Benchmark futures declined as much as 9.7%. European demand is likely to fall by a record 10% this year, and another 4% next year due to the high prices, according to the International Energy Agency. Gas saving measures will be crucial to help stretch inventories to the end of winter even with dwindling Russian supply, … Read more
“We are going to get Congressional support in a bipartisan way for us to make our own fuel cycle supply chain independent, certainly of Russia,” Granholm, 63, said in an interview at the International Atomic Energy Agency in Vienna. “We’ve got to make this happen for our own independence and national security.”
(Bloomberg) — Oil and natural gas projects that Exxon Mobil Corp. invested in between 1998 and 2017 ended up costing $138 billion more than early-stage estimates, potentially due to mismanagement by operators and poor planning, according to an internal analysis seen by Bloomberg. The 2020 study, reviewing 110 projects in which Exxon took a stake … Read more
West Texas Intermediate was steady near $84 a barrel, and down almost 2% for the week. The Federal Reserve gave its clearest signal yet that it is willing to tolerate a US recession as the necessary trade-off for regaining control of inflation, while the UK, Norway and South Africa also followed with hikes.