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☆ White House will 'make sure gas prices remain affordable' heading into summer, Biden advisor says
▼ + stars: | 2024-04-18 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

President Joe Biden's top economic advisor said Thursday that the White House will "make sure gas prices remain affordable" when asked whether the administration would consider tapping the Strategic Petroleum Reserve. We'll continue to monitor closely and want to make sure that those gas prices remain in current ranges," Brainard said. U.S. crude oil hit a high of $87.67 per barrel this year before pulling back to around $83 a barrel. The White House is keeping a close eye on "geostrategic risk" in the Middle East, Brainard said. Daniel Yergin, vice chairman of S&P Global, said oil prices above $90 presents a problem for the broader market.

Persons: Lael Brainard, Joe Biden's, Brainard, Biden, Lloyd Austin, John Podesta, Tuesday Biden, –, Daniel Yergin, It's, Yergin, CNBC's Organizations: AAA, Summit, Strategic Petroleum Reserve, JPMorgan, Brent, P Global Locations: East, Eastern Europe, Israel, Ukraine, Iran

☆ S&P Global's Dan Yergin: Looks like the U.S. will add further sanctions on Iran
▼ + stars: | 2024-04-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailS&P Global's Dan Yergin: Looks like the U.S. will add further sanctions on IranDaniel Yergin, S&P Global vice chairman, joins 'Money Movers' to discuss whether energy inventories are the overriding dynamic affecting markets, how likely Israel's response won't escalate tensions in the Middle East, and the U.S. response to the Iranian attack.

Persons: Dan Yergin, Iran Daniel Yergin Organizations: P Global Locations: U.S, Iran

☆ Oil prices could spike to $100 if Iran directly attacks Israel, analyst says
▼ + stars: | 2024-04-11 | by ( Spencer Kimball | ) www.cnbc.com time to read: +5 min

The price of global benchmark Brent crude oil could spike to $100 a barrel if Iran directly attacks Israel, a former senior White House energy official said. @LCO.1 YTD mountain Brent crude oil, YTD Oil rallied last week after a missile attack destroyed Iran's consulate in Damascus, Syria, killing seven Iranian military officials. "If Iran attacks from its territory, Israel will react and attack Iran," Israeli Foreign Minister Israel Katz said on the social media platform X , tagging Ayatollah Khamenei. Defense Secretary Lloyd Austin made clear that the Biden administration is worried about rising energy prices during congressional testimony Tuesday. "Certainly, those attacks could have a knock-on effect in terms of the global energy situation," Austin told the Senate Armed Services Committee.

Persons: Bob McNally, McNally, George W, Brent, YTD Oil, Israel, Ayatollah Ali Khamenei, Khamenei, Israel Katz, Biden, terrify, Daniel Yergin, Yergin, CNBC's, Natasha Kaneva, Lloyd Austin, Austin Organizations: Brent, White House, Rapidan, Bloomberg News, YTD, Israel, Iran, Rapidan Energy, Biden, P Global, JPMorgan, Defense, Senate Armed Services Committee Locations: Iran, Israel, U.S, Washington, Damascus, Syria, OPEC, Tehran, Islamic Republic, Strait, Hormuz, Persian, Kyiv, Ukraine

☆ Surging U.S. oil production may set a record in 2024, shielding consumers from Mideast war and pressuring OPEC
▼ + stars: | 2024-01-21 | by ( Spencer Kimball | ) www.cnbc.com time to read: +7 min

Supply is forecast to grow by 1.5 million barrels per day to a new high of 103.5 million barrels per day, according to the IEA. Demand will grow by 1.2 million barrels daily, down from 2.3 million in 2023, with the post-pandemic recovery over and major economies set to slow. WTI and Brent closed out 2023 down more than 10% and OPEC+ production cuts have so far failed to lift prices. Goldman Sachs, for example, says oil prices could double if there is a prolonged disruption to shipments through the Strait of Hormuz. 'Golden era' Stronger U.S. oil production in 2023 surprised even oil industry CEOs such as Chevron's Wirth and Occidental's Vicki Hollub, they told CNBC in recent interviews.

