The Biden administration remains undecided about replenishing the nation’s strategic petroleum reserves (SPR) even as oil prices have fallen to favorable levels and resources are at multi-decade lows. Last year, the Biden administration sold 180 million barrels of oil from the SPR. In January 2021, when Biden became president, America’s SPR reserves stood at 638…
Refilling Nation’s Depleted Petroleum Reserves Not Happening Overnight: Biden Official
March 17, 2023
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economyglobal oil pricesNational SecurityPolicies & ImpactsUSUS energy securityUS NewsUS Strategic Petroleum Reserve
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Average US Gas Prices Could Reach $3.99 per Gallon by mid-August: Analysts
The average price of gasoline in the United States fell for the fifth consecutive week, tumbling 15.8 cents to $4.51 per gallon on July 18, according to GasBuddy. GasBuddy gathered data from more than 11 million individual price reports that covered over 150,000 gas stations across the nation. The report said the national average price per…
Average US Gas Prices Could Drop to $3.99 per Gallon by mid-August: Analysts
The average price of gasoline in the United States fell for the fifth consecutive week, tumbling 15.8 cents to $4.51 per gallon on July 18, according to GasBuddy. GasBuddy gathered data from more than 11 million individual price reports covering more than 150,000 gas stations across the nation. The report said the national average price per…
US Crude Oil Futures Hit Multi-Month Highs After Saudi Arabia Hikes Oil Price
June 6, 2022
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Arab light crudeBrent crude oilBusiness & MarketscommoditieseconomyEnergy Information Administrationglobal oil pricesMarketsSaudi AramcoUS
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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…
Oil Prices Fall From China Worries, Support Comes From European Embargo
May 3, 2022
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Business & EconomycommoditiesEuropeeuropean sanctions on russiaglobal oil pricesMarketsRussian Oil BanRussian Oil TradeWorld
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Crude oil prices declined on Tuesday trading due to demand worries from China and the country’s weak manufacturing activity data even though prices are getting support from a possible European Union ban on Russian oil. Brent crude oil July futures were trading at $106.10 per barrel on May 3 as of 09:57 UTC after hitting…
Oil Range-Bound Following IMF Prediction of Lower Global Growth
April 20, 2022
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Business & Economycommoditiesglobal oil pricesIMF - International Monetary FundMarketsRussia Ukraine invasionRussian Oil Trade
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Oil prices were trading range-bound on Wednesday after the International Monetary Fund (IMF) scaled down its global growth projections for 2022. Prices fluctuated as it received support from concerns about tighter supplies. Brent oil futures were trading at around $108.20 per barrel as of 13:42 UTC on April 20, very near to its opening price….
Venezuelan President’s Legacy of Human Rights Abuses Forgotten Amid Oil Shortages
In recent weeks, with increased sanctions against Russia and the systematic withdrawal of U.S. oil service companies from the Eurasian nation, officials turned to the authoritarian regime of President Nicolas Maduro in Venezuela in hopes of a solution. Since Russia launched a massive military invasion of Ukraine on Feb. 24, crude oil has suffered market…
Australians Continue to Endure Record High Petrol Prices as Russia-Ukraine War Drags on
Petrol prices in Australia surged to record highs in the week ending March 20 as the ongoing Russia-Ukraine war kept global oil prices at high levels. According to the Australian Institute of Petroleum, the national weekly average for retail petrol prices rose sharply by 14.9 percent to $2.12 a litre (US$5.94 a gallon) during the…
China the Main Beneficiary of Sanctions Against Russia
March 17, 2022
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AustraliaBusiness & EconomyChinaChina Business & EconomyCrown Prince Mohammed bin SalmaneconomyEuropeglobal oil pricesInternationalIranJoe BidenOpinionRussia-Ukraine WarRussian oilRussian sanctionsSaudi ArabiaSaudi Arabia oil productionViewpointsWorldXi Jinping
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Commentary With the United States and many European Union countries imposing trade sanctions on Russia and banning the import of Russian oil, it is timely to see who the losers and winners are of this ban. As I have previously written, trade sanctions rarely hurt the country that they are imposed on as they are…
Rising Inflation and War in Ukraine Could Slow Oil Demand Growth Says OPEC
March 15, 2022
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Business & Economycommoditieseconomic policiesEuropeglobal oil pricesinflationMarketsRussia ukraine conflictRussia-Ukraine WarUSUS NewsWorld
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The price of oil tumbled more than 7 percent on March 15 to its lowest level three weeks, despite supply disruptions caused by the conflict in Ukraine and surging COVID-19 cases in China. The steep decline followed after supply disruption fears eased when Russia’s Foreign Minister Sergei Lavrov stated that Moscow is in favor of resuming the…
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