The largest oil and gas companies made a combined $174bn in profits in the first nine months of the year as gasoline prices climbed in the US, according to a new report. The bumper profit totals, provided exclusively to the Guardian, show that in the third quarter of 2021 alone, 24 top oil and gas […]
Saudis raise oil prices for buyers in Asia and the U.S. This signaling sees demand staying strong despite the spread of the omicron variant of the coronavirus. The move comes days after the Organization of Petroleum Exporting Countries and its allies. It is a 23-nation group led by Saudi Arabia and Russia — surprised traders […]
Oil and gas rose to prominence in New Mexico. It started when energy companies were able to tap into massive reservoirs of crude oil. This also includes natural gas thousands of feet beneath the Permian Basin and cities like Carlsbad. The industry quickly began generating record-breaking revenue from the rural southeast corner of the state. […]
Crude oil could soar to $125 per barrel next year and $150 in 2023. This is due to OPEC’s limited capacity to boost production, JP Morgan analysts said in a new report. This is just some of the oil prices projection. “OPEC+ is not immune to the impacts of underinvestment…. We estimate ‘true’ OPEC spare […]
The reality of the world’s energy needs and consumption shows that oil and gas extraction isn’t going anywhere. It will be part of the global energy mix for decades to come. The world will continue to need oil even if it somehow manages to put itself on track. Even it achieve net-zero emissions by 2050, […]
The CEOs of some of the world’s leading energy companies have defended their position. This is about the energy transition mix after the COP26 climate summit focused attention on the future of the industry. Energy industry leaders and insiders were plentiful at COP26. In Glasgow as government officials, corporates and activists clashed over emission-reduction targets, […]
Oil giant BP is committed to tackling climate change. This is what the company’s CEO said. He insisted that hydrocarbons such as oil and gas will have an ongoing role to play. They specifically said in the global energy system mix for years. “It may not be popular to say that oil and gas is […]
JPMorgan Chase JPM, 0.48% Citigroup C, 1.06% and Bank of America BAC, 0.94% collected the most fees from the oil, gas, and coal sectors in the past six years, according to a Bloomberg study released Monday. Basically, financing the oil and gas industry by Major U.S. Banks is still a top priority of banks. The […]
A rise in oil price with a two-week high on Tuesday after the United States lifted travel restrictions and other signs of a global post-pandemic recovery boosted the demand outlook, while supply remained tight. Prices rallied after the projection of U.S. Energy Information Administration (EIA) in its Short Term Energy Outlook (STEO) on Tuesday. They […]
Are you wondering why are gas prices high? Every day Americans are getting hammered by high prices at the pump, and Bank of America thinks the pain may just be getting started. Gas prices have surged to a seven-year high of $3.40 a gallon nationally and are flirting with $4 in Nevada, Washington State, and […]
