Biden urges oil companies to cut prices after Shell’s profit doubled
President Joe Biden criticised record energy company profits after Shell announced its second-highest earnings ever while raising its dividend and expanding buybacks.
gasoline
Biden says more oil releases possible to cut gasoline prices
President Joe Biden announced the drawdown of an additional 15 million barrels of oil from US emergency reserves, as well as what he called a “ready and release plan” aimed at driving down gasoline prices.
Oil drops below $100 as traders assess weak US gasoline demand
Oil slipped back below $100 a barrel as investors assessed signs of lacklustre US gasoline demand and expanding stockpiles.
Biden sees no quick fix on gas costs, weighs Russian crude price cap
The US has no immediate way to slash the price Americans are paying for gasoline, and is considering other proposals such as trying to set a lower price for sale of Russian crude, President Joe Biden said.
India set for record oil demand on recovery from Covid washout
India, once the center of global oil demand growth, expects its fuel consumption to bounce back during the coming year as the nation recoups the losses caused by Covid-19.
Morgan Stanley: Gasoline industry is about to become totally worthless
The average energy investor is by now well aware of the sector's monumental shift from fossil fuels to renewable energy. Coal-powered power plants have been shuttering at an alarming clip as the price of electricity from natural gas and renewables undercuts them while wind and solar generation continue to gain the ascendancy.
Traders talk peak demand and an upstream shift
Demand in Europe and the US may have peaked already, the heads of three trading companies have said, but growth will be sustained by Asia.
One of hottest energy trades this year is becoming the trickiest to profit from
One of the hottest trades this year across energy markets is proving one of the trickiest to profit from.
Crude at five-month high as U.S. gasoline stockpiles tumble
Crude closed at a five-month high after U.S. government data showed the biggest decline in gasoline stockpiles since 2017, offsetting an increase in crude inventories.
Brent falls below $50, lowest since November, as US stockpiles rise
The price of Brent crude has dropped below $50, the lowest in almost four months, as surging US stockpiles dim optimism that OPEC and its partners output cut will rebalance the market.
Colonial Pipeline gasoline line could be shut for week after worker dies
A gasoline line may be shut for at least a week after one worker was killed and five others were injured after an explosion and a fire in Alabama.
Leak from biggest US gasoline pipe sparks supplier ‘red alert’
Gasoline prices are set to jump across the eastern U.S. after a spill from the country’s largest fuel pipeline choked off supplies.
Kuwait to raise gasoline prices to counter oil revenue drop
Kuwait’s government approved an increase in prices of gasoline sold locally by as much as 83 percent, becoming the latest oil-rich Arab nation to cut subsidies as lower crude prices squeeze finances.
Flotilla of European gasoline tankers fuels US driving binge
As a flotilla of gasoline tankers steams across the Atlantic Ocean to the US, European motorists are paying more for their gasoline because Americans are driving more than ever. Surging demand and rising prices for gasoline in the US are luring about double the number of tankers compared with 2014, boosting shipping rates to the highest seasonal levels in seven years. With so much being exported, fuel prices in Europe have increased almost four times faster than crude since February to the equivalent of more than $6 a gallon. The flotilla underscores the rising thirst for fuel after oil prices fell by half since June 2014 and the U.S. economy improved. Americans are driving record miles, raising consumption of gasoline and profit margins for refiners.
Record gasoline output to curb biggest US oil glut in 85 years
Refiners are poised to make gasoline at a record pace this year, keeping the biggest US crude glut in more than 80 years from overflowing storage. They’re enjoying the best margins in two years as they finish seasonal maintenance of their plants before the summer driving season. They’ll increase output to meet consumer demand and they’ve added more than 100,000 barrels a day of capacity since last summer, when they processed the most oil on record. Booming crude production expanded inventories this year by 86 million barrels to 471 million, the highest level since 1930.
Opinion: Why Americans hate fracking but love cheap gasoline
During the holidays, a friend was driving home and said she spotted a fracking well soon after she crossed into Texas. She wasn’t happy about it. Another friend posted on Facebook a picture of gas prices below $2 a gallon — something that hasn’t happened in more than five years — and commented that the low price made him feel as if “he was stealing something.” In America, the world’s largest energy-consuming nation, the biggest fractures occur not in deep underground shale formations but in the way we separate our perceptions of energy from reality.
China’s gasoline net export hits peak
China’s net exports of gasoline last month rose to the highest rate in more than four years as refiners in the world’s second-largest oil consumer boosted production to a record. Overseas sales exceeded imports by 674,360 metric tons in October, according to figures e-mailed by the General Administration of Customs today. That’s highest since April 2010 and more than double from September, data compiled by Bloomberg show. It’s equivalent to 184,000 barrels a day. Gasoline is used in cars and planes, said the customs agency in Beijing.