Large Crude Build Weighs On Oil Prices

Large Crude Build Weighs On Oil Prices

The American Petroleum Institute (API) reported a large build this week for crude oil of 5.618 million barrels. U.S. crude inventories have grown by roughly 31 million barrels so far this year, according to API data, while the U.S. Strategic Petroleum Reserves fell by more than six times that figure, at 197 million barrels. The build in … Read more

U.S. Accelerates Three-Tier Plan To Reduce Oil Prices

U.S. Accelerates Three-Tier Plan To Reduce Oil Prices

The immediate aftermath of the 1973/74 oil embargo in which Saudi Arabia led its OPEC brothers to block oil exports to the U.S., the U.K., Japan, Canada, and the Netherlands – causing oil prices to spike from around US$3 per barrel (pb) to nearly US$11 pb and stoking the fire of a global economic slowdown … Read more

Biden will “continue to re-evaluate” U.S.-Saudi Arabia relations after OPEC oil cut

Biden will “continue to re-evaluate” U.S.-Saudi Arabia relations after OPEC oil cut

President Biden with Saudi Crown Prince Mohammed bin Salman on July 15. Photo: Royal Court of Saudi Arabia/Anadolu Agency via Getty Images President Biden will “continue to re-evaluate” the U.S.’ relationship with Saudi Arabia after a group of international oil exporters and Russia decided to significantly cut oil production in response to falling fuel prices, … Read more

Oil Prices Rise As API Reports Surprise Crude, Gasoline Draws

Oil Prices Rise As API Reports Surprise Crude, Gasoline Draws

The American Petroleum Institute (API) reported a surprise draw this week for crude oil of 1.770 million barrels, while analysts predicted a build of 333,000 barrels. U.S. crude inventories have grown by roughly 21 million barrels so far this year, according to API data, while the U.S. Strategic Petroleum Reserves fell by nearly eight times that figure. The draw comes … Read more

Average gas price in Los Angeles County rises to record high at $6.46

Average gas price in Los Angeles County rises to record high at .46

LOS ANGELES (KABC) — The average price of a gallon of self-serve regular gasoline in Los Angeles County rose seven-tenths of a cent to a record $6.466 Monday, topping the previous high of $6.462 set June 14. The average price has risen 31 consecutive days, increasing $1.22, including 1 cent Sunday and 15.3 cents Thursday, … Read more

Average gas price in Los Angeles County approaches record high

Average gas price in Los Angeles County approaches record high

LOS ANGELES (CNS) — The average price of a gallon of self-serve regular gasoline in Los Angeles County moved within three-tenths of a cent of the record Sunday, while the Orange County average price dropped one day after setting a record. The Los Angeles County average price rose for the 30th consecutive day, increasing 1 … Read more

Southern California gas prices are skyrocketing again

Southern California gas prices are skyrocketing again

LOS ANGELES (CNS) — The average price of a gallon of self-serve regular gasoline in Los Angeles County rose for the 22nd consecutive day, increasing 7.4 cents Saturday to $5.689. The average price has increased 44.3 cents over the past 22 days, according to figures from the AAA and Oil Price Information Service. It is … Read more

Will high inflation ease? 'Cavuto Live' panel discusses – Fox News

Will high inflation ease? 'Cavuto Live' panel discusses – Fox News

Will high inflation ease? ‘Cavuto Live’ panel discusses  Fox News

API Sees Crude, Product Inventory Builds

API Sees Crude, Product Inventory Builds

The American Petroleum Institute (API) reported a build this week for crude oil of 1.035 million barrels, while analysts predicted a bigger build of 2.321 million barrels. The build comes as the Department of Energy released 6.9 million barrels from the Strategic Petroleum Reserves in the week ending September 16, leaving the SPR with 427.2 million barrels. In the week prior, the API reported a … Read more