Oil

Climate and environmental justice advocates see a dark cloud on the horizon. Senate Majority Leader Charles Schumer has announced that, as part of the deal to secure Senate passage of the IRA, he agreed to a second bill, misleadingly referred to as a "permitting reform" package.

"Getting new forms of energy, feeding the grid, will ultimately reduce the price of electricity." Sen. Mark Kelly of Arizona told Newsweek.

Instead of arguing over the definition of a recession, we should be talking about something much more pressing: the ongoing energy crisis.

Prices at the pumps have dipped since June, but will this trend continue as the U.S. enters a recession? Newsweek asks energy experts what might happen next.

Exxon's Q2 results for 2022 followed remarks by President Joe Biden last month the firm "made more money than God."

Carlson said that the president's remarks made it seem as though Delaware was "such an awful state that everyone who lives there gets cancer."

Biden suggested that his mother having to wipe "the oil slick off the window" before driving him to school as a child may have been tied to him developing cancer.

"I don't believe we should be maintaining a warm relationship with a dictatorship like that," the senator said Sunday.

Prince Turki Al-Faisal pointed to the president's energy policies, and his shift back to relying on fossil fuels.

Increased gas cost, inflation, remote working, and alternative fuel vehicles have all contributed to decreased gas consumption, according to a top researcher.

Biden, who previously vowed to treat Saudi Arabia as a "pariah," is visiting the kingdom in a bid to "reorient but not rupture" the U.S.-Saudi relationship.

The move in the currency markets is due to concerns that Russia could cut off gas supplies to Europe amid the ongoing war in Ukraine.

Defense Minister Oleksii Reznikov said the Russian Federation will "finish its life" as different countries.

Biden is traveling to the oil-rich nation as the U.S. continues to grapple with soaring gasoline prices.

"The U.S. dominance is no longer an absolute one," Venezuelan Foreign Minister Carlos Faria said.

Using different tools for civil disobedience, social media activism, as well as street protests and strikes, Iranians have continued their protests against the kleptocratic authoritarian regime and the diminishing prosperity of the country.

Multinational oil corporation Shell is currently invested in the venture, as are Japanese companies Mitsui and Mitsubishi.

An economist who worked for former President Ronald Reagan said "there's no end in sight" for the war in Ukraine.

As Joe Biden demands refineries ramp up production to cut gas prices, experts say the wrong steps now could push the U.S. even further from its emission goals.

"If Biden doesn't take a dramatic step to get more oil flowing, he will pay a political price," Bourse & Bazaar CEO Esfandyar Batmanghelidj said.

Former Reagan adviser Art Laffer spoke with Newsweek about the issues he sees plaguing the U.S. economy.

The conversation took place as the leaders of the world's richest nations gathered for the G7 summit in Germany.

One panelist on Russian state TV touted the country's oil revenues while the American economy struggles with high inflation and gas prices.

This week, former Bank of Canada Governor Stephen Poloz warned oil and gas prices may remain higher permanently and Canadians may have to adjust.

With Americans facing high gas prices, President Joe Biden is placing the blame on oil companies for not increasing production.

During a speech calling for a federal gas tax holiday, the president made a push for clean energy.

Federal Reserve Chairman Jerome Powell said a recession is possible and that more interest rate increases seem likely.

The chief of Ukrainian state energy giant Naftogaz said on Tuesday that the group led by Firtash will no longer be dominant in the Ukrainian gas market.

A fire broke out at Novoshakhtinsk refinery in the Rostov region near the Ukraine border after two Ukrainian drones were spotted over the plant, according to reports.

A gas tax cut won't do much to fix high prices driven by a supply shock. Experts warn it could actually make inflation worse.