EIA: US crude inventories up for 2nd consecutive week
US crude oil stockpiles added 2 million barrels last week for a second consecutive weekly increase, gasoline...
US crude oil stockpiles added 2 million barrels last week for a second consecutive weekly increase, gasoline supplies fell by 700,000 barrels, while distillate inventories rose by 700,000 barrels, the Energy Information Administration reported. Gasoline and diesel production declined last week even though refining capacity utilization remained elevated, at 94%.
President Joe Biden sent a letter to seven oil refining companies, including ExxonMobil and Chevron,...
President Joe Biden sent a letter to seven oil refining companies, including ExxonMobil and Chevron, asking them to increase gasoline and diesel production and engage with his administration to address the energy crisis, noting, "At a time of war - historically high refinery profit margins being passed directly onto American families are not acceptable." In response to Biden's letter, American Petroleum Institute President and CEO Mike Sommers said, "While we appreciate the opportunity to open increased dialogue with the White House, the administration's misguided policy agenda shifting away from domestic oil and natural gas have compounded inflationary pressures and added headwinds to companies' daily efforts to meet growing energy needs while reducing emissions."
Billionaire investor Jeff Gundlach says he won't be shocked if bitcoin falls to $10,000, as 'blow-ups' rattle the crypto market
Billionaire investor Jeff Gundlach says it wouldn't surprise him if ...
Billionaire investor Jeff Gundlach says it wouldn't surprise him if bitcoin falls further to hit $10,000, after a series of "blow-ups" that have raised worries about the stability of crypto markets.
The world's largest cryptocurrency by market cap has fallen to trade around 18-month lows over the past five days, and threatened to break below $20,000 Wednesday as investors fretted about recent industry events and Federal Reserve tightening.
"It looks like it's being liquidated. I'm not bullish at that $20,000 or $21,000 on bitcoin. I wouldn't be surprised at all if it went to $10,000," he said in a "Closing Bell" interview.
Sky-high oil prices are a unique chance to pay for climate action
The price of oil is at its highest point in a decade, over...
The price of oil is at its highest point in a decade, over $120 per barrel for Brent crude, the international benchmark. For the climate, that’s mostly good news.
At first glance, high prices could be an incentive for oil and gas companies to drill more. But the opposite is happening: Exxon, Chevron, and their peers are using windfall profits to pump up their stock prices and pay dividends to shareholders (despite desperate exhortations from the Biden administration to invest them in drilling). Record-breaking gasoline prices are blunting the sticker shock of electric vehicles, and could speed their adoption. And higher sales revenue from oil and gas means a tax windfall for fossil fuel-producing US states, which could use it to fund programs that clean up legacy pollution and future-proof their economies.
Gas prices: ‘The solution here, unfortunately, is probably a recession,’ analyst says
Gasoline prices remain above an ...
Gasoline prices remain above an average of $5/gallon nationally, according to AAA data, and energy experts still do not see any relief in sight.
"We’re likely to get record highs on U.S. regular gasoline this summer, when demand typically peaks,” Stewart Glickman, energy equity analyst at CFRA Research, told Yahoo Finance. “Best guess, we peak around $5.50/gallon during the summer.”
Citing refining capacity, he added: “If we’re going to get US gasoline prices to fall, it’s probably not going to be a supply-driven solution. The solution here, unfortunately, is probably a recession that kills demand and reduces scarcity of supply."
