Rising Oil Prices Push Up Gas Costs for US Drivers, Aiding Russia's War Effort

FuelNuts & BoltsInflationSalesMoney MattersTrade & Border IssuesHot Spots
Written By Jennifer Joslyn

🛢 Rising Oil Prices Push Up Gas Costs for US Drivers, Aiding Russia's War Effort.

Rising oil prices are impacting consumers, complicating the global fight against inflation, and contributing to Russia's war chest. Several factors are driving the increase in oil prices, including Saudi Arabia's decision to cut back oil exports to global markets, which has tightened supply. Russia, an ally of Saudi Arabia in the OPEC+ oil producers' coalition, has also extended its production cut. This supply constraint has pushed oil prices higher, with international benchmark Brent oil trading at nearly $94 per barrel. While some analysts suggest oil prices could reach $100 a barrel due to robust demand and limited supply, others anticipate prices in the low $90s on average in the last three months of the year. The Saudis have the flexibility to adjust production cuts to respond to changing market conditions, as excessive oil price increases could fuel inflation and harm economic growth.

Read more from AP News ▶

Featured
Oil Speculators Reduce Bets Amid China Worries
Oil Speculators Reduce Bets Amid China Worries

Oil traders have cut their net long positions in Brent and WTI due to concerns over China's economy.

Argentina's Vaca Muerta Shale Set for Major Export Boost
Argentina's Vaca Muerta Shale Set for Major Export Boost

Argentina is gearing up to connect its Vaca Muerta shale play with the Punta Colorada port through a new pipeline, enabling supertankers to load crude oil.

Wildfires Disrupt Oil Sands Operations in Alberta
Wildfires Disrupt Oil Sands Operations in Alberta

Wildfires in northern Alberta are causing some oil sands operations to take precautions.

Oil Prices Fluctuate Amid Conflicting Demand Signals
Oil Prices Fluctuate Amid Conflicting Demand Signals

Oil prices fluctuated within a tight range on Friday, as investors weighed mixed signals from the world's top oil consumers, China and the U.S. Brent crude slipped 13 cents to $83.75 per barrel, while West Texas Intermediate (WTI) fell 4 cents to $79.22.

Trump Courts Oil Industry Support for Second Term Agenda
Trump Courts Oil Industry Support for Second Term Agenda

Former President Trump is collaborating with the oil industry to overturn President Biden's fossil fuel regulations if he wins in 2024.

BlackRock Challenges Texas’ $8.5 Billion Withdrawal Decision
BlackRock Challenges Texas’ $8.5 Billion Withdrawal Decision

in a recent development, BlackRock, the world's largest asset manager, is challenging Texas' move to pull out about $8.5 billion from the Texas Permanent School Fund (PSF), alleging it's a boycott against energy companies.

IEA vs. OPEC - Balancing Energy Security and Environmental Concerns
IEA vs. OPEC - Balancing Energy Security and Environmental Concerns

The world's top oil forecasters, OPEC and the International Energy Agency (IEA), are at odds over future oil demand, creating uncertainty for traders and investors.

Russia's Ambitious LNG Expansion Plans Hindered by Sanctions and Tanker Shortage
Russia's Ambitious LNG Expansion Plans Hindered by Sanctions and Tanker Shortage

Russia is aiming to increase its share of the liquefied natural gas (LNG) market to 20% by 2030, but its plans face challenges due to sanctions and a shortage of ice-class LNG tankers.

BP Joins Major Companies in Suspending Red Sea Shipments Amid Houthi Rebel Attacks
BP Joins Major Companies in Suspending Red Sea Shipments Amid Houthi Rebel Attacks

BP has decided to halt all shipments through the Red Sea due to recent attacks on trade vessels by Houthi rebels in Yemen.

OPEC Expresses Concern Over Possible Fossil Fuel Phase-Out Discussion at Cop28
OPEC Expresses Concern Over Possible Fossil Fuel Phase-Out Discussion at Cop28

The OPEC oil cartel has expressed concerns in leaked letters about the potential for a "fossil fuels phase out" being discussed at Cop28, the UN climate summit.

OPEC+ Agrees to 2.2 Million BPD Output Cuts for Early 2024, Led by Saudi Arabia
OPEC+ Agrees to 2.2 Million BPD Output Cuts for Early 2024, Led by Saudi Arabia

OPEC+ oil producers have agreed to voluntary output cuts totaling approximately 2.2 million barrels per day (bpd) for early next year, with Saudi Arabia continuing its existing voluntary cut.

Venezuela's Essequibo Referendum Sparks Tensions and Legal Dispute with Guyana
Venezuela's Essequibo Referendum Sparks Tensions and Legal Dispute with Guyana

Venezuela is holding a referendum on whether to establish a new state in the disputed Essequibo territory, which has significant oil reserves and has been a source of tension with Guyana for over a century.

OPEC+ Meeting Delayed Amid Dispute Over Output Quotas for African Members
OPEC+ Meeting Delayed Amid Dispute Over Output Quotas for African Members

The OPEC+ coalition, comprising 23 oil-producing nations, has postponed a meeting to finalize output levels for 2024 by four days to November 30.

Oil Prices Retreat as OPEC+ Meeting Looms Amid Supply Cut Speculations
Oil Prices Retreat as OPEC+ Meeting Looms Amid Supply Cut Speculations

Oil prices dipped ahead of the scheduled OPEC+ meeting where discussions about potential supply cuts were expected.

