Fossil Fuels

California fuel prices are even higher than the rest of the United States. Due to several factors, the fallout from the Iran war is expected to push pump price in California to $10 per gallon. Jet fuel prices have risen by 47% in two weeks. California is isolated from the rest of 'U.S. because of its mandated gasoline blend and lack of access to pipelines. The Strait of Hormuz closure has made it heavily dependent on Asian energy imports. The state has already seen the highest gasoline costs in America. And there's more to come. Energy economist Philip Verleger wrote...

JPMorgan stated in a Friday note that the crude oil supply cut is on track to hit 12 million barrels of oil per day. This will intensify deficits on physical markets, as tanker movement through a key Middle Eastern waterway faces a two-week interruption. The bank stated that "Commercial Tanker Traffic remains extremely Limited, with most vessels currently Iranian and likely heading to China." It added that although cargoes departing the Gulf prior to the shutdown are still arriving but new shipments have mostly stopped. Supplies to Asia could run out next week while Europe bound flows are likely stop...

Energy prices are rising due to the U.S./Israeli war against Iran. This is putting pressure on European governments to provide assistance for households and businesses. However, their financial resources in some major economies have been stretched. It is unlikely that they will provide the same level of support as was provided three years ago after Russia invaded Ukraine, when subsidies and other aid amounted to hundreds of billions of euros. In response to the 2022 energy shortage that will exacerbate cost of living concerns and angered voters, governments have begun to release record amounts of oil. France, Greece, and Poland...

Brazil's government has scrapped diesel taxes and imposed a tax on oil exports. The move, which was made on Thursday, could affect the state-run Petrobras as it tries to ease the impact of recent global oil price spikes. The administration of President Luiz inacio da Silva said that the temporary measures will reduce the impact on local fuel prices caused by price swings resulting from the U.S./Israeli war against Iran. The South American nation cut the PIS federal tax and Cofins federal tax levied on diesel to zero. It also imposed a 12 percent tax on crude oil and a...

South Korea's Parliament is expected to adopt a special law?on Friday to implement Seoul's $350 Billion investment commitments to?strategic?U.S. A trade agreement signed last year covers a number of industries. The law was designed to implement the trade agreement signed by South Korea and the United States in November. Under that agreement, South Korea committed to investing $200 billion into strategic industries in America as well as $150 billion to shipbuilding cooperation. This investment package was linked to Seoul receiving better tariff terms. The bill is expected to be passed by the National Assembly in its plenary meeting on Thursday....

The U.S. will release '172 million barrels' of oil from the Strategic Petroleum Reserve. This is more than 40% of an overall release that has been coordinated with other allies to help lower soaring prices caused by disruptions in supply due to the U.S. and Israeli war against Iran. The sale of?U.S. The?U.S. The U.S. Department of Energy announced that the U.S. withdrawal would start next week and last for about four months. SPR holds approximately 415 million barrels of crude oil, the majority of which are high sulfur or sour, which U.S. refineries can process. The crude oil is...

Delcy Rodriguez, Venezuela's acting president, announced on Wednesday that she had appointed Paula Henao as oil minister. Henao will play a key role in the country's overhaul of its oil production under U.S.-imposed pressure. After the capture of Nicolas Maduro by the United States in January, Rodriguez rose from his position as vice-president to become president. Henao will be the new 'president of the United States. The U.S. is pushing to open Venezuela up to American investment in the oil, gas and mining industries. Rodriguez has been publicly praised by President Donald Trump for his cooperation in efforts to?move the...

U.S. Secretary of Energy Chris Wright announced on Wednesday that the U.S. would release 172,000,000?barrels?of oil?from its strategic 'petroleum -reserve? in an effort to lower oil prices, which have soared because of supply shocks caused by the U.S. and Israeli war against Iran. Wright said that the'release' is part of the 400 million barrels of oil released by the International Energy Agency earlier in the day. Wright stated that the release of the film will start next week, and it will take?about 120 days for delivery. On February 28, the U.S., Israel and other countries began to attack Iran. Iran...

