Oil and Gas
Europe admits it’ll have to burn more coal as it tries to wean itself off Russian energy
A wind turbine and coal in Lower Saxony, Germany. The EU’s desire to wean itself off Russian hydrocarbons means it will need to find fossil fuels from other parts of the world to plug supply gaps. Mia Bucher | Picture Alliance | Getty Images The European Commission has fleshed out details of a plan to […]
Read More
Consumers are hurting as ‘global energy shock’ gets underway, says World Energy Council
The current oil crisis isn’t like previous ones — and consumers will have to bear the brunt of it even as they grapple with rising inflation, Angela Wilkinson from the World Energy Council told CNBC. “I think this is a first global energy shock, this isn’t the same as the 1970s crisis, oil shock crisis. […]
Read More
Stephen Roach calls stagflation his base case, warns market is unprepared for the consequences
Stagflation is making a comeback, according to former Morgan Stanley Asia chairman Stephen Roach. He warns the U.S. is on a dangerous path that leads to higher prices coupled with slower growth. “This inflation problem is widespread, it’s persistent and likely to be protracted,” Roach told CNBC’s “Fast Money” on Thursday. “The markets are not […]
Read More
Rising fuel costs are a massive problem for business and consumers — Here’s why they’re so high
A sign displays gas prices at a gas station on May 10, 2022 in San Mateo County, California. Liu Guanguan | China News Service | Getty Images The surge in gasoline prices is impossible to miss and at the top of consumers’ minds as large billboards announce that gas now costs $4, or $5, and […]
Read More
Gas prices just hit a new record high. Here are a few ways to cut down the cost
As the summer driving season nears, gasoline prices show no signs of slowing down. The national average for unleaded gas hit a new high of $4.59 per gallon Thursday, according to AAA. For the first time ever, the average price was $4 per gallon or above in all 50 states this week, AAA data shows. Last year at […]
Read More
An energy transition loophole is allowing Big Oil to offload high-polluting assets to private buyers
An oil flare burns at Repsol’s oil refining complex in Cartagena, Spain. Repsol was one of the top sellers of assets between 2017 and 2021 in EDF’s analysis. Bloomberg | Bloomberg | Getty Images Oil and gas giants are increasingly selling off dirty assets to private firms, amplifying concerns that the fossil fuel industry’s traditional […]
Read More
California’s gas average tops $6 per gallon as prices across the U.S. surge
High gas prices at stations in Garden Grove, California, on Monday, March 7, 2022. Jeff Gritchen | Medianews Group | Getty Images California’s state average for a gallon of gas has surged above $6, making fuel in the Golden State the most expensive across the U.S. The average price at the pump in California hit […]
Read More
A huge tidal power testing facility is looking to simulate decades of harsh sea conditions
An image of the £4.6 million FastBlade facility. Scotland has a long association with North Sea oil and gas production, but in recent years it’s also become a hub for companies and projects focused on tidal power and marine energy in general. Jeff J Mitchell | Getty Images News | Getty Images A £4.6 million […]
Read More
Oil giant Aramco reports record first quarter as oil prices soar
Saudi Aramco logo is pictured at the oil facility in Abqaiq, Saudi Arabia October 12, 2019. Maxim Shemetov | Reuters Oil giant Aramco reported a more-than 80% jump in net profit Sunday, topping analyst expectations and setting a new quarterly earnings record since its IPO. The Saudi Arabian behemoth said net income rose 82% to […]
Read More
Gasoline, diesel prices rise to another record amid rampant inflation
A gas station is seen as the average price of gasoline reach all-time high at $4.37 per gallon (about 3.8 liters) in Virginia, USA on May 10, 2022. It’s claimed that gasoline prices vary by region. Yasin Ozturk | Anadolu Agency | Getty Images Retail diesel and gasoline prices climbed to another record high Thursday, […]
Read More