Gas prices are steadily rising around the U.S. again, leaving many cash-strapped Americans struggling to keep up.
According to AAA, the current average price for a gallon of regular-grade gas nationally is $3.63. That is a sharp increase from $3.39 just one month ago. Crude oil prices have risen steadily over the last 30 days, from about $77 per barrel to $85 per barrel.
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OPEC, the world’s largest oil cartel, is looking for new members, the group’s secretary general told reporters Wednesday, according to CNBC.
Secretary General Haitham al-Ghais told reporters at a Vienna conference that he is actively working to grow OPEC — currently comprised of 13 members based primarily in the Middle East, Africa and South America — noting that he had recently visited several oil-producing countries including Malaysia, Brunei, Azerbaijan and Mexico, although he stressed that he was not suggesting those countries in particular had been invited to join OPEC, according to CNBC. The cartel has been working alongside Russia and other nonmember nations in the larger OPEC+ alliance to prop up oil prices via a string of production cuts, to mixed results.
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While U.S. oil and gas deals slowed considerably in the first quarter of 2023, industry players are poised to make significant investments in shale over the next year, according to Axios.
Oil and gas mergers and acquisitions fell to $14.8 billion in the first quarter, down 47% from the fourth quarter of 2022, according to a report from accounting firm KPMG. However, after a record-breaking year left companies flush with cash, producers will be incentivized to “secure inventory, create operational efficiencies and put their capital to work,” Mike Harling, energy sector lead partner at KPMG, told Axios.
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Governor Brian Kemp (R) signed two executive orders on Wednesday that extended the gas tax suspension and renewed the state of emergency for supply chain disruptions. These executive orders will be effective through September 12th.
“I have extended the temporary suspension of the state’s motor fuel tax to alleviate the financial burden placed on Georgians due to the federal government’s gross mishandling of inflation,” Gov. Kemp said.
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Georgia’s 11th Congressional District (GA11) Representative, Barry Loudermilk, criticized President Joe Biden and the EPA’s Fiscal Year (FY) 2023 Budget on Tuesday.
“Biden’s war on American energy production is getting an assist from the Democrat-led Congress in the FY23 Interior and EPA appropriations package. [It] restricts offshore drilling in the Gulf of Mexico and restricts new projects in designated areas of the continental shelf,” Loudermilk said.
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A congresswoman from Florida purchased large amounts of stock in a U.S. oil drilling company just as oil and gas prices hit record highs, and just before the beginning of the ongoing conflict in Ukraine.
According to financial disclosure forms, Rep. Debbie Wasserman Schultz (D-FL-23) purchased up to $45,000 worth of stock in a Houston-based oil drilling company called Patterson UTI Energy.
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As Joe Biden’s approval numbers sink further into the sewer, the only thing he’s building back better is 1970s-style inflation. Up until Biden, most polls usually named Jimmy Carter as one of the weakest and most inept presidents we’ve ever had. That was until Biden showed up and said, “Hold my beer!” Which you have to know has brought so much joy to Carter. Heck, he probably has a set of “Let’s go Brandon!” PJs that he wears every night as he thanks God for the gift of Biden.
Fact is, this country is now being “led” by a man who absolutely will go down as one of the worst presidents in our history. In just over a year, Biden has brought inflation roaring back to levels not seen in 40 years, has destroyed our southern border as millions of illegal aliens, along with Chinese fentanyl, flood the country, and now we have been involved in two major international debacles with Afghanistan and Ukraine. The list could go on, but perhaps that’s too depressing.
Rest assured, however, it’s not going to get better. Biden is like the anti-Midas, turning everything he touches into crap.
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Global crude oil prices surged Friday, continuing their steady approach toward $100 per barrel, as a top energy group projected greater demand through 2022.
The West Texas Intermediate (WTI) crude oil index, which measures U.S. prices, increased more than 1.89% to $91.73 per barrel while the European Brent Crude index ticked up nearly 1.71%, hitting $92.94 per barrel as of Friday afternoon. Both indices inched closer to their highest price in multiple years, according to data tracked by Business Insider.
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Oil prices surged again Friday after foreign producers ignored the Biden administration’s repeated requests to boost output and resolve global shortages.
U.S. crude oil surpassed $80 per barrel while the lead foreign index broke $81 per barrel, both rising more than 1.5% compared to one day earlier, on Friday morning, according to the latest data. The Middle Eastern cartel Organization of the Petroleum Exporting Countries and its Russian counterpart, collectively known as OPEC+, rebuked the Biden administration Thursday and chose not to alter previously announced plans.
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Oil prices hit a 7-year high this week as American oil and gas companies continue to fight the Biden administration over policies restricting production.
As the economy began to reopen this year and the demand for fuel increased, President Joe Biden, through executive order, halted and restricted oil and gas leases on federal lands, stopped construction of the Keystone Pipeline, and redirected U.S. policy to import more oil from Organization of the Petroleum Exporting Countries and Russia (OPEC+) instead of bolstering American oil and gas exploration and production.
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The Trump administration is reportedly floating the idea of extending a federal loan to shale energy companies that are feeling the pain as oil prices plummet.
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