Average U.S. diesel prices have declined, while gas prices declined for the third consecutive week. The national average price of diesel fell by $0.063 over the last week, and now stands at $4.01 per gallon, $1.51 lower from a year ago, according to GasBuddy. The most common U.S. diesel price was $3.99 per gallon, which stood…
Global Oil Markets Facing Uncertainties With EU Moving Away From Crucial Russian Diesel Supplies
Oil markets are bracing for a new period of supply tensions as the European Union is set to cut off ties with its largest external diesel supplier when sanctions against Russian-refined fuel imports come into effect in February. Diesel supplies are already running tight, leading to pump prices being higher than gasoline in many regions….
White House Signals ‘Significant’ Drawdowns From Strategic Reserve Beyond 180 Million Oil Barrels
The White House on Tuesday signaled “additional significant” drawdowns from the U.S. Strategic Petroleum Reserve (SPR) beyond the 180 million barrels announced in March. But an expert says these drawdowns “failed to control oil prices.” The final 15 million barrel tranche of the total 180 million barrel SPR drawdown is expected to be announced Wednesday, according to…
Oil Markets Affected by Supply Squeeze and Fears of Recession
Global oil markets are in a tough spot as recession fears and worries about supply push the sector into “walking a tightrope,” an International Energy Agency (IEA) report warned. Though a “resilient Russian supply” and weaker-than-expected oil demand growth in advanced economies have “loosened headline balances,” price tensions persist and refinery margins remain extreme, said…
US Gasoline Prices Edge Lower After Hitting Record High Last Week
NEW YORK—U.S. gasoline prices at the pump edged lower over the weekend after reaching all-time highs last week following Russia’s invasion of Ukraine. Retail gasoline prices fell for the second straight day on Sunday to $4.325 per gallon, below a record of $4.331 hit on Friday, according to American Automobile Association data. Russia’s invasion of…
Oil Markets Weighing OPEC’s Ability to Compensate Russian Supply, Washington Might Remove Restrictions on Venezuelan Oil
The price of oil has dropped significantly in the two days since hitting its highest price level in over a decade on March 7, and is currently trading in an unpredictable manner as markets weigh in on the ability of the Organization of Petroleum Exporting Countries (OPEC) to fill the supply gap created by the…
US News
RSS Error: A feed could not be found at `https://www.theepochtimes.com/c-us/feed`; the status code is `200` and content-type is `text/html; charset=utf-8`