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Gasoline prices in South Korea rose to the highest level in more than eight years Thursday as the deepening conflict between Russia and Ukraine pushes global oil prices higher amid growing supply concerns. The average retail gas price had reached 1,9

Elizabeth Warren Wants ‘’Windfall Tax’’ On Oil Profits On one hand the Biden administration is offering an olive branch to US shale producers , whose oil it desperately needs to offset near record high oil prices. On the other, Democrats such as Elizabeth Warren are hinting at the fire and brimstone the Congress hopes to unleash on US oil companies (before November, as the Democrats face a historic loss at the midterm elections). As prices at the pump continue to rise for Americans, and as U.S. President Joe Biden warns oil and gas companies about price-gouging to take advantage of profits from the fallout of the Russia-Ukraine war, Senator Elizabeth Warren reveals she is gearing up to propose a new windfall tax on oil profits, OilPrice reports . “Big Oil’s first priority is to maximize profits,” Warren said in a Tweet on Wednesday. “We can’t let them use Putin’s invasion as an excuse to pad their bottom line with war-fueled profits.” Warren said she was working with Senate Democrats on the new tax proposal, which may or may not end up being included in President Biden’s revised plans.

The paper called for "a serious — and realistic — conversation about the future of U.S. energy."

Benefiting from oil prices hitting the highest since 2008, Aramco shares have jumped 15% in less than three weeks, giving it a market capitalization o..

Ukrainian President Volodymyr Zelenskyy consulted with EU members and talked to Charles Michel, President of the European Council to discuss various sanctions against Russia to ensure the security of civilians.Taking to Twitter on Wednesday, Zelenskyy said, "Consultations with EU partners continue. Talked with Charles Michel @eucopresident. Discussed sanctions against the Russian aggressor, the need for coordinated pressure on Russia to ensure the security of civilians, support for Ukraine in our struggle & Ukraine''s membership in the #EU. #StopRussia."Ukrainian Foreign Minister Dmytro Kuleba called Antony Blinken, US secretary of state to discuss strengthing Ukraine''s defence capabilities."Call with @SecBlinken on further steps to strengthen Ukraine''s defence capabilities," Kuleba tweeted.He further thanked the US government for banning the import of Russian oil. He further tweeted, "Grateful to the U.S. for the new package of tough sanctions on Russia. Pressure must be …

Australia''s share market was following world markets higher after the United Arab Emirates pledged to provide more oil to overcome boycotts of Russian supply.77 per cent on Thursday as traders responded positively to the UAE pledge and oil prices dropped substantially, albeit from lofty heights.

With the U.S. ban on Russian oil, some analysts say we could be in for the most significant energy disruptions since the 1970s.

Three checkered oil regimes that President Joe Biden and past US leaders have spectacularly snubbed Venezuela, Saudi Arabia and Iran are now targets of US outreach

With oil prices high and Americans paying more for gasoline, US Energy Secretary Jennifer Granholm on Wednesday called for oil companies to increase production and offset the spike in pump prices.

"It''s Appalling": In Hilarious Reversal, Biden Admin Now Slams Shale For Not Raising Output It was just last June when we asked if " ESG will trigger energy hyperinflation ", explaining that the progressives'' ESG agenda, "is unwinding the shale oil revolution. As recent events at Exxon and Shell have shown, the pressure on oil companies to reduce oil and gas exploration and adapt their business models has increased significantly over the past few months" (incidentally the answer to our rhetorical question was "yes"). We added that "ESG is a negative supply shock that internalizes the climate cost of the production of goods and services. This negative supply shock will be inflationary until technological progress absorbs these costs. That could take years. Moreover in Europe, it could garner enough of political support to justify a more aggressive fiscal policy despite the constraints at the German or EU levels." Meanwhile, the impact of ESG on oil companies has been to depress Capex spending to the lowest level in decades , leaving the energy sector entirely unprepared for any energy price spike, as it simply did not have the capacity to pump as much oil as may be needed.

The Ukraine invasion is reverberating through global markets and heaping inflationary pressure on governments and central banks who’re trying to encourage growth after the pandemic

Sens. Joni Ernst, R-Iowa, and Amy Klobuchar, D-Minn., on March 9 introduced the Home Front Energy Independence Act, a bill that aims to put into a law a ban on Russian oil and includes provisions to increase the use of renewable fuels.

In an interview with Fox News Digital, Alaska Gov. Mike Dunleavy said a breaking point is indeed "imminent" for when the United States must stop relying on rival countries for energy production.

UAE Minister of Energy and Infrastructure Mohamed Al Mazrouei on Wednesday played down speculation that the UAE would unilaterally increase its oil production after a statement by an Emirati diplomat

With the U.S. battling high oil prices and facing a dangerous confrontation with Russia, the Democratic Party is coalescing around a new message for the midterms.