Persons: Michael Wirth, Wirth, CNBC's Brian Sullivan, Goldman Sachs, Walt Chancellor, Daniel Yergin, Brent, Adi Imsirovic, Imsirovic, Yergin, Bob Yawger, Yawger, Matt Smith, Smith, Chevron's Wirth, Occidental's Vicki Hollub, I'm, Macquarie, Chancellor, Hollub, — Organizations: P, Energy Information Agency, Chevron, P Global, CNBC, Economic, West Texas, Center for Strategic, International Studies, OPEC, Bank of America, Oil, International Energy Agency, IEA, Brent, Mizuho, Gulf, Americas, Western Hemisphere Locations: East, U.S, Macquarie, Davos, Switzerland, Canada, United States, United Kingdom, OPEC, Brazil, Guyana, Americas, Europe, Red, Kpler, Iran, Hormuz

☆ Oil prices could spike 20%, possibly double if Middle East conflict disrupts Strait of Hormuz
▼ + stars: | 2024-01-06 | by ( Spencer Kimball | ) www.cnbc.com time to read: +6 min

Shipping can be rerouted away from the Red Sea, but crude would be essentially trapped if the strait is shut down, Struyven said. A prolonged disruption in the strait could eventually double oil prices, he said. McNally thinks the market should be factoring in a $12 geopolitical risk premium in oil prices right now. Wirth told CNBC's Sullivan that Chevron is currently working with the U.S. Navy to protect its vessels transiting the Red Sea. "Hopefully, if it doesn't escalate further, we'll be OK — even if there has to be a wholesale diversion of shipments around the Red Sea," Granholm said.

Persons: you've, Daan Struyven, Goldman Sachs, CNBC's Brian Sullivan, Struyven, Bob McNally, McNally, Bush, Antony Blinken, Daniel Yergin, Yergin, Michael Wirth, Tehran's, Wirth, CNBC's Sullivan, Joe Biden's, Jennifer Granholm, Granholm, Israel, Benny Gantz, Gantz, Biden's, Bob Yawger, Yawger, Brent Organizations: Shipping, Rapidan Energy Group, National Security Council, P Global, Brent, Chevron, U.S . Navy, NBC News . Energy, Mizuho, Energy Information Agency, Gulf Locations: Red, Iran, Hormuz, Persian, Israel, Strait, Yemen, Danish, U.S, Lebanon, Beirut, Lebanese, Islamic Republic, The U.S, Europe, South Africa, United States, East

Michael Regan, the administrator of the EPA, speaks onstage with Daniel Yergin, the vice chairman of S&P Global, during the CERAWeek energy conference in Houston, Texas, U.S., March 9, 2023. The Community Change Grants are the single largest investment in environmental justice that has been made by an administration, and a key measure to achieve the administration's goal of ensuring that 40% of federal clean energy investment benefits flow to disadvantaged communities. The Biden administration's spending on climate and environmental justice measures has been under scrutiny by Republican lawmakers seeking to undercut the president's climate agenda. "This historic, unprecedented funding has the promise to turn disadvantaged and overburdened areas into healthy, resilient, and thriving communities for current and future generations,” EPA Administrator Michael Regan said. The EPA will review applications on a rolling basis and encouraged applicants to apply as early as possible.

Persons: Michael Regan, Daniel Yergin, Callaghan O'Hare, Valerie Volcovici, Franklin Paul Organizations: P Global, REUTERS, Rights, Biden, Republican, EPA, Virgin, Franklin Paul Our, Thomson Locations: Houston , Texas, U.S, Alaska, Puerto Rico, Virgin Islands, Guam, Mexico

☆ The drop in oil prices is good news for the war on inflation, but don't expect an overnight change
▼ + stars: | 2023-11-17 | by ( Bob Pisani | ) www.cnbc.com time to read: +3 min

The big drop in oil prices is great news for consumers and the war on inflation. Additionally, higher oil prices contribute to inflation directly by increasing the cost of inputs, such as food packaging. It would seem reasonable to assume the opposite is true: falling oil prices will decrease inflation. Energy analyst Andy Lipow tells me that while it is reasonable to assume falling oil prices will reduce inflation, falling prices may not reduce inflation as much or as fast as rising prices increase inflation. "When oil prices fall, we do not see gasoline and diesel prices fall as quickly — certainly not at the retail level."

