OPEC Plus decided to send a message of confidence to the global oil market. By choosing to go ahead with their 400,000 barrels of oil a day production increase, they seemed to be saying that they're not afraid of your omicron variant.
Americans are being hit by inflation and high gas and heating bills. We are also being hit with the reality that the Biden administration’s pledge not to raise taxes on Americans earning less than $400,000 is not valid.
When energy supplies become vulnerable, the entire country becomes vulnerable. It's a lesson that should have been learned after the Arab oil embargo and World War II.
BP says that global oil demand today has already exceeded 100 million barrels per day (bpd), officially putting to bed that incorrect prediction that global oil demand had peaked.
Saudi Arabia is warning that global oil spare production capacity is waning and “big oil” is crying all the way to the bank. The green new deal is making big oil big money as it drives shortages of oil and forces prices to multi-year highs.
One of the laws of markets that we should all take to heart is that if you show me a price cap, I will show you a shortage. Maybe not today, perhaps not tomorrow but someday.
The retreat by the U.S. energy industry on the world stage is being felt around the globe. Now with the expectations that global demand will exceed pre-covid levels in just a few months, users of oil and gas and propane had better be prepared for sharply higher prices.
Oil prices are soaring back after the Department of Energy downplayed suggestions that they might use the strategic petroleum reserve to ban oil exports in an attempt to lower energy prices.
The combination of a slow comeback in Gulf oil production and an energy policy by the Biden administration that discourages oil and gas production is creating a situation that’s very bullish for petroleum and natural gas markets.
While global oil inventories fall at an alarming rate, continuing concerns about China property developer Evergrande are holding prices back.