Tag Archives: Oil

Home Depot Co-Founder Bernie Marcus says 40-year high levels of inflation would come down if the Biden administration makes it easier for oil companies to drill in the country. “We have a president that just doesn’t believe in that [oil drilling],” Marcus said on a new episode of Yahoo Finance Presents. “We are sitting on tons of oil and gas, and he doesn’t allow us to drill. It’s basically stupid. I can’t come with another word. It’s stupid. And we will continue to suffer this inflation. And… Source link

‘The world should be worried’: Saudi Aramco — the world’s largest oil producer — just issued a dire warning over ‘extremely low’ capacity. Here are 3 stocks for protection The global oil market remains tight according to Saudi Aramco, the largest oil producer in the world. And that does not bode well for a world that still relies heavily on fossil fuels. “Today there is spare capacity that is extremely low,” Saudi Aramco CEO Amin Nasser says at a conference in London. “If China… Source link

Leaders in Washington have been on their heels since OPEC+ announced deep production cuts. However, what could be in the offing when it comes to additional policy responses have become clearer in recent days. “There’s a lot of alternatives,” President Biden told reporters on Thursday adding on Friday “I’m not finished with that yet.” On Wednesday, oil-producing nations — including Russia — announced they would cut production by 2 million barrels per day, saying it was a way to get… Source link

U.S. stocks extended a broad-based rebound Friday, with Wall Street on pace to snap a three-week losing streak. The S&P 500 jumped 1.6%, building on back-to-back sessions of gains, while the Dow Jones Industrial Average soared 400 points, or about 1.3%. Technology stocks led the way up, with the Nasdaq Composite climbing 2%. Oil extended a volatile run as prices resumed their climb Friday. West Texas Intermediate (WTI) and Brent crude oil futures each rose 4% to $86.88 per barrel and $92.84… Source link

(Bloomberg) — From Saudi Arabia to West Texas, drillers are pumping more oil to cash in on a scorching price rally. But a region that’s home to a fifth of the world’s crude reserves is mostly missing out. Most Read from Bloomberg All over Latin America, the upside of $100 crude has been blunted by nationalist policies that tightened government control of the energy industry and sidelined the foreign investors who had helped boost production. Output from Brazil and Guyana is rising, but… Source link

Oil prices could spike again by the beginning of 2023, says one analyst. “Domestically, whether it’s oil or it’s gas, these companies have very very limited incremental capacity at this time,” Truist Securities Managing Director of Energy Research Neal Dingmann told Yahoo Finance Live. U.S natural gas prices rallied on Monday to new 14-year highs over reserve concerns and the energy crisis in Europe. Oil prices declined during the session amid worries of a global slowdown and the prospects of… Source link

(Bloomberg) — Oil pared losses after Saudi Oil Minister Prince Abdulaziz bin Salman said the disconnect between the futures market and supply fundamentals may force OPEC and its allies to act. Most Read from Bloomberg West Texas Intermediate futures bounced to about $90 a barrel after earlier trading below $87 on Monday. The Saudi oil chief warned that “extreme” volatility and lack of liquidity in the futures market are moving prices in ways that don’t conform to fundamental… Source link

The Biden administration expects to implement the first phase of a price cap on Russian oil exports this fall in coordination with the G7, with sights set on bringing additional Asian partners on board in the winter. “We’re trying to prevent a spike in global energy prices by avoiding a situation where Russia production just shuts down, and you see a subsequent spike in the price,” Assistant Treasury Secretary for Economic Policy, Ben Harris, told Yahoo Finance. The U.S. has been in… Source link

JPMorgan CEO Jamie Dimon, pictured in November 2021, has spoken out on the bank’s need to harness big sets of data and artificial intelligence across units like asset management.REUTERS/Brian Snyder/File Photo JPMorgan CEO Jamie Dimon spoke to wealthy clients on a call Tuesday, Yahoo Finance reported. The call touched on various topics, including climate change and the odds of a recession. He said US natural gas production does not conflict with the reduction of greenhouse gas… Source link

Should the U.S. government get into the oil and gas business? Absolutely not! This is a capitalist country and …. Wait, maybe it makes sense. Since 1975, the United States has bought and sold oil for the strategic petroleum reserve, a national stockpile established for times of emergency. This year, President Biden has authorized the release of 180 million barrels of oil—one fourth of the total—to help combat gasoline prices that soared to a peak of $5.02 per gallon after Russia invaded… Source link