Oil Industry Flourishes Post-Paris Agreement Despite Climate Efforts
Oil Industry Flourishes Post-Paris Agreement Despite Climate Efforts

Eight years after the Paris Agreement, the oil industry is thriving, with rising profits and record production levels, especially in the United States.

Sinopec Breaks Record with Deepest Onshore Well in Asia, Boosting China's Energy Exploration
Sinopec Breaks Record with Deepest Onshore Well in Asia, Boosting China's Energy Exploration

China Petroleum & Chemical Corporation (Sinopec) has achieved the first oil and gas flows from Asia's deepest onshore well, the Yuejin 3-3XC well in the Tarim Basin, Xinjiang Uygur autonomous region.

Iraq's Support for OPEC+ Cuts Boosts Oil Prices, but Weekly Declines Continue Amid Demand Concerns
Iraq's Support for OPEC+ Cuts Boosts Oil Prices, but Weekly Declines Continue Amid Demand Concerns

Oil prices rose by approximately 2% as Iraq expressed support for OPEC+'s oil production cuts ahead of an upcoming meeting.

Warren Buffett Boosts Occidental Petroleum Stake Despite Anticipated Q3 Profit Plunge
Warren Buffett Boosts Occidental Petroleum Stake Despite Anticipated Q3 Profit Plunge

Warren Buffett-backed Occidental Petroleum (OXY) is set to report its third-quarter earnings, with analysts expecting a more than 60% drop in quarterly profit.

Chevron and Exxon Bet Big on Oil and Gas With Multi-Billion-Dollar Acquisitions
Chevron and Exxon Bet Big on Oil and Gas With Multi-Billion-Dollar Acquisitions

Chevron and Exxon are making significant acquisitions in the oil and gas industry despite growing global momentum toward clean energy.

Chevron Acquires Hess in $53 Billion Deal, Gaining Access to Guyana's Oil Reserves
Chevron Acquires Hess in $53 Billion Deal, Gaining Access to Guyana's Oil Reserves

Chevron has agreed to purchase U.S. oil and gas producer Hess in an all-stock deal valued at $53 billion.

Biden Administration Eases Sanctions on Venezuela in Response to Election Agreement
Biden Administration Eases Sanctions on Venezuela in Response to Election Agreement

The Biden administration has eased sanctions on Venezuela, specifically in the oil, gas, and gold sectors, following an agreement between the government of President Nicolás Maduro and the U.S.-backed opposition to hold competitive presidential elections next year.

Biden Administration Proposes Gulf of Mexico Oil and Gas Lease Sales Amid Climate Balancing Act
Biden Administration Proposes Gulf of Mexico Oil and Gas Lease Sales Amid Climate Balancing Act

The Biden administration has proposed up to three oil and gas lease sales in the Gulf of Mexico but none in Alaska, aiming to strike a balance between energy production and climate concerns.

UK Approves Equinor's Rosebank Oil Project Amid Environmental Concerns
UK Approves Equinor's Rosebank Oil Project Amid Environmental Concerns

The UK has given the green light for Equinor's North Sea Rosebank oil and gas project, emphasizing energy security despite opposition from environmentalists.

Russia Continues to Depend on Europe for Oil Shipping
Russia Continues to Depend on Europe for Oil Shipping

Russia continues to depend on European shipping to transport its oil, even as its supplies exceed the price caps set by the Group of Seven (G-7) and its allies, according to the Centre for Research on Energy and Clean Air (CREA) based in Helsinki.

’Dark' Ships Deceive Locations to Move Billions in Oil Globally
’Dark' Ships Deceive Locations to Move Billions in Oil Globally

A growing number of ships are manipulating their reported locations for illicit activities, potentially involving goods worth billions of dollars.

Rising Oil Prices Push Up Gas Costs for US Drivers, Aiding Russia's War Effort
Rising Oil Prices Push Up Gas Costs for US Drivers, Aiding Russia's War Effort

Rising oil prices are impacting consumers, complicating the global fight against inflation, and contributing to Russia's war chest.

Diesel Issues Could Escalate Amidst OPEC+ Crude Shortage Concerns
Diesel Issues Could Escalate Amidst OPEC+ Crude Shortage Concerns

The diesel market is facing a crisis as output curbs from countries like Saudi Arabia and Russia limit the supply of medium and heavy crudes, crucial for diesel production.

Resilient U.S. Economy Spurs Steady Fuel Demand, Industrial Slowdown Continues
Resilient U.S. Economy Spurs Steady Fuel Demand, Industrial Slowdown Continues

Despite earlier predictions of an economic recession and declining oil demand, the U.S. economy has remained resilient, leading to stable demand for gasoline and jet fuel.

OPEC+ Sticks to Strategy, Saudi Arabia Extends Unilateral Oil Cut
OPEC+ Sticks to Strategy, Saudi Arabia Extends Unilateral Oil Cut

OPEC+ decided to maintain its current production cut strategy after Saudi Arabia extended its unilateral cutback of 1 million barrels a day into September.

Saudi Arabia Extends 1M-Barrel Oil Cut, Leaves Option to Deepen
Saudi Arabia Extends 1M-Barrel Oil Cut, Leaves Option to Deepen

Saudi Arabia has extended its unilateral oil production cut of 1 million barrels a day into September, and the country says it may extend or deepen the cuts further.

Jennifer Joslyn
Previous

Beyond Cents per Mile: Strategies to Attract Drivers with Competitive Pay
Next

Auto Supplier BorgWarner Cautions on Potential Impact Amid Expanding UAW Strike