Even if the Iran War ends soon, U.S. oil prices will be structurally higher this year. Investors may have to reconsider their optimistic 2026 earnings estimates. The consensus oil outlook for 2026 was quite bearish while Wall Street's earnings forecasts were very optimistic. This has not changed. According to LSEG 'data, the full-year earnings growth estimate for 2026 was nearly 16% as of?Friday. This is up from 14% a year ago and 12% a year before. These 'rosy forecasts' assume that oil prices will average $60 per barrel this year, but those expectations have disappeared with the U.S. and Israeli...

The Wall Street Journal reported that billionaire Tilman?Fertitta?has been in talks with Caesars Entertainment to purchase the company for $7?billion. He?topped an offer from a rival firm?from Carl Icahn?s, according to people familiar with this matter. Fertitta Entertainment's, Fertitta, was reported to be discussing a price of $34 per share for the gaming firm. According to the WSJ, Caesars also received a?all cash offer? of about $33 per share from Icahn Enterprises. This publicly traded company houses Carl Icahn’s investments. Caesars Entertainment refused to comment on this report. Tilman Fertitta didn't immediately respond to an inquiry for comment. Fertitta’s offer...

Donald Trump announced on Wednesday that the U.S. will contribute "a little" to the IEA's plan to release a record number of 400 million.barrels.of oil from various countries' reserves in an effort to control the prices which have risen due to.the U.S. and Israel's war with Iran. In an interview given to local TV in Ohio, Trump didn't?say? how much oil the U.S. will contribute. He said only, "Right now, we will reduce it a bit and that brings down the prices." U.S. Strategic Petroleum Reserves (SPR) hold 415.4 million barrels. Most of this is high sulfur crude that U.S....

Gasoline prices in the United States have risen to their highest level since May 2024. This is according to data from AAA and GasBuddy, two price tracking services. The 'Israel-U.S. War with Iran' has stoked supply concerns. Fuel prices have risen across the world due to disruptions in Middle Eastern oil exports via the Strait of Hormuz. This could pinch the wallets of consumers and derail the global economy. This could be the greatest risk to U.S. president Donald Trump and the Republican Party during the November midterm elections. Trump's vow to lower energy prices was a key factor in...

ASEAN's foreign and economic ministers called on Friday for an immediate end to the Middle East war, and stated that the effects of high oil prices and disruptions in trade have already impacted Southeast Asia's economy. The Association of Southeast Asian Nations has begun implementing measures to combat the economic impact. Governments are moving quickly to conserve electricity, stabilize domestic markets, and protect sectors like tourism that are vulnerable. Ma, the Philippine Secretary of Foreign Affairs, said: "We have expressed our serious concern about the?situation? in the Middle East? and its impact on the region. We also stressed the importance?of...

An official from the?industry?ministry said that Japan would consider buying Russian crude oil after the U.S. granted a 30-day waiver of?sanctions amid the Iran War, taking into account international conditions and its own?national interest. The U.S. waiver permits countries to purchase sanctioned Russian crude oil and petroleum products that are currently stranded on the sea. Treasury Secretary Scott Bessent described this as a move to stabilize the global energy market, which has been?roiled by Iran's war. Narumi hosokawa, the deputy general-director of the Ministry of Economy, Trade and Industry's (METI) immediate crisis management, said, "We will examine the issue in...

Donald Trump said that the new Iranian Supreme leader Mojtaba Khmenei is still alive, but "damaged." His father, the previous supreme ruler, was killed in the U.S.-Israel war against Iran on the very first day. Khamenei has not been seen in Iran since he was selected on Sunday by the clerical council. His first remarks were read by a television presenter on a Thursday. A senior Iranian official said on Wednesday the newly-appointed supreme leader was only lightly injured, but continued to work. State television had described him as a war-wounded man. "I think (he is) probably alive." In an...

The?U.S. The?U.S. Navy will escort ships?through the Strait of?Hormuz, possibly with an international alliance, when it's militarily feasible, U.S. Treasury Sec. Scott Bessent said in an interview with Sky News on Thursday. Bessent stated that he believed the US Navy would escort vessels through as soon as it was militarily possible. He said that the plan to escort ships would be implemented as soon as "the U.S. had complete control over the skies" and the Iranians' ability to rebuild their missiles was completely degraded. U.S., Israeli and Iranian strikes on Iran have escalated regional tensions. The response from Tehran has...

