oil prices

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Biden Is Releasing 1M Barrels of Oil From Reserve

Administration aims to lower pump prices this summer

(Newser) - The Biden administration said Tuesday that it is releasing 1 million barrels of gasoline from a Northeast reserve established after Superstorm Sandy in a bid to lower prices at the pump this summer. The sale, from storage sites in New Jersey and Maine, will be allocated in increments of 100,...

Israel-Hamas War Could Hit You at the Gas Pump

If the war escalates, oil prices will shoot up, which means food prices will, as well

(Newser) - The World Bank reported on Monday that oil prices could be pushed into "uncharted waters" if the violence between Israel and Hamas widens, which the AP reports could result in increased food prices worldwide. The World Bank's Commodity Markets Outlook found that while the effects on oil prices...

This Move by Saudi Arabia Could Mean Higher Gas Prices
Saudis Looking to
Jack Gas Prices

Saudis Looking to Jack Gas Prices

Amid slumping prices, Riyadh will slash oil supply

(Newser) - Saudi Arabia will reduce how much oil it sends to the global economy, taking a unilateral step to prop up the sagging price of crude after two previous cuts to supply by major producing countries in the OPEC+ alliance failed to push oil higher, the AP reports. The Saudi cut...

Moscow Retaliates for Price Cap on Russian Oil

Putin signs decree barring sales to countries that imposed limit

(Newser) - Russia says it's making good on its vow not to sell any oil under a price cap imposed by Western nations. Vladimir Putin signed a decree Monday stating that no oil will be sold to the Group of Seven nations, the European Union, and other allied nations between Feb....

The Saudis Appear to Be Betting on Trump
The Saudis Appear
to Be Betting on Trump

The Saudis Appear to Be Betting on Trump

Move to cut oil supply could be taken as a 'humiliation' for Biden ahead of midterms

(Newser) - Saudi Arabia claims the decision by the Saudi-led alliance of oil-exporting countries to slash oil production , which means driving up prices and boosting Russia's coffers amid its war in Ukraine, is a purely economic move. But onlookers say there's an ulterior motive—specifically, a plan to get former...

White House Slams 'Short-Sighted' Oil Cartel Move

OPEC+ decides to cut production to boost oil prices

(Newser) - The OPEC+ alliance of oil-exporting countries decided Wednesday to sharply cut production to support sagging oil prices, a move that could deal the struggling global economy another blow and raise politically sensitive pump prices for US drivers just ahead of key national elections. Energy ministers cut production by a larger-than-expected...

Gas Prices Dip Below $4
Gas Prices Dip Below $4

Gas Prices Dip Below $4

Nationwide average is lowest in more than 5 months

(Newser) - Gasoline prices have dipped to just under the $4 mark for the first time in more than five months—good news for consumers who are struggling with high prices for many other essentials. The American Automobile Association says the national average for a gallon of reguar was $3.99 on...

Pain at the Pump Sees a New Jump
Pain at the Pump
Sees a New Jump

Pain at the Pump Sees a New Jump

Gas prices have spiked 25 cents in just one week

(Newser) - At least 10 states now claim an average gas price of more than $5 per gallon, and some of them can trace this dubious honor back to a surge over the past few days. According to AAA, the country's average increased to $4.87 a gallon on Monday, which...

OPEC Alliance Agrees to Boost Oil Production

Move by group that includes Russia may bring modest relief to sky-high prices

(Newser) - The OPEC oil cartel and allied countries including Russia will raise production by 648,000 barrels per day in July and August, offering modest relief for a global economy suffering from soaring energy prices and inflation. The decision Thursday steps up the pace by the alliance, known as OPEC Plus,...

As Prices Spike, Biden to Tap Oil Reserve: Sources
It's the Biggest
of US Oil
in History

It's the Biggest Drawdown of US Oil in History

President orders release of 180M barrels from US reserves over six months

(Newser) - Update: This summary has been updated with new developments throughout. President Biden is ordering the release of 1 million barrels of oil per day from the nation’s strategic petroleum reserve for six months, the White House said Thursday, in a bid to control energy prices that have spiked since...