Persons: Daniel Yergin, CNBC's Becky Quick, Jay Powell, Andy Lipow, — Organizations: P Global, Chevron, U.S . Senate, Energy Locations: U.S, China, Israel

☆ U.S. crude oil fell into a bear market this week and could head lower as China 'haunts the market'
▼ + stars: | 2023-11-17 | by ( Spencer Kimball | ) www.cnbc.com time to read: +5 min

U.S. crude oil prices entered a bear market this week, down 22% from September highs as traders wrangle over whether the spiral is driven by market fundamentals or just speculation. Phil Flynn, an oil market analyst with the Price Futures Group, said hedge funds have piled into short positions. There is still some "grind lower" in prices in store unless more positive data comes out of China, he said. If prices keep falling, the U.S. will slip from record production because shale producers will have trouble making money and stop investing, he said. The group has blamed speculators for the recent selloff and insisted market fundamentals are strong with China demand healthy.

Persons: Leo Mariani, Roth MKM, Phil Flynn, John Kilduff, Flynn, Kilduff, Matt Maley, Miller, Daniel Yergin, Yergin, Brent, — CNBC's Pippa Stevens Organizations: West Texas, Brent, Price Futures, Energy Information Agency, Again, Traders, P Global, Organization of, Petroleum, UBS, OPEC Locations: China, U.S, Canada, Brazil, Guyana, East, Israel, Persian, Hormuz

☆ Shell’s shrinking green pledge risks backfiring
▼ + stars: | 2023-11-02 | by ( Yawen Chen | ) www.reuters.com time to read: +4 min

REUTERS/Callaghan O’Hare Acquire Licensing RightsSINGAPORE, Nov 2 (Reuters Breakingviews) - Shell (SHEL.L) CEO Wael Sawan has upped the UK group’s quarterly buyback plan while cutting back on unprofitable low-carbon activities. His pivot back into fossil fuels has shielded the $217 billion company from the wind energy troubles now ensnaring European peer BP (BP.L) and renewables giant Orsted (ORSTED.CO). But the strategy can work only as long as volatile energy prices stay high. Shell’s $6.2 billion third-quarter adjusted net profit shrunk by a third from a year earlier but came in line with analysts’ expectations. So far this year, the total return for Shell’s shareholders has hit 17%, above rivals like BP and TotalEnergies (TTEF.PA).

Persons: Wael Sawan, Daniel Yergin, Callaghan O’Hare, Sawan, Shell, pare, Lisa Jucca, Streisand Neto Organizations: Shell, P Global, REUTERS, Rights, Reuters, BP, EV, Nature Energy, Exxon Mobil, Chevron, Reuters Graphics Reuters, Carbon Solutions, Renewables, Energy Solutions, Thomson Locations: Houston , Texas, U.S, Rights SINGAPORE

After college, Sheffield worked for Amoco Corp and later joined his father-in-law's oil company and became CEO five years later. That company would become Pioneer Natural Resources. On his return, he made Permian oil its sole focus: putting natural gas processing, oilfield services and South Texas shale assets on the block. He also embraced an emerging philosophy that emphasized shareholder returns over rapid production gains, rejecting a plan to more than quadruple Pioneer's oil production by 2026. Two of Sheffield's most significant insights were the major role technology would play in reshaping U.S. oil production and the recognition that big oil companies would eventually control the Permian, he said.

Persons: Scott Sheffield, Eduardo Munoz, Texas oilman Scott Sheffield, Dan Pickering, Sheffield's, Bryan Sheffield, Scott, Boone, Daniel Yergin, Sheffield, Darren Woods, he's, Doug Sheridan, He's, Bruce Vincent, Bryan, Arathy Somasekhar, Gary McWilliams, Marguerita Choy Organizations: Natural Resources Company, REUTERS, Rights, Natural Resources, Sheffield, Exxon Mobil, Pickering Energy Partners, SCHOOL Oil, Atlantic Richfield Co, Tehran school's American, Formentera Partners, Amoco Corp, Energy, Exxon, DoublePoint Energy, EnergyPoint Research, Swift Energy, Thomson Locations: New York, Texas, U.S, TEHRAN, Atlantic Richfield, Iran, Tehran, West Texas, Boone Pickens, South Texas, Sheffield, Houston

