Crude Oil
Rep. Khanna’s Gasoline Export Ban Act of 2022 would grant the president authority to stop exports of gas when prices are high. Other government officials are instead looking at biofuels to mitigate rising gas prices.
U.S. officials are bracing for another potential oil price surge in December, if a European embargo on Russian oil goes into effect and the Saudis refuse to increase production to make up for the drop in oil supply.
The 15 million barrels from the country’s Strategic Petroleum Reserve (SPR) are the final part of a 180-million-barrel release announced in March and does not constitute a further release.
OPEC+’s decision to slash oil production has the White House considering measures aimed at breaking the cartel’s hold on markets or limiting U.S. oil exports should shortages emerge.
An oil price of $120 a ton could send the global economy into a major recession and fan inflation in the U.S., which Jim Wiesemeyer says is already in double digits for rural Americans.
British Prime Minister Liz Truss and President Biden agree a U.S./U.K. trade deal is a low priority. However, the U.K. might lean on the U.S. more in coming weeks as many countries prepare to ban Russian oil.
ProFarmer’s Brian Grete says these market dips coming out of Independence Day weekend generally set the tone for the weeks to come.
DOE will call for bids on 60 million barrels of oil come Fall 2022. However, the department anticipates deliveries will not be fulfilled until fiscal year 2023—when future oil prices and demand will be lower.
UPDATE: WASHINGTON (AP) - Biden: US ban on Russian oil a ‘powerful blow’ to ‘Putin’s war,’ warns Americans ‘defending freedom is going to cost.’
A $9 billion dollar oil pipeline that became a symbol of the rising political clout of climate change advocates and a flash point in U.S.-Canada relations was officially canceled on Wednesday.