LONDON—Oil edged up on Wednesday, a day after settling below $100 a barrel for the first time since April, and gains were limited by a U.S. supply report showing rising inventories and caution ahead of U.S. inflation data. Despite a tight physical oil market, investors have sold oil futures on worries that aggressive rate hikes…
Top Official Warns Worldwide Energy Crisis ‘Will Get Worse’ Soon
The head of the International Energy Agency warned that the global energy crisis hasn’t yet hit its peak and will likely worsen in the northern hemisphere during the winter months. “The world has never witnessed such a major energy crisis in terms of its depth and its complexity,” IEA director Fatih Birol told an audience…
America’s Energy Independence
July 12, 2022
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Business & MarketsBusiness Columnistseconomyenergyenergy independencefossil fuelsInvestmentNatural gasOilOpinionrenewablesViewpoints
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Commentary The United States is a big country with lots and lots of natural resources, but our energy independence is complicated. For instance, with oil, it was a much different story 140 years ago. Official numbers vary, but in 1880 the United States was responsible for 85–95 percent of world oil production and refining. John…
Oil Slides on Strong Dollar and Weaker Demand Outlook
LONDON—Oil prices fell sharply on Tuesday on a strong dollar, demand-sapping COVID-19 curbs in top crude importer China and fears of a global economic slowdown. Brent crude futures were down by $4.78, or 4.5 percent, at $102.32 a barrel by 1112 GMT, having earlier sunk as low as $101.48. U.S. West Texas Intermediate crude was…
Rubio Calls out Biden on Foreign Dependence on Oil
Amid oil price hikes, U.S. President Joe Biden will “almost certainly” seek help from China, whose ruling Communist Party has pursued to make political gains while exporting refined products, said Sen. Marco Rubio (R-Fla.). “Thanks to a combination of now-President Biden’s horrific policies and a decades-long war against American-made energy, Americans find themselves begging foreign…
Kenney Wants Federal Climate Plan on Agenda at Premiers’ Meeting in BC
Alberta Premier Jason Kenney says he’ll be raising the alarm over the federal government’s emissions reduction plan when he meets with Canada’s premiers over the next two days. Kenney says the reduction plan is “pie in the sky,” calling it a “ridiculous” target with no proper plan for implementation. The premier, who made the comments…
Oil Drops on China COVID-19 Worries
LONDON—Oil prices fell on Monday in volatile trade, reversing some gains from the previous session as markets braced for new mass COVID-19 testing in China potentially hitting demand, a concern that outweighed ongoing concerns about tight supply. Brent crude futures fell $1.29, or 1.2 percent, to $105.73 at 0900 GMT, after climbing 2.3 percent on…
Putin Warns West: Sanctions Risk Energy Price Spike Catastrophe
July 8, 2022
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Business & MarketscommoditieseconomyEuropeGasinflationInternationalMarketsOilpricesPutinRussiaRussia-Ukraine WarWorld
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LONDON—President Vladimir Putin warned the West on Friday that continued sanctions against Russia over the war in Ukraine risked triggering catastrophic energy price rises for consumers around the world. Putin, who casts the sanctions imposed on Russia as a declaration of economic war, said that Western calls to reduce reliance on Russian energy had made…
Oil From US Reserves Sent Overseas as Gasoline Prices Stay High
HOUSTON—More than 5 million barrels of oil that were part of a historic U.S. emergency reserves release to lower domestic fuel prices were exported to Europe and Asia last month, according to data and sources, even as U.S. gasoline and diesel prices hit record highs. The export of crude and fuel is blunting the impact…
Biden’s Selling of Oil From Reserve to Hunter Biden-Tied Chinese Firm ‘Impeachable’: Republicans
July 8, 2022
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Asia & PacificbidenChinacongresseconomyFinance & Business TiesHunter BidenNational SecurityOilPolicies & ImpactsPoliticsRepublicansSinopecSpecial TopicsThreat from Communist ChinaunipecUSUS NewsUS-China relationsWorld
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The Biden administration’s move to sell nearly 1 million barrels of oil reserves to China “defies all common sense” and is benefiting U.S. adversaries at the cost of national interests, said Republican lawmakers, with some calling the action “impeachable.” The Department of Energy in April sold 950,000 barrels of Strategic Petroleum Reserve to Unipec America,…
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