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• Gasoline prices on Friday jumped to the highest level so far this year
  U.S. retail gasoline prices on Friday were closing in on year-ago levels as a rally in crude oil prices...
  U.S. retail gasoline prices on Friday were closing in on year-ago levels as a rally in crude oil prices shows no sign of easing, data showed.
  
  Travel club AAA put the national average retail price at $3.84 for a gallon of regular unleaded gasoline, unchanged from week-ago levels but almost 30 cents per gallon more than this time last month.
  
  Retail gasoline prices, according to an Energy Department forecast, should stay suppressed, with an annual average of $3.56 per gallon for this year and $3.45 for 2024. Prices could rise further, however, as the long Labor Day holiday weekend approaches.
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• Energy Department announces largest-ever investment in 'carbon removal'
  The Energy Department announced Friday it is awarding up to $1.2...
  The Energy Department announced Friday it is awarding up to $1.2 billion to two projects to directly remove carbon dioxide from the air in what officials are calling the largest investment in “engineered carbon removal” in history.
  
  The process, known as direct air capture, does not yet exist on a meaningful scale and could be a game changer if it did and were economical.
  
  Project Cypress will be built in Calcasieu Parish, Louisiana. South Texas DAC is planned for Kleberg County, Texas. Each claims it will capture up to one million metric tons of carbon dioxide per year initially. A representative of the Texas project said it will scale up to remove 30 million metric tons per year once fully operational. No date was given.
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• US drillers cut oil and gas rigs for fifth week in a row
  U.S. energy firms this week ...

  U.S. energy firms this week cut the number of oil and natural gas rigs operating for a fifth week in a row. The total oil and gas rig count, an early indicator of future output, fell by five to 654 in the week of Aug. 11, the lowest since March 2022.  That was also the 14th time in the last 15 weeks that drillers cut rigs.

  
  

  Baker Hughes said that puts the total rig count down 109 rigs, or 14%, below this time last year.

  
  

  After falling for eight weeks in a row, the number of oil rigs held steady at 525 this week, while gas rigs fell five to 123, their lowest since February 2022.

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• Closing Oil & Gas Prices
  Benchmark U.S. crude oil for September delivery...
  Benchmark U.S. crude oil for September delivery rose 37 cents to $83.19 a barrel Friday. Brent crude for October delivery rose 41 cents to $86.81 a barrel.
  
  Wholesale gasoline for September delivery rose 6 cents to $2.96 a gallon. September heating oil fell 3 cents to $3.12 a gallon. September natural gas rose 1 cent to $2.77 per 1,000 cubic feet.
  
  
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• S&P 500, Nasdaq finish lower, logging back-to-back weekly losses
  U.S. stocks finished mostly lower on Friday, with only the...
  U.S. stocks finished mostly lower on Friday, with only the Dow hanging on to gains, as the S&P 500 and Nasdaq Composite capped off their first back-to-back weekly losses in months. The S&P 500 SPX fell by 4.65 points, or 0.1%, to 4,464.18 on Friday, according to preliminary closing data from FactSet. The Nasdaq Composite COMP shed 93.14 points, or 0.7%, to 13,644.85. The Dow Jones Industrial Average DJIA gained 105.32 points, or 0.3%, to 35,281.46. The Nasdaq has fallen for two straight weeks for the first time since a four-week losing streak ended on Dec. 30, according to Dow Jones Market Data. The roughly 4.7% drop during that period is the biggest two-week decline for the index since the week ending Dec. 16.
  
  
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