China snaps up Russian coal at deep discounts as Ukraine war continues

This photo taken on October 24, 2021 shows coal being loaded on a cargo ship in Jiujiang, in China’s central Jiangxi province. STR | AFP | Getty Images Russia’s coal shipments to China have been rising even though overall shipments to China have declined, new data from S&P Global Market Intelligence showed. Russian seaborne coal … Read more

Europe’s plans to replace Russian gas are deemed ‘wildly optimistic’ — and could hammer its economy

A drilling rig at a gas processing facility, operated by Gazprom. Maxim Shemetov | Reuters The European Union’s best shot at replacing Russian gas imports this year is likely to miss the mark, analysts predict, exerting further pressure on the region’s economy. The EU plans to replace two-thirds of Russian gas imports by the end … Read more

G-7 nations face threat of Russia shutting down more gas

Russian President Vladimir Putin makes a toast as he takes part in the XIV BRICS summit in virtual format via a video call, in Moscow on June 23, 2022. Mikhail Metzel | AFP | Getty Images The Group of 7 nations need to brace for a complete shutdown of Russian gas pipelines in the near … Read more

Exxon Mobil CEO Darren Woods on energy transition, gas prices

Exxon Mobile CEO Darren Woods warns that an abrupt transition to renewable energy will cause society to “pay a high price.” The national average price for a gallon of gasoline is currently nearly $ 5, causing strife for all drivers, according to AAA. In an interview with CNBC’s David Faber, Woods cautioned against a government … Read more

All new passenger cars will be electric by 2040

Even Exxon Mobil thinks electric vehicles are the future. The oil giant is predicting that by 2040, every new passenger car sold in the world will be electric, CEO Darren Woods told CNBC’s David Faber in an interview. In 2021, just 9% of all passenger car sales were electric vehicles, including plug-in hybrids, according to … Read more

Exxon Mobil CEO Darren Woods wants higher price on carbon

Exxon Mobil CEO Darren Woods would like the US government to help incentivize some of the clean energy innovations his company is developing, like biofuels and direct air capture of carbon dioxide. In an interview with CNBC’s David Faber, the leader of one of the largest oil and gas companies in the world said direct … Read more

Mizuho says Sunoco is a buy as its business model will prove resilient over the long term

While oil stocks have been the best performers in 2022, Sunoco has struggled. The stock is down 11% this year, but Mizuho has confidence in it. On Thursday, the firm upgraded Sunoco shares to a buy from neutral, citing the company’s business model, balance sheet strength and compelling distribution yield. In the long term, the … Read more

Dan Yergin on oil prices falling despite tight supply, Russia tensions

Energy expert Dan Yergin said there are two reasons why oil prices have dropped in the past month despite a market that is still tight: the Fed and Russia’s war in Ukraine. Oil prices had been increasing since last year, spiking to highs after Russia launched an unprovoked war on Ukraine. But since the end … Read more

OPEC+ to stick to oil supply boost plan as Biden heads to Saudi Arabia, sources say

US President Joe Biden salutes as he boards Air Force One en route to Delaware Air National Guard Base from Joint Base Andrews, Maryland, May 13, 2022. Elizabeth Frantz | Reuters OPEC and allied producing countries including Russia will likely stick to a plan for accelerated oil output increases in August, sources said, hoping to … Read more

How to save money on gas, with or without a federal gas tax holiday

The recent run-up in gasoline prices is now being felt nearly across the board. The national average for a gallon of gas is currently $ 4.94 after topping $ 5 per gallon for the first time ever earlier this month, according to AAA. Last year at this time, the price was $ 3.07 per gallon. … Read more