Why Biden’s release of US oil reserves won’t end pain at the pump | Business and Economy News

Why Biden's release of US oil reserves won't end pain at the pump |  Business and Economy News

Washington, DC- When Joe Biden announced that the United States would release more than 180 million barrels of oil from its strategic petroleum reserve over the next six months, the US president hailed it as an historic move that would lower fuel prices in the US. The price at the pump has surged amid Russia’s … Read more

Biden’s plan to lower gas prices could take weeks. How to pay less now

Biden's plan to lower gas prices could take weeks.  How to pay less now

Filling up at the pump comes with a hefty dose of sticker shock. Russia’s invasion of Ukraine and global supply concerns have sent gas prices to record highs — hitting $6 in some parts of the country. To combat the spike in energy costs, the White House said it will release 1 million barrels of … Read more

Millions of Brits plunged into ‘fuel poverty’ as energy bills surge

Millions of Brits plunged into 'fuel poverty' as energy bills surge

A protester holds a ‘Save Us From The Energy Crisis’ placard during a rally in London. British households face soaring energy bills from April 1 as the country’s energy price cap rises by 54%. Vuk Valcic | Sopa Pictures | light rocket | Getty Images The number of English households in fuel poverty will double … Read more

How hackers and geopolitics could derail the planned energy transition

How hackers and geopolitics could derail the planned energy transition

This image shows an onshore wind turbine in the Netherlands. Mischa Keijser | Picture Source | Getty Images Discussions about the energy transition, what it means and whether it’s actually underway at all, have become major talking points in recent years. How the transition — which can be seen as a shift away from fossil … Read more

Oil prices slide as Biden considers huge reserves release

Oil prices slide as Biden considers huge reserves release

A general view shows Marathon Petroleum’s oil refinery, following Russia’s invasion of Ukraine, in Anacortes, Washington, March 9, 2022. david ryder | Reuters LONDON — Oil prices dropped sharply on Thursday after reports that US President Joe Biden is considering the release of up to 180 million barrels from the country’s strategic petroleum reserve (SPR). … Read more

Saudi energy minister says OPEC will leave politics out of oil decisions

Saudi energy minister says OPEC will leave politics out of oil decisions

Saudi Energy Minister, Prince Abdulaziz bin Salman bin Abdulaziz Al Saud speaks during the UN Climate Change Conference (COP26), in Glasgow, Scotland, Britain, November 10, 2021. yves herman | Reuters Saudi Arabia’s energy minister said Tuesday that OPEC+ will keep politics out of its decision-making in favor of the “common good” of stabilizing energy prices. … Read more

Russia will ‘always’ be a part of OPEC+, UAE energy minister says

Russia will 'always' be a part of OPEC+, UAE energy minister says

The United Arab Emirates’ energy and infrastructure minister has insisted that Russia will always be a part of OPEC+ even as governments across the globe shun the oil exporter over its war in Ukraine. Speaking to CNBC on Monday, Suhail Al Mazrouei, a former president of the oil alliance, said no other country could match … Read more

Oil slides more than 8% as Shanghai lockdown prompts demand fears

Oil slides more than 8% as Shanghai lockdown prompts demand fears

Andrey Rudakov | Bloomberg | Getty Images Oil declined more than 7% during Monday morning trading on Wall Street as concerns over new lockdowns in China and the potential impact on demand sent prices tumbling. West Texas Intermediate crude futures, the US oil benchmark, slipped $8.89 or 7.8%, to trade at $105.01 per barrel at … Read more

TotalEnergies won’t work with Putin, refuses to write off Russian assets

TotalEnergies won't work with Putin, refuses to write off Russian assets

The CEO of TotalEnergies on Saturday defended the company’s refusal to fully exit Russia, but said it would never do business with President Vladimir Putin again. Speaking to CNBC’s Hadley Gamble, Patrick Pouyanne, chairman and CEO of TotalEnergies, said he was not prepared to write off the company’s assets in Russia as it would effectively … Read more

Canada to increase oil, gas exports amid push to displace Russia | Oil and Gas News

Canada to increase oil, gas exports amid push to displace Russia |  Oil and Gas News

Canada says move comes after European allies said they ‘need help’ as they ease dependence on Russian energy supplies. Canada plans to increase oil and gas exports this year by up to 300,000 barrels per day, the country’s natural resources minister has said, as nations seek to wean themselves off Russian energy supplies amid the … Read more