Oil

Newsweek offers an analysis into what the EU oil ban could mean for gas prices in the U.S., as well as what it means for an already volatile energy market.

Oil and gas prices have surged to near-record levels in recent months. But who owns and regulates the oil and gas industry?

Drugs aren't expensive because they cost so much to make, or even because it takes a lot of money to invent a new pharmaceutical. They are expensive because Big Pharma benefits from monopoly protections.

The stickers have increased in prominence at pumps around the county as gas prices continue to reach all time highs.

The average cost of a gallon is now an eyewatering $4.49. Economists and other oil industry experts set out what needs to happen for prices to fall.

The Department of the Interior has previously canceled leases in Alaska due to a lack of interest from the industry.

Whatever Russian President Vladimir Putin decides, Russia will be weaker and less wealthy as a result.

"Fossil fuel exports are a key enabler of Russia's military buildup and brutal aggression against Ukraine," the report read.

"Whoever is supplying Russia with this bloody money is making the same war crime...We're watching them," warned Oleg Ustenko.

"We must not be shortsighted in the use of sanctions relief to mitigate our present energy challenges," Manchin wrote.

The pair of Republicans, along with Kentucky Rep. Tom Massie, were the only House members to vote against the trade-relations suspension approved Thursday.

Several oil and gas executives testified before Congress Wednesday, claiming that their companies have little control over the "market" that determines gas prices.

With some of the president's climate change plans already stalled, the increased demand for oil due to the war in Ukraine could set back his agenda further.

President Joe Biden announced a plan to release a million barrels of oil a day for six months, but how much more does the reserve hold?

The alleged attack on Russian soil came after Ukraine's President Zelensky warned that Moscow's pull back of troops is "part of their tactics."

The former president attacked what he described as President Joe Biden's "futile attempt to reduce oil and gasoline prices."

The president plans to release 180 million barrels of oil into the market in the coming months. U.S. consumes an average of about 20 million barrels per day.

While rebate cards or direct payment are being considered, Pelosi rejected the idea of a gas tax holiday.

The White House says the move, the largest-ever release of oil reserves, will be a bridge until the end of 2022, when U.S. oil production is expected to rise.

Experts question whether Russia's retaliations to financial measures implemented across the world will assist the country's floundering economy.

"The future of Europe depends on your efforts," the Ukrainian president said Saturday at the Doha Forum.

Gas prices have dropped across the U.S. in the last two weeks after reaching a record high. The same isn't true for California, where prices keep rising.

Oleg Ustenko, economic adviser to President Volodymyr Zelensky, told Newsweek what Ukraine wants from Europeans.

Officials in Kyiv said Russian forces had blown up a refinery in Lysychansk owned by Kremlin-controlled oil giant Rosneft.

There's a lot of chatter, sometimes wistful, about Civil War 2.0 in the U.S. Economically, it would be an unmanageable divorce.

"The international community must assume its responsibility to preserve energy supplies," the Saudis said in a statement.

Independent research body CREA estimates the EU has still paid billions since February 24, despite Russia being internationally ostracized.

"We must become independent from Russian oil, coal and gas," EU President Ursula von der Leyen said, ".. and accelerate the clean energy transition."

Gas prices continued to climb in California and a handful of other states in the Western U.S. even as national average gas prices began to drop.

The oil industry and the Biden administration have sparred over blame for tight energy supplies and rising costs.