American exploration and production (E&P) companies raised oil output modestly last week as overall petroleum demand recovered some ground after multiple declines earlier in the fall, the U.S. Energy Information Administration (EIA) said Wednesday. U.S. oil production last week increased by 100,000 b/d to 12.0 million b/d, EIA said in its latest Weekly Petroleum Status…
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Biden Says ‘There Will Be Consequences’ as U.S.-Saudi Standoff Intensifies; OPEC Demand Outlook Dims
President Biden warned of “consequences” for Saudi Arabia after OPEC-plus dismissed U.S. objections and said it would slash crude production, a move that could send global oil prices and gasoline costs for Americans surging. The Biden administration said the plan by the cartel, to cut output by up to 2 million b/d next month, would…
October 12, 2022
Domestic Crude Production Holds Even as Demand Eases; OPEC Sends Mixed Signals
U.S. oil output was flat for a third consecutive week as demand fell amid increasing consternation about a looming economic recession, U.S. Energy Information Administration (EIA) data released Wednesday showed. Production for the period ended Sept. 9 was even with the previous two weeks at 12.1 million b/d, EIA said in its Weekly Petroleum Status…
September 14, 2022
Biden’s Gasoline Tax Holiday Met with Skepticism, May Prove ‘Detrimental’ to Oil, Natural Gas Prices Long Term
President Biden called on Congress to pass a three-month federal gasoline tax holiday – about 18 cents/gallon – in an effort to ease Americans’ price pain at the pump. He also pressed refiners to boost production in the face of solid global oil demand. Regular unleaded gasoline hit a record $5.016/gallon on June 14, according…
June 23, 2022
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