Calculations showed that the proceeds from Russia's mineral extract tax, which is its largest tax item for crude oil production and the country's?largest taxable item, could almost double in March due to the global price rally induced by the conflict in the Middle East. The global oil benchmarks soared to $119 per barrel on Monday, the highest level since June 2022. This was due to supply cuts from Saudi Arabia and others producers, which stoked fears of a major disruption to global supplies. The price increase of crude oil, along with the natural gas that it produces, will benefit Russia's...

The International Energy Agency announced on Thursday that the war in the Middle East has caused the largest oil supply disruption ever. This comes a day after the agency agreed to release record volumes from its strategic stockpiles in order to counter shortages and spikes in prices. The IEA stated in its latest monthly report that global supply is expected to fall by 8 million barrels a day in March due to the blockage of the Strait of Hormuz - a narrow 'channel' along the Iranian coastline - since the U.S. began an airstrike campaign against Iran on February 28,...

China's independent smaller refiners maintain output to cash in on the surge in domestic fuel price, but may be forced into trimming runs as of late April, when cheap feedstocks from inventories are running out and new deliveries will cost more in this war-induced rally, industry and trade sources reported. The plants in Shandong Province, China, the hub of smaller refineries, known as teapots, that account for roughly a quarter or more of the country's output, keep their run rates constant to maximize fuel sales, which are 20%-30% higher than before Israel and U.S. launched an attack on Iran on...

The external balance of India and its government finances may be affected if oil prices remain high for a long time, according to economists. This is because the Iran War will increase the cost of oil imports and the subsidies required to keep key commodities affordable. India is considered one of the most vulnerable countries to an oil shock because it imports almost 90% of its crude and about 50% of its natural gas. India imports more than?half? of its crude from the Middle East where the U.S./Israeli war against Iran has disrupted export flows. India's oil reserves are currently...

Australian Energy Minister Chris Bowen announced on Thursday that the country will temporarily relax fuel quality standards during the next 60-day period, as the Iran war is choking 'oil supplies and sending prices soaring. The move would allow fuels to contain up to 50 parts-per-million of sulphur, instead of the normal 10 parts-per million. He said that under the new relaxation, 100 million additional litres of gasoline per month will be allowed to enter the country. This will ease price pressures and fuel will be directed towards regions with a shortage. Ampol, a fuel refiner and retailer, is the company...

These are the most popular?stories from the New York Times business pages. These'stories' have not been verified and we cannot vouch for their accuracy. The International Energy Agency has agreed to release a record number of 400 million barrels from its strategic oil stockpiles in order to combat a rise in 'global crude oil prices' since the beginning of the 'U.S.-Israeli conflict with Iran. U.S. President Donald Trump’s administration announced it would launch?two new?trade investigations into excess 'industrial capacity' in 16'major trading partners' and forced labor to rebuild tariffs pressure after the U.S. Supreme Court threw out much of Trump's...

In an interview with NBC News on Tuesday, John Catsimatidis said that consumers will be relieved of the steep increases in fuel prices at the pump in the next month or two. Fuel prices have soared due to supply disruptions resulting from the Israel-U.S. conflict with Iran. This poses a serious threat to U.S. president Donald Trump and the Republican Party in advance of November's midterm elections. Catsimatidis said that he believed the worst of the price increases were over. U.S. average gasoline prices have risen by nearly 60 cents in the past month since the joint U.S. and Israeli...

The 'Coal Ministry' said that India had enough coal to meet what was expected to be a 'unprecedented spike in demand over the summer months. This comes after the gas supply disruptions caused bythe U.S./Israeli war against Iran. In a statement, the Ministry of Energy said that the total coal supply in the country was 210 million tons. This would be enough to?fuel consumption for 88 days. South Asia still depends on coal to generate three-fourths?of its electricity, despite a record-breaking increase in renewable energy production. India is expected to increase its coal power use in order to meet summer...