HOUSTON—Chevron Corp on Friday posted its highest quarterly profit in eight years on surging oil and gas prices, higher output, and a recovery in motor fuel demand that boosted refining margins. The strong results for the No. 2 U.S. oil producer came a day after U.S. lawmakers grilled top executives of major oil companies over…
Mechanics Notice Some Auto Parts Becoming Scarce
Settled in 1806, Mechanicsburg, Pennsylvania was named for a settlement of mechanics who built and repaired Conestoga wagons. One can imagine mechanics handcrafting custom parts for wagon repair. Today, the mechanics of Mechanicsburg work on cars and get parts from various suppliers, but lately, access to auto parts has been a bit hit and miss….
US Demand for Oil Surges, Depleting Tanks in Oklahoma
October 27, 2021
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Business & EconomyCompaniesdemandEconomieseconomyInternationalLocal NewsMarketsOilOklahomaRegional NewsRegional-Local NewsSurgestanksUSUS NewsWorld
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NEW YORK—Crude oil tanks at the Cushing, Oklahoma storage hub are more depleted than they have been in the last three years, and prices of further dated oil contracts suggest they will stay lower for months. U.S. demand for crude among refiners making gasoline and diesel has surged as the economy has recovered from the…
Oil Drops 1 Percent as US Stockpile Rise Saps Rally
October 27, 2021
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LONDON—Oil prices fell on Wednesday after industry data showed crude oil stockpiles rose more than expected and fuel inventories unexpectedly increased last week in the United States, the world’s largest oil consumer. Brent oil futures fell $1.13 cents, or 1.3 percent, to $85.27 a barrel by 0902 GMT after closing at the highest in seven…
Third-Quarter Profits to Sparkle for Shale Producers Without Hedges
October 26, 2021
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With oil and gas prices at multi-year highs, U.S. shale producers are poised to deliver the strongest earnings since the onset of the coronavirus pandemic, so long as they didn’t lock in sales tied to much lower prices. Sky-high oil and gas prices will fill energy companies’ bottom line, rewarding investors who hung on through…
World Is Facing ‘Real Shortage of Energy’ That Could Lead to Social Unrest: Blackstone Co-Founder
October 26, 2021
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The world is facing a “real shortage of energy” that could lead to social unrest, according to Blackstone Inc. co-founder Stephen Schwarzman. “We’re going to end up with a real shortage of energy,” he said at the fifth edition of the Future Investment Initiative in Riyadh, Saudi Arabia, on Tuesday, Bloomberg reported. “And when you have a…
Oil Prices Edge Lower, Still Close to Highs on Short Supply
October 26, 2021
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TOKYO—Oil prices edged lower on Tuesday but remained near multi-year highs, supported by a global supply shortage and strong demand in the United States, the world’s biggest consumer. Brent crude was down 55 cents, or 0.6 percent, at $85.44 a barrel by 0922 GMT. U.S. oil dropped 56 cents, or 0.7 percent, to $83.20. “There…
Gas Inflation Kicks Drivers in the Pocket Book
Gas prices are the highest they have been in seven years, and they are going to keep on climbing through winter. Across the entire United States, the current average price for a gallon of gas is $3.37. The last time it averaged $3.37 a gallon was Sept. 17, 2014, according to records kept by AAA….
Gas Inflation Kicks Drivers in the Pocketbook
Gas prices are the highest they’ve been in seven years, and they’re going to keep on climbing through winter. Across the entire United States, the current average price for a gallon of gas is $3.37. The last time it averaged $3.37 per gallon was Sept. 17, 2014, according to records kept by AAA Travel agency….
Oil Hits Multi-Year High Above $86, Then Pulls Back
October 21, 2021
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LONDON—Oil hit a three-year high above $86 a barrel on Thursday driven by tight supply and a global energy crunch, although prices eased as some investors took profits on signs the rally is looking overstretched. Helping to drive the latest gain, a supply report from the U.S. Energy Information Administration on Wednesday showed crude and…
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