Oct 08 Watch 5:48 Why gas prices are rising across the country again Major oil-producing countries, including Saudi Arabia and Russia, have announced that they are cutting oil production by 2 million barrels per day. Americans will soon feel the effects of that decision when they fill up their gas tanks, but the… Continue watching
Oct 06 How will OPEC+ cutbacks affect oil prices, inflation? By David McHugh, Associated Press Oil cartel OPEC and its allies are cutting production. And that means oil prices are likely going up. The OPEC+ alliance says they're trying to support prices against future sagging demand from an uncertain and slowing global economy. Continue reading
Oct 05 EU agrees on price cap for Russian oil over Ukraine war By Samuel Petrequin, Associated Press European Union countries agreed Wednesday to impose a price cap on Russian oil and other new sanctions after Moscow illegally annexed four regions in Ukraine amid its monthslong war, EU officials said. Continue reading
Oct 02 As winter deadline nears, G7 still working out how to impose Russian oil price cap By Fatima Hussein, Associated Press The Group of Seven, representing some of the world’s leading economies, is still figuring out how to execute a plan agreed on in September to pay only cut-rate prices for Russian oil — and the Dec. 5 deadline to marshal… Continue reading
Sep 05 OPEC+ makes small trim to world oil supplies as prices fall By David McHugh, Associated Press OPEC and allied oil-producing countries, including Russia, have made a small trim in their supplies to the global economy. The move Monday underlines their unhappiness as recession fears help drive down crude prices — and the cost of gasoline, to… Continue reading
Sep 02 WATCH: Press secretary Karine Jean-Pierre says White House is ‘determined’ to create Russian oil price cap By Associated Press The White House said it is "determined" to implement a global price cap on Russian oil as finance ministers from the G7 industrial powers on Friday pledged to impose such a cap. Continue reading
Jun 03 Biden affirms human rights commitment even as administration praises Saudi Arabia on oil By Aamer Madhani, Josh Boak, Associated Press President Joe Biden says he's not changed his views on human rights despite his administration offering praise of Saudi Arabia for getting OPEC+ to step up oil production. Continue reading
May 19 House approves bill to combat gasoline ‘price gouging’ By Matthew Daly, Associated Press A closely divided House has approved legislation to crack down on alleged price gouging by oil companies as prices at the pump continue to soar. Continue reading
Mar 31 Watch 4:50 Biden taps U.S. oil reserves to counter rising gas prices President Biden announced a historic effort to lower gas prices that have skyrocketed since Russia invaded Ukraine. He said the administration would release 180 million barrels of oil from the Strategic Petroleum Reserve over the next six months. At one… Continue watching
Mar 21 Saudi Arabia says it ‘won’t bear any responsibility’ for high oil prices By Isabel Debre, Associated Press The unusually stark warning marked a departure from the giant oil producer's typically cautious statements, as Saudi officials remain aware that even their smallest comments can swing the price of oil and rattle global markets. Continue reading