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• Texas Power Prices to Surge 800% for Sunday Amid Searing Heat
  Ercot has issued a weather watch for Sunday and Monday “due...
  Ercot has issued a weather watch for Sunday and Monday “due to forecast higher temperatures, higher demand, and potential lower reserves,” the grid operator said in an emailed statement Saturday afternoon. “Ercot will continue to monitor conditions closely.”
  
  Power usage on Sunday is expected to peak at nearly 84.4 gigawatts at about 4 p.m., which would be an all-time high in Ercot. But it’s not until later when the solar generation starts to wane at sunset that supplies become tighter.
  
  Electricity prices expected for the grid rose to more than $2,500 a megawatt-hour for Sunday evening, up from Saturday’s high of about $275, according to data from the Electric Reliability Council of Texas, the grid operator.
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• Berkshire posts record operating profit, $35.9 billion of net income
  (Reuters) -Berkshire Hathaway on Saturday posted its highest-ever quarterly operating profit, while gains...
  (Reuters) -Berkshire Hathaway on Saturday posted its highest-ever quarterly operating profit, while gains from stock holdings helped the conglomerate led by billionaire Warren Buffett swing to a nearly $36 billion overall profit.
  
  Rising interest rates and dividend payouts, as well as a rebound in performance at the Geico car insurer, have been helping Berkshire's insurance businesses generate more money, with profit up 38% from a year earlier.
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• Gas prices rising again
  Gas prices are rising again.  The national...

  Gas prices are rising again.  The national average of a gallon of regular unleaded gas jumped 13 cents last week to $3.71, an eight-month high, according to AAA motor club.

  
  "The primary cause appears to be the oil price, which has marched nearly $4 higher in the past few days to hover near $80 per barrel," the news release said. "As oil accounts for almost 50 percent of the cost of a gallon of gas, higher oil prices usually mean higher pump prices."
  

  States with the most expensive gas

  
  

  
  
  1. California: $5.05 per gallon
  
  
  2. Washington: $4.99 per gallon
  
  
  3. Hawaii: $4.73 per gallon
  
  
  4. Oregon: $4.65 per gallon
  
  
  5. Alaska: $4.41 per gallon
  
  
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• US Drillers Cut Oil Rigs for Eighth Week in a Row
  U.S. energy firms this week cut the number of oil rigs...
  U.S. energy firms this week cut the number of oil rigs operating for an eighth week in a row, energy services firm Baker Hughes said in its closely followed report on August 4.
  
  The combined oil and natural gas rig count, an early indicator of future output, fell by five to 659 in the week of Aug. 4, the lowest since March 2022.  That was also the 13th time in the last 14 weeks that drillers cut rigs.
  
  Baker Hughes said that puts the total rig count down 105, or 14%, below this time last year.
  
  U.S. oil rigs fell four to 525 this week, dropping for an eighth week in a row to their lowest since March 2022, while gas rigs held steady at 128.
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• Closing Oil & Gas Prices for Friday
  Oil prices peaked for the cycle in March of last year, and since then have been in a steady downtrend,...
  Oil prices peaked for the cycle in March of last year, and since then have been in a steady downtrend, shedding more than 50% of their value from peak to trough. But a recent surge above $80/barrel has WTI crude on the verge of a breakout.
  
  Benchmark U.S. crude oil for September delivery rose $1.27 to $82.82 a barrel Friday. Brent crude for October delivery rose $1.10 to $86.24 a barrel.
  
  Wholesale gasoline for September delivery rose 2 cents to $2.78 a gallon. September heating oil fell 1 cent to $3.06 a gallon. September natural gas rose 1 cent to $2.58 per 1,000 cubic feet.
  
  
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