Invesco Db Oil Fund ETF News

Cutting petrol tax to bring down the cost of living used to be the political version of a joke. But no one is laughing now. New Zealand has cut it''s fuel excise by 25 cents and there’s talk about a similar move in the US. So should Australia follow suit?

Most Americans now support a resurrection of the Keystone XL oil pipeline project for carrying oil from Canada to the United States, a new poll showed after the U.S. banned imports of Russian energy following Putin’s war in Ukraine. A total of 71 percent of Americans “favor very much” or “favor somewhat” U.S. President Joe Biden issuing an executive order to restart the construction of Keystone XL, according to an exclusive poll of Americans conducted by Maru Public Opinion for Postmedia. The poll showed that most…

Nations like the US and UK need to keep in with Saudi Arabia, as they turn away from Russian oil.

The Wall Street Journal recently reported that Saudi Arabia is considering accepting the yuan instead of the dollar in Chinese oil sales. According to WSJ, people familiar with the matter said that Saudi Arabia is in active talks with Beijing to price some of its oil sales to China in yuan. The sources said it […]

India Business News: India is exploring options for buying Russian crude oil, authorities said Tuesday, with prices there plunging to record lows in the wake of a global

Adjusted for inflation, previous spikes were far higher | Graphic detail

Stocks rallied as oil dropped for a second session while New York manufacturing data came in much weaker than expected, easing fears about more aggressive Federal Reserve tightening that could stifle economic growth.

One of the core staples of the past 40 years, and an anchor propping up the dollar''s reserve status, was a global financial system based on the petrodollar. This was a world in which oil producers would sell their product to the US (and the rest of the world) for dollars, which they would then recycle the proceeds of in dollar-denominated assets and, while investing in dollar-denominated markets, explicitly prop up the USD as the world reserve currency. All of this would support the standing of the US as the world''s undisputed financial superpower.Those…

The producers'' appeal to the governors, the caution of the Liaison Table to define protest actions, the measures that could be announced by the Government and the assemblies inside

Oil and Gas Share Buybacks Boomed Before Energy Prices Hit Highs

None of the proposals for lowering oil and gas prices would address the economic fundamentals that dominate the US energy industry.

Oil prices continue to retrace toward year-long averages (but they''re not there yet).

The House of Representatives on Tuesday urged the Federal Government to handover the moribund refineries to International Oil Companies (IOCs) operating in Nigeria or other competent private organisations with a view to resuscitating the facilities for functionality. The resolution was sequel to the adoption of a motion of urgent public importance sponsored by Awaji- Abiante, calling on President Muhammadu Buhari administration to save Nigerians from the recurring hardship of petroleum products scarcity across the country. Presenting the motion, Abiante noted that exploration for crude oil commenced in Nigeria in 1937 when Shell D’ Arcy was granted the sole concessionary rights over the whole territory of the country and crude oil was first discovered in commercial quantity in Oloibiri in present-day Bayelsa State in 1956 when the company (Shell D’ Arcy) drilled the first successful well. He recalled that in the same year (1956), Shell D’ Arcy changed its name to Shell-BP Petroleum Development Company of Nigeria Limited and continued its exploration and exploitation activities in Nigeria without hindrance, saying in 1958 the first cargo of crude oil was shipped In February, 1958 through the oil tanker ship Hemisfusus to Britain. “The House further recalled that as the economy of the nation grew, demand for petroleum products was met by importation.

White House Press Secretary Jen Psaki repeatedly shut down questions about President Joe Biden potentially cutting a deal to import oil from socialist Venezuela on Monday after rumors of such a move, fueled by a U.S. delegation to Caracas, prompted international outrage.

Sanctions imposed on Russia have brought to the fore questions about alternatives to US currency-based markets.