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News Articles: oil prices

Drilling rigs sit unused on a lot in Odessa, Texas, in the Permian Basin, in March 2022. U.S. oil companies are thriving as they look to avoid the boom-and-bust cycles of the past. That has big implications, including for consumers and global producers.

Tagged as: 

  • Energy

America is going through an oil boom — and this time it's different

Business is pretty good in America's busiest oil patch. Prices are high enough to turn a profit and then some. But instead of going wild, producers have been aiming for something new: Discipline.

June 10, 2023
|
By:
  • Camila Domonoske
A person goes to the pump at a gas station in Arlington, Va., on July 29, 2022. Gas prices have come down significantly since peaking last year but they could rise again after Saudi Arabia and other countries said they would collectively cut oil production by more than one million barrels.

Tagged as: 

  • Energy

5 things to know about Saudi Arabia's stunning decision to cut oil production

Oil prices surged after Saudi Arabia and some other oil producers announced they're reducing their oil output. That will send gas prices higher – and benefit energy companies in America.

April 04, 2023
|
By:
  • Camila Domonoske
Saudi Aramco engineers walk in front of a gas turbine generator at Khurais oil field during a tour for journalists, about 93 miles east-northeast of Riyadh, Saudi Arabia, on June 28, 2021.

Tagged as: 

  • Economy

Saudis, other oil giants announce surprise production cuts

Higher oil prices would help fill Russian President Vladimir Putin's coffers as his country wages war on Ukraine and force Americans and others to pay even more at the pump amid worldwide inflation.

April 03, 2023
|
By:
  • The Associated Press
FILE - Storage tanks are seen at the North Jiddah bulk plant, an Aramco oil facility, in Jiddah, Saudi Arabia, on March 21, 2021. Oil giant Saudi Aramco said Sunday, March 12, 2023, it earned a $161 billion profit last year, attributing its earnings to higher crude oil prices.

Tagged as: 

  • Business

Four takeaways as oil giant Saudi Aramco reports a huge $161 billion profit

The world's biggest oil company has announced it made $161 billion in profits in 2022, a whopping figure for the corporation and its main shareholder, the Saudi government.

March 12, 2023
|
By:
  • Aya Batrawy
A man walks past OPEC headquarters in Vienna on Tuesday on the eve of the 45th meeting of the Joint Ministerial Monitoring Committee and the 33rd OPEC and non-OPEC Ministerial Meeting. The in-person meeting of OPEC members led by Saudi Arabia and allied members headed by Russia will be the first in the Austrian capital since the spring of 2020.

Tagged as: 

  • World

Russia and Saudi Arabia agree to massive cuts to oil output. Here's why it matters

The 2 million bpd cut in oil production was backed by Saudi Arabia and could benefit Russia. The OPEC+ meeting took place as much of the world is battling soaring energy costs and rising inflation.

October 05, 2022
|
By:
  • Jackie Northam
President Biden railed against oil company profits at an event at the Port of Los Angeles, saying, "Exxon made more money than God last year."

Tagged as: 

  • Politics

Biden is under pressure on gas prices. So he's putting pressure on oil companies

President Biden says he wants the biggest refiners to do more to increase gasoline supply and lower prices. He says he's ready to use emergency powers to boost capacity — but he didn't give details.

June 15, 2022
|
By:
  • Franco Ordoñez
A gas pump is seen at a Chevron gas station on June 9 in Houston, Texas. Gas prices nationally hit an average of $5 a gallon, according to AAA.

Tagged as: 

  • National

Gas hits $5 a gallon for the first time. Here's how it got here and what's ahead

Gasoline has become more expensive given that oil prices have surged as the world recovers from the pandemic. Russia's invasion of Ukraine has also made things worse. Here are four things to know.

June 11, 2022
|
By:
  • Brittany Cronin
A gas pump is seen at a Chevron gas station on June 9 in Houston, Texas. Gas prices nationally hit an average of $5 a gallon, according to AAA.

Tagged as: 

  • Business

Gas hits $5 a gallon for the first time. Here's how it got here and what's ahead

Gas prices could rise even further after hitting an average national price of $5 a gallon for the first time. Here are 4 things to know

June 11, 2022
|
By:
  • Brittany Cronin
A gas pump is seen in a station on Feb. 1 in Houston. Gasoline prices hit a new national record, not adjusted for inflation, surpassing the previous peak set around two months ago.

Tagged as: 

  • Business

Gasoline prices hit a record high, again

Gas prices surged to a national record, not adjusted for inflation, surpassing the previous milestone hit around two months ago. It comes just ahead of the key summer driving season.

May 10, 2022
|
By:
  • Brittany Cronin
A gas pump is seen at a Shell gas station in Houston on April 1.

Tagged as: 

  • Business

What Europe's ban of Russian oil could mean for energy markets – and your gas prices

The EU ban on Russian oil imports will likely lead to higher crude and gasoline prices, further upending energy markets.

May 05, 2022
|
By:
  • Brittany Cronin

Tagged as: 

  • Business

31 countries plan a big release of emergency oil to ease gasoline prices at the pump

The International Energy Agency plans to release 120 million of barrels of oil from their emergency reserves, including 60 million from a previously announced U.S. drawdown.

April 06, 2022
|
By:
  • Brittany Cronin
GPB News NPR

Tagged as: 

  • Business

Here are 3 reasons why Big Oil can't just drill more to ease the pain at the gas pump

The Biden administration is encouraging U.S. oil companies to increase their production to help curb record-high gasoline prices. Turns out, however, that boosting output is easier said than done.

March 19, 2022
|
By:
  • Brittany Cronin
A sign shows gas prices at a Shell station in San Francisco on Feb. 23. Gas prices could rise further as crude prices surge following Russia's invasion of Ukraine.

Tagged as: 

  • Business

Oil surges past $100 a barrel after Russia invades Ukraine

Oil surged past triple-digit prices for the first time since 2014. The breach of the psychologically significant milestone is bound to reinforce fears about inflation.

February 24, 2022
|
By:
  • Camila Domonoske
Gasoline prices are displayed at a Chevron gas station in downtown Los Angeles on Feb. 18. Crude oil prices are surging toward $100 a barrel, raising the prospect of even higher gasoline prices.

Tagged as: 

  • Business

Oil prices are surging toward $100 a barrel. Here's what that means for you

The threat of war between Russia and Ukraine is driving prices sharply higher, but there's more at play than just geopolitical tensions.

February 22, 2022
|
By:
  • Camila Domonoske
Specialist Meric Greenbaum, left, works at his post on the floor of the New York Stock Exchange on Black Friday. Stocks dropped after a coronavirus variant appears to be spreading across the globe.

Tagged as: 

  • Health

Stocks and oil prices drop as the world reacts to new coronavirus variant omicron

Stock markets around the world tumbled on concerns about the new variant. While it's too soon to tell exactly how the variant functions, virologists are rushing to learn more.

November 26, 2021
|
By:
  • Martin Kaste and
  • Joel Rose
  • Load More

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