(Bloomberg) — Canadian Natural Resources Ltd., Canada’s largest oil and gas producer, is aiming to raise production as high as 1 million barrels a day in 2023 for the first time as the company ramps up drilling amid historically high prices. Combined with natural gas, production is forecast to increase by 56,000 barrels of oil […]
Read More(Bloomberg) — Gasoline prices in the US just saw the biggest single-day drop in more than a decade. Average US pump prices fell by 3.1 cents to $4.721 a gallon overnight, marking the largest daily drop since December 2008, according to auto club AAA. Prices at the pump have been falling for the past 24 […]
Read More(Bloomberg) — Global energy markets that have thrown up plenty of anomalies in 2022 as flows get rerouted and prices jump just saw a fresh quirk: India, typically Asia’s leading gasoline and diesel exporter, has been forced to step up imports of the fuels. Gasoline imports are set to rise to about 37,000 barrels a […]
Read More(Bloomberg) — Oil sank as investors weighed escalating concerns that the US may be headed for a recession, while the Biden administration prepared to step up its fight against lofty pump prices by calling for a tax holiday on gasoline. West Texas Intermediate tumbled toward $104 a barrel, echoing last week’s retreat, with prices falling […]
Read More(Bloomberg) — From record gasoline prices to higher airfares to fears of diesel rationing ahead, America’s runaway energy market is disquieting both US travelers and the wider economy. But the chief driver isn’t high crude prices or even the rebound in demand: It’s simply too few refineries turning oil into usable fuels. More than 1 […]
Read More(Bloomberg) — America’s drivers are being squeezed at the pump, and the root cause is surging oil prices. But that’s not the whole story. Gasoline prices rise and fall with the price of crude, though not always in sync or to the same extent. Add to that: taxes, refining costs, and distribution and marketing costs. […]
Read More(Bloomberg) — Visa Inc. and Mastercard Inc. are planning a raft of changes to rules for gas stations to allow larger transactions after a surge in fuel prices across the U.S. made it hard for some drivers to fill up using credit cards. Many gas stations have a $125 limit for Visa transactions at the […]
Read More(Bloomberg) — Oil prices may have eased, but gasoline at the pump hasn’t — a familiar problem for the Biden administration grappling with elevated inflation in the U.S. West Texas Intermediate crude futures, the U.S. benchmark, have dropped from multi-year highs above $120 a barrel touched after Russia’s invasion of Ukraine, but the national average […]
Read MoreWith gasoline prices poised to reach a new all-time high within days, President Joe Biden recently issued a stern warning to the nation’s oil producers and gas retailers. “American oil and gas companies should not – should not exploit this moment to hike their prices to raise profits,” Biden said in a speech. Are they, […]
Read MoreStart saving those pennies as driving your car may cost way more in 2022, predicts gas price tracking firm GasBuddy. In a new study released on Wednesday, GasBuddy forecasts the nationwide average price for gas will be $3.41 in 2022. The current price nationwide averages about $3.29. GasBuddy thinks prices could near $4 a gallon […]
Read More(Bloomberg) — President Joe Biden didn’t mince words as he blamed the oil industry for gasoline prices running at a seven-year high. “Gas supply companies are paying less and making a lot more,” he said in televised remarks from the White House last week. “That’s unacceptable.” Within minutes, the oil industry and its congressional backers […]
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