Category: Oil (Petroleum) and Gasoline

Price of Diesel, Which Powers the Economy, Is Still Climbing

Russia’s invasion of Ukraine is one reason that the fuel is scarce. Another is a series of yearslong, intertwined events that cover the globe.
Five Ways Sanctions Are Hitting Russia

Russia’s economy and residents have taken a battering, but the government continues to reap big revenues from energy sales. A partial European embargo on oil takes effect in December.
Saudi Aramco Reports $42 Billion in Profit as Cash Rolls In

The bumper earnings from the world’s largest oil company were, nonetheless, a slight decline on the previous quarter.
Europe Braces for a Winter Without Russian Gas

Countries across the continent have taken extraordinary steps to decrease energy use and ramp up supply, moving swiftly away from their longtime primary provider, Russia.
Biden Accuses Oil Companies of ‘War Profiteering’ and Threatens Windfall Tax

The president has been eager to redirect public anger over gas prices as Democrats try to keep power in Congress in the midterm elections.
US Extends Enforcement of Sanctions on Russian Oil Deliveries to January

No decision has been made on the price of the oil cap, which will take effect in five weeks.
Exxon and Chevron Rack Up Giant Profits

Exxon Mobil and Chevron reported another round of strong profits. But they face political fire over gasoline prices, even as they fear a new downturn.
Saudis Find Sympathetic U.S. Ears at ‘Davos in the Desert’

A Saudi decision to support a cut in oil output infuriated Washington. But at an investment conference in Riyadh, there was plenty of praise for the kingdom.
Exxon and Chevron Rack Up Giant Profits

A fourth straight quarter of robust results came on the back of high oil and natural gas prices.
Shell Reports Earnings of $9.45 Billion, Its Second-Highest Profit

The two European companies reported earnings totaling nearly $20 billion, partly on higher energy prices as Russia’s war in Ukraine continues.
A Secret, Failed Oil Deal: How the U.S.-Saudi Relationship Ruptured

Ahead of President Biden’s trip to Saudi Arabia this summer, his administration thought it had secured pledges of increases in oil production throughout the year. The opposite happened.
Why the Price of Gas Has Such Power Over Us

“When prices go up, we have this feeling of oppression that we can’t do everything we want.”