Oil Price Oil prices were flat early on Wednesday as Fed Chair Jerome Powell is set to brief Congress on the U.S. economy today and tomorrow. As of 7:57 a.m. ET on Wednesday, the U.S. benchmark, WTI Crude, was up 0.01% at $71.16, and the international benchmark, Brent Crude, traded at $75.83, slightly down by 0.04% on the day. Prices have
CNBC The coronavirus relief bill passed by Congress toughens rules around use of a common heat-trapping chemical and funnels billions of dollars into renewable energy. The measures, attached to a year-end government funding bill, were hailed by some lawmakers as among the most significant Congress has approved to combat climate change in many years. The legislative package, which now awaits President Donald Trump’s signature,
From Reuters U.S. stocks declined on Friday, as the S&P 500 retreated after closing at a record for three straight sessions, following an unexpectedly strong U.S. payrolls report that caused investors to rethink how dovish a turn the Federal Reserve may take. The U.S. Labor Department data showed nonfarm payrolls rose by 224,000 jobs in June, the most in five
From Reuters WASHINGTON (Reuters) – A White House trade adviser and a leading Republican senator said on Wednesday that a U.S. plan to impose tariffs on Mexican goods might not go into effect, offering hope for Mexico and American businesses concerned about economic damage from a new front in President Donald Trump’s trade wars. Adviser Peter Navarro told CNN that
From The Wall Street Journal President Trump said Friday he had reached a deal with congressional leaders to reopen the government for three weeks while negotiations over border security funding continue, marking at least a temporary concession by the president to Democrats. Speaking in the Rose Garden, Mr. Trump said he would sign a bill to open the government until
From S&P Global/Platts Industry maintains role in ‘logical’ transition to lower carbon system Washington — As debate over responses to climate change gains a higher profile in Washington, the major trade group representing interstate natural gas pipelines said it is making education of new congressional lawmakers a top priority this year. House Dems turn attention to climate change Democrats taking power
What to do with a vast government complex of underground salt caverns that once held hundreds of millions of barrels of oil? As Congress steadily sells off the oil contained within the Strategic Petroleum Reserve – residing 1,000 feet beneath the surface of coastal Texas and Louisiana – Democrats and Republicans are now exploring a concept that would have been
Recent U.S. legislation has directed the sale of more than 100 million barrels of oil from the Strategic Petroleum Reserve (SPR) in government fiscal years 2022 through 2027. Based on legislated sales established in multiple acts of Congress, the SPR could decline by about 40% in the coming decade while still meeting requirements for petroleum import coverage, the EIA said.
The Energy and Power Subcommittee has unanimously approved a discussion draft of the Pipeline Safety Act of 2016 to the full committee for consideration. The committee is working to enact pipeline safety reform and the bill is in the mark-up phase. “I know the hard working folks that own and operate the millions of miles of pipelines that crisscross the
Congress expected to vote to lift crude oil export ban; economists worry about low inflation An end to the more than 40-year old crude oil export ban could soon be approaching. Members of Senate this week are expected to include a provision that will lift the export ban as part of the fiscal 2016 spending bill, aides from both parties
House Majority Leader expected to announce vote today Oil companies have been pushing hard in the last year to see the end of a four-decade-old ban on the export of U.S. crude oil. “The growing supply of American oil is outpacing domestic demand and needs a new outlet,” said Fred Upton (R-MI), Chairman of the Energy & Commerce Committee in
Opinions vary widely on how much Iranian crude will hit the market and when we can expect to see it The much anticipated deal between Iran and the five permanent members of the U.N. Security Council, plus Germany (P5+1), was finalized today, fleshing out the details of the preliminary agreement reached on April 2, 2015. Under the terms of the
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