REUTERS/Callaghan O'Hare/File Photo Acquire Licensing RightsWASHINGTON, Aug 31 (Reuters) - The Biden administration is offering $12 billion in grants and loans for automakers and suppliers to retrofit their plants to produce electric and other advanced vehicles, Energy Secretary Jennifer Granholm said on Thursday. "I don't know that this will have an impact on the collective bargaining," Granholm said, adding that the administration has spoken with automakers, auto workers, and communities. The administration will also offer $3.5 billion in funding to domestic battery manufacturers, Granholm said. For the advanced vehicles, $2 billion in grants will come from the Inflation Reduction Act which was passed by Democrats last year, and $10 billion in loans will derive from the Energy Department's Loans Program Office. Reporting by Timothy Gardner in Washington Editing by Bill Berkrot and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

Persons: Energy Jennifer Granholm, Daniel Yergin, Callaghan O'Hare, Biden, Jennifer Granholm, Granholm, Joe Biden, Shawn Fain, Timothy Gardner, Bill Berkrot, Matthew Lewis Organizations: Energy, P Global, REUTERS, Rights, United Auto Workers, UAW, Detroit Three, Energy Department, Thomson Locations: Houston , Texas, U.S, Michigan, Michigan , Ohio , Illinois, Indiana, Belvidere , Illinois, Washington

☆ US offers $12 billion for automakers, suppliers to make advanced vehicles
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Callaghan O'Hare/File Photo Acquire Licensing RightsWASHINGTON, Aug 31 (Reuters) - The United States is making $12 billion available in grants and loans for automakers and suppliers to retrofit their plants to produce electric and other advanced vehicles, Energy Secretary Jennifer Granholm told reporters on Thursday. The Biden administration will also offer $3.5 billion in funding to domestic battery manufacturers, Granholm said. For the advanced vehicles, $2 billion of the funding will come from the Inflation Reduction Act which Democrats passed last year, and $10 billion will come from the Energy Department's Loans Program Office, Granholm said. The automaker has left open the possibility that the factory could get a new product with government aid. Reporting by Timothy Gardner in Washington Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

Persons: Energy Jennifer Granholm, Daniel Yergin, Callaghan O'Hare, Jennifer Granholm, Biden, Granholm, Shawn Fain, Timothy Gardner, Matthew Lewis Organizations: Energy, P Global, REUTERS, Rights, United Auto Workers, UAW, Thomson Locations: Houston , Texas, U.S, United States, Michigan , Ohio , Illinois, Indiana, Belvidere , Illinois, Washington

☆ Some of America's poorest communities are landing clean energy projects
▼ + stars: | 2023-08-16 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

This is just one example of a struggling community that has landed a major investment in clean energy since President Joe Biden signed the Inflation Reduction Act into law exactly one year ago Wednesday. The $750 billion law — the largest climate investment in US history — has helped spark a boom in private investment, especially in clean energy, electric vehicles and batteries. Importantly, many of these clean energy projects are set to be built in communities that really need the help. New plants could bring people into the labor force who have been left behind,” the Treasury analysis finds. The $4.4 billion investment is expected to create 300 new jobs and support countless existing ones.

Persons: Joe Biden, —, Wally Adeyemo, ‘, it’s, ” Daniel Yergin Organizations: New, New York CNN, Adams Fork Energy, CNX Resources, Treasury Department, CNN, Honda, LG Energy, Treasury, Bank of America, ” Bank of America, P, P Global Locations: New York, Mingo County , West Virginia, Mingo County, Fayette County , Ohio, Columbus, Marysville , Ohio

☆ U.S. Navy says Iran attempted to seize two oil tankers and fired on one
▼ + stars: | 2023-07-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailU.S. Navy says Iran attempted to seize two oil tankers and fired on oneCol. Jack Jacobs, Retired U.S. Army member and NBC Military Analyst, and Daniel Yergin, S&P Global Vice Chairman, joins 'Last Call' to talk reports by the Navy that Iran attempted to seize two oil tankers.

