Category: fox-business/markets/oil

As energy prices soar, Biden administration jacks up costs to drill on public lands

The Biden administration on Friday finalized a rule that will make it more expensive for oil and gas companies to drill on public lands, despite soaring energy prices and inflation still trending upwards. The Department of the Interior announced it has revised the Bureau of Land Management’s (BLM) oil and gas leasing regulations, which will raise royalty rates for the first time in 100 years…

Equity investor says oil prices could affect Fed as they decide on rate cuts

The chief investment officer of Andersen Capital Management said oil prices could affect the Federal Reserve as its policymakers determine their next step on interest rates. “As Liz Peek had mentioned recently in her op-ed, you know, this will present a speed bump to any of the Fed calculus that’s out there,” CIO Peter Andersen told “Mornings with Maria” on Monday. “And as oil prices…

New carbon technology projects could be key to ‘Big Oil’ emissions cuts

The outcome of four government-funded pilot projects could be crucial in developing technologies for Big Oil to reduce its carbon footprint and help the Biden- administration’s goal of a net-zero emissions economy by 2050.  The Energy Department’s Clean Energy Demonstrations (OCED) in February allocated $304 million in taxpayer funds to new technologies designed to capture carbon dioxide emissions at power and industrial sites in Kentucky,…

Gas prices creep up amid rising oil prices due to mounting tensions between Russia and Ukraine

The national average gas price across the U.S. rose by just three cents last week and now sits at $3.56 per gallon, according to AAA’s weekly report. With spring now here, gas demand is crawling up. Data from the Energy Information Administration showed that demand rose from 8.72 million barrels per day to 9.23 million barrels per day. With oil prices in the mid-$80s per…

Biden’s ex-chief of staff admits US prices are too high: Experts break down who’s ‘struggling’ most

Two market and economic experts are siding with recent commentary from a former White House chief of staff that inflationary pressures are becoming too much for Americans to bear. “Another group that’s really been hurting under this administration is what has typically been a core Democratic constituency, which is young people, but they, of course, are the ones that have a disproportionate portion of their…

Baltimore port closure may hit US coal export volumes

The closure of the Port of Baltimore to shipping traffic following a container ship’s collision with a bridge that collapsed into the harbor will slow U.S. exports of coal, according to a report by the Energy Information Administration (EIA) published Thursday. The Port of Baltimore is the second-largest U.S. shipping hub for coal exports, which have been disrupted following the collapse of the city’s Francis…

Yellen says energy, health care costs still ‘too high’ and are ‘top economic priority’

Treasury Secretary Janet Yellen said Wednesday that inflation has caused energy and health care costs to remain elevated for American households and that reducing them is the Biden administration’s top priority in economic policy. Yellen delivered remarks in Norcross, Georgia, and said “GDP growth is strong, inflation has come down significantly and the labor market is remarkably healthy.” But she signaled the White House is…