Stocks Fall as Oil Jumps More Than 4%
Dow Drops 449 Points
as Oil Rises Sharply

Dow Drops 449 Points as Oil Rises Sharply

Brent crude was up nearly 5%

(Newser) - Stocks closed lower on Wall Street Wednesday, giving back nearly all of the gains they made a day earlier, as crude oil prices rose sharply again. Technology, health care, and financial stocks were among the biggest losers. Retailers and communications companies also lost ground. The S&P 500 fell 55....

Markets Close Lower After US Bans Russian Oil
Nickel Trading Halted
After Price Doubles

Nickel Trading Halted After Price Doubles

(Newser) - Stocks ended lower after another day of yo-yoing between gains and losses after crude oil prices rose anew as the US banned imports from Russia. The price of nickel surged so much that trading for the metal was shut on Tuesday as the economic fallout from Russia’s invasion of...

Markets Plunge as Oil Price Touches $130 a Barrel
S&P 500 Just Had Its
Biggest Drop in 16 Months

S&P 500 Just Had Its Biggest Drop in 16 Months

Oil price briefly touched $130 a barrel

(Newser) - Stocks fell sharply on Wall Street Monday after another big leap for oil prices threatened to squeeze inflation’s grip on the global economy. The S&P 500 fell 3%, its biggest drop in 16 months, after a barrel of US crude surged to nearly $120 on the possibility that...

US, Allies Move Closer to Big Step Against Russia

Investors bracing for a ban on Russian oil imports

(Newser) - It's a familiar story on the world markets Monday: Oil prices keep rising and stocks keep falling. Investors are particularly nervous because the US and its allies appear poised to take a major step against Russia and ban the import of oil and natural gas, reports CNBC . The global...

Biden May Visit Saudi Arabia
Biden May Visit
Saudi Arabia

Biden May Visit Saudi Arabia

As cost of oil continues to rise

(Newser) - Since his election in 2020, President Biden hasn't spoken with Saudi Arabia's crown prince and de facto ruler directly, connecting only with his father , King Salman bin Abdulaziz Al Saud. It's not clear whether that might change any time in the near future, but what is clear,...

Russia Discounts Its Oil, and Buyers Aren't Buying It

Effects of self-sanctioning are being felt amid calls to ban Russian oil imports outright

(Newser) - Western sanctions on Russia's oil industry are becoming more and more likely, analysts tell CNBC , despite continued resistance from the White House. "We don't have a strategic interest in reducing the global supply of energy and that would raise prices at the gas pump for the American...

US Sees an Unwanted First on Gas Prices

For first time, average price of a gallon goes over $5 in one city

(Newser) - Russia's invasion of Ukraine has pushed gas prices sky-high. For the first time in any US city, the average price of a gallon of gas hit $5 in San Francisco on Thursday. The rest of California, the state where gas is the priciest at a current average of $4....

US, Allies Make Rare Move on Oil
US, Allies 
Make Rare
Move on Oil

US, Allies Make Rare Move on Oil

All 31 nations in IEA agree to release a total of 60M barrels

(Newser) - All 31 member countries of the International Energy Agency have agreed to release 60 million barrels of oil from their strategic reserves—half of that from the United States—"to send a strong message to oil markets" that there will be "no shortfall in supplies" after Russia invaded...

Oil Prices Jump After Russia Sanctions
Oil Prices Jump
After Russia Sanctions

Oil Prices Jump After Russia Sanctions

Dow dropped 161 points

(Newser) - Markets quivered Monday amid worries about how high oil prices will go and how badly the global economy will get hit after the US and allies upped the financial pressure on Russia for its invasion of Ukraine. Stocks swung down, up and down again, while investors herded into gold in...

Stocks Plunge, Oil Surges as Russia Attacks Ukraine

'Equities are tanking in Asia,' says an analyst

(Newser) - Asian stock markets plunged and oil prices surged to nearly $100 a barrel Thursday after President Vladimir Putin announced Russian military action in Ukraine, the AP reports. Market benchmarks in Tokyo and Seoul fell 2%. Hong Kong and Sydney lost more than 3%. Oil prices jumped more than $4 on...

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