Search results
- The increase this year, prompted by geopolitical worries and supply constraints, has sent gasoline prices higher and could hamper efforts to tame inflation.
www.nytimes.com/2024/04/09/business/oil-price-rise.htmlWhy Oil Prices Have Been Rising Recently - The New York Times
People also ask
Will crude oil demand increase during the summer?
Did crude oil stocks rise 914,000 barrels?
Will crude oil stocks rise or fall?
Why have oil prices climbed higher over the past month?
Apr 9, 2024 · In 2023, strong growth in crude output from the United States, the world’s largest oil producer, and other countries outside the Organization of Petroleum Exporting Countries helped reassure...
Nov 13, 2021 · Crude oil prices have climbed more than 60% this year amid strong demand and snarled supply chains, prompting President Joe Biden to pressure Saudi Arabia and other exporters to ramp up oil...
- Dan Eberhart
- OPEC Production Cuts
- Demand Trends Strong
- U.S. Rig Counts Falling
- Looking Ahead For Oil
Perhaps the single biggest driver of rising oil prices has been supply cuts by Russia and the Organization of Petroleum Exporting Countries (OPEC). On September 5, Saudi Arabia announced it will be extending its 1 million barrel per day production cuts through at least the end of the year. Russia has announced it will be cutting production by 300,0...
Historically, U.S. oil demand and economic growth are highly correlated, and the U.S. economy has performed much better than most economists had anticipated so far in 2023. Crude oil prices pulled back from their recent highs after the Federal Open Market Committee (FOMC) took a hawkish tone at its September meeting, emphasizing investors should be...
In the past, U.S. oil companies reacted to rising oil prices and tight supplies by aggressively investing in ramping up oil production. This time, they seem to be taking a much more cautious approach. The number of operating U.S. oil rigs dropped by eight to 507 rigs for the week ending September 22, its lowest level since February 2022. Total U.S....
Looking ahead, U.S. oil refiners expect to have about 1.7 million bpd of refining capacity offline for the week ending September 29, and that offline capacity is expected to expand to 1.9 million bpd for the week ending October 6, according to research company IIR Energy. Given falling rig counts and offline refiners, U.S. drivers may not get much ...
- Wayne Duggan
Jul 28, 2023 · That has spurred a jump in US gasoline prices, which hit an average of $3.73 a gallon on Friday, their highest level since mid-November 2022.
Mar 5, 2024 · Crude oil production in the US soared to a record 12.9 million barrels per day in 2023, up by 158% since 2008, when fracking started becoming a significant factor.
Sep 28, 2023 · Oil prices surged to their highest level in over a year after crude stocks at a key storage hub fell to their lowest since July last year. The U.S. West Texas Intermediate futures...
Oct 6, 2023 · The price of crude oil has been on a roller coaster for the past two years, and surged this summer to hit $94 on Sept. 27, its highest level of the year.
