Treasury chief Janet Yellen heads to India as US seeks to deepen ties

Treasury chief Janet Yellen heads to India as US seeks to deepen ties

Treasury Secretary Janet Yellen’s trip to India this week will be the latest attempt by the Biden administration to look past the new power’s longstanding ties to Russia and deepen a relationship it hopes will serve as a counterweight to China. The US has changed its approach to India since the invasion of Ukraine began, … Read more

Biden calls for fines for oil and gas companies’ ‘windfall’ profits

Biden calls for fines for oil and gas companies’ ‘windfall’ profits

WASHINGTON — President Biden called on Congress to punish oil and gas companies if they don’t use their profits to help lower energy costs for consumers, increasing his criticism of the fossil fuel industry ahead of next week’s midterm elections. “Their profit is a storm of war,” said Mr. Biden on Monday at the White … Read more

America’s refineries run on Premium

America’s refineries run on Premium

It’s a great time to be an American refiner. Marathon Petroleum corp. MPC 4.98% on Tuesday said its refining and marketing segment generated $4.6 billion in segment income from operations — nine times what it did a year earlier. Its shares rose 3.9% in early afternoon. Valero energy corp. VLO 3.57% , which reported last … Read more

Saudi Aramco profits jump 39% on high oil prices

Saudi Aramco profits jump 39% on high oil prices

Saudi Arabia’s national oil company posted a 39% jump in quarterly profit on Tuesday as high oil prices boosted earnings that are helping the kingdom pay for an ambitious economic transformation plan at home and expand its diplomatic influence in the region. Aramco, officially named Saudi Arabian Oil Co., said its net income totaled $42.43 … Read more

Why the most common gas price is far from average

Why the most common gas price is far from average

Just two days earlier, AAA had set the national average price for regular gasoline at $3.79 per gallon. gallon – as much as 50 cents higher. It is a gap so large that one can wonder if the figure is perhaps wrong or taken out of context. It’s not, assuming you take it literally: It’s … Read more

The hidden corner of the energy market, where Russian exports to Europe are flourishing

The hidden corner of the energy market, where Russian exports to Europe are flourishing

Europe is spending hundreds of billions of euros to wean itself off Russian natural gas, but there is one corner of the energy market where the continent is struggling to kick the habit. While supplies of Russian pipeline gas, which made up the bulk of Europe’s gas imports before the Ukraine war, are down to … Read more

Biden Pitch Plans To Replenish Oil Reserves But Producers Are Skeptical

Biden Pitch Plans To Replenish Oil Reserves But Producers Are Skeptical

After releasing the most oil ever from the U.S. emergency oil reserve, the Biden administration is signaling it will soon replenish, a multibillion-dollar venture it hopes will revive sluggish domestic drilling activity. The track is likely to be a tough sell for many domestic manufacturers, industry executives and analysts say. “It’s a little more [complex] … Read more

Biden Pitch Plans To Replenish Oil Reserves But Producers Are Skeptical

Biden Pitch Plans To Replenish Oil Reserves But Producers Are Skeptical

After releasing the most oil ever from the U.S. emergency oil reserve, the Biden administration is signaling it will soon replenish, a multibillion-dollar venture it hopes will revive sluggish domestic drilling activity. The track is likely to be a tough sell for many domestic manufacturers, industry executives and analysts say. “It’s a little more [complex] … Read more

Europe’s energy shock prompts rethinking of liberalized gas markets

Europe’s energy shock prompts rethinking of liberalized gas markets

Rocked by its biggest energy shock since the 1970s, Europe is undoing parts of a two-decade effort to promote a competitive market for natural gas. In the coming weeks, the EU will ask member states for the possibility of limiting gas prices in extreme market conditions. It wants energy companies to band together to gain … Read more

EU leaders meet to tackle gas price pain from Russia’s war in Ukraine

EU leaders meet to tackle gas price pain from Russia’s war in Ukraine

BRUSSELS – European Union leaders are meeting for the second time this month to tackle the pressing issue of how to deal with high energy prices as a result of Russia’s invasion of Ukraine and the resulting economic war between Moscow and the West. EU leaders, along with the US, Britain and other free market … Read more