepped back from buying the discounted fuel. Moscow is offering Urals crude oil at a discount of $11.60 per barrel below Dated Brent, the…