Persons: Jack Jacobs, Daniel Yergin Organizations: U.S . Navy, Retired U.S . Army, NBC, P Global, Navy Locations: Iran, Retired

KUALA LUMPUR, June 26 (Reuters) - Saudi Aramco (2222.SE) believes market fundamentals remain "sound" for the second half as demand from emerging markets led by China and India will offset recession risk in developed markets, CEO Amin Nasser told an industry gathering on Monday. "Overall, we believe that oil market fundamentals remain generally sound for the rest of the year," said Nasser, who heads the world's largest oil company. "Despite the recession risks in several OECD countries, the economies of developing countries – especially China and India – are driving healthy oil demand growth of more than 2 million barrels per day this year," he told the conference. Although China faces economic headwinds, the transport and petrochemical sectors are still showing signs of demand growth, he added. Looking ahead, Vitol said oil demand could peak around 2030.

Persons: Amin Nasser, Nasser, Daniel Yergin, Russell Hardy, Sazali Hamzah, Petronas, Vitol, Hardy, Muyu Xu, Florence Tan, Christopher Cushing, Himani Sarkar, Conor Humphries Organizations: Saudi Aramco, Energy Asia, Petronas, Brent, Organization of, Petroleum, P Global, Vitol, EV, Thomson Locations: KUALA LUMPUR, Saudi, China, India, Kuala Lumpur, Malaysia, Russia, Iran, Saudi Arabia

☆ Russia cut oil production 'but not as much as they say they have', says S&P Global's Daniel Yergin
▼ + stars: | 2023-06-02 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRussia cut oil production 'but not as much as they say they have', says S&P Global's Daniel YerginDaniel Yergin, S&P Global Vice Chairman, joins 'Last Call' to discuss the upcoming OPEC+ meeting, U.S. energy prices, and more.

Persons: Global's Daniel Yergin Daniel Yergin Organizations: P Global Locations: Russia

☆ U.S. to buy back 3 million barrels of oil for emergency reserve
▼ + stars: | 2023-05-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailU.S. to buy back 3 million barrels of oil for emergency reserveDaniel Yergin, S&P Global vice chairman, joins 'Last Call' to discuss the recent announcement that the U.S. will be buying back 3 million barrels of oil to refill emergency reserve.

☆ CERAWEEK-TotalEnergies CEO talk briefly interrupted by protestor
▼ + stars: | 2023-03-08 | by ( Ron Bousso | ) www.reuters.com time to read: +2 min

[1/2] Patrick Pouyanne, the CEO of TotalEnergies, listens to a question from Daniel Yergin, the vice chairman of S&P Global, during the CERAWeek 2023 energy conference in Houston, Texas, U.S., March 8, 2023. REUTERS/Callaghan O'HareCompanies TotalEnergies SE FollowHOUSTON, March 8 (Reuters) - A protestor briefly interrupted an on-stage discussion with France's TotalEnergies (TTEF.PA) Chief Executive Patrick Pouyanne at an energy industry conference in Houston on Wednesday. The protestor unfurled a banner and shouted "stop your greenwashing and lies." She was ushered away before the on-stage discussion between Pouyanne and U.S. energy historian Daniel Yergin continued. The CERAWeek energy conference is the biggest annual gathering of oil executives and officials and takes place in Houston, the capital of the U.S. energy industry.

☆ The Russia-Ukraine war remapped the world's energy supplies, putting the U.S. at the top for years to come
▼ + stars: | 2023-03-03 | by ( Patti Domm | In | ) www.cnbc.com time to read: +3 min

Russia's invasion of the Ukraine a year ago has shifted global energy supply chains and put the U.S. clearly at the top of the world's energy exporting nations. The U.S. story is part of a larger remapping of world energy," said Daniel Yergin, vice chairman of S&P Global. "What we're seeing now is a continuing redrawing of world energy that began with the shale revolution in the United States. "The price of global natural gas spiked but came back down. According to the Department of Energy, the U.S. has been an annual net total energy exporter since 2018.

☆ U.S. has geopolitical advantage being as world's largest oil and gas producer, says Dan Yergin
▼ + stars: | 2022-12-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailU.S. has geopolitical advantage being as world's largest oil and gas producer, says Dan YerginDaniel Yergin, S&P Global vice chairman, joins 'The Exchange' to discuss the global energy and oil sectors and how Russia's war on Ukraine will affect heating in