Business , Petrochemicals , Trade

Yellen Says Gasoline Tax Holiday Worth Considering as Anti-inflation Tool

High fuel prices have been “a substantial burden on American households,” U.S. Treasury Secretary Janet Yellen said. A fuel tax holiday that temporarily eliminates such taxes, “while not perfect, it is something that should be under consideration.”

June 21, 2022

Markets , Trade , International

With Record Pump prices, Biden Hard-pressed to Ramp Up Russia Sanctions

Russia, for example, could retaliate by holding oil from the market. That could immediately drive prices higher as the world’s oil producers have very little spare capacity after years of underinvestment in oil fields and refineries.

June 17, 2022

Markets , Trade , International

Russian Oil, Fuel Revenue Up Even as Exports Fall: IEA

Despite its ban, the EU remained the main destination for Russian oil exports last month, making up 43% of Russian flows followed by just over a quarter to China.

June 16, 2022

Crude Oil , Trade , International

OPEC Keeps Forecast for 2022 Oil Demand to Exceed Pre-pandemic Levels

At its last meeting on June 2, OPEC+ brought forward oil production rises to offset Russian losses and smooth the way for a visit to Saudi Arabia by U.S. President Joe Biden.

June 15, 2022

Business , Markets , Trade

US Allows Some Russian Energy-related Transactions Until December

The U.S. has banned imports of Russian fossil fuels but Washington has allowed bank transactions on Russian oil and gas sent to European countries to continue.

June 15, 2022

Crude Oil , Trade , Storage

US to Sell Up to 45 Million Barrels of Oil from Historic SPR Release

The SPR release was meant to help control oil prices that spiked after Russia invaded Ukraine. However, oil prices have marched higher since the March 31 announcement.

June 14, 2022

Business , Trade , Shale Plays

Drilling Versus Returns: US Oil Producers’ Tradeoff as Windfall Tax Threatens

But a windfall tax would kill the incentive to drill more, said oil executives, and take away some of the earnings that fund new technology advances that led to the U.S. shale revolution.

June 13, 2022

Trade , International

Under US Sanctions, Iran and Venezuela Sign 20-year Cooperation Plan

The 20-year plan between Iran and Venezuela includes cooperation in the fields of oil, petrochemicals, defense, agriculture, tourism and culture plus the repair of Venezuelan refineries and the export of technical and engineering services.

June 13, 2022

Business , Trade , Energy Transition

Questions Remain after Latest Trade Policy Twist for Solar Sector

The U.S. solar industry sees the positive from Biden’s tariff pause but wonders what’s around the corner.

June 10, 2022

Crude Oil , Trade , International

Libya Oil Shutdown Expands with Threat to Close New Port

Analysts and diplomats say the oil shutdown has been largely instigated by the main factions in eastern Libya including commander Khalifa Haftar and his Libyan National Army.

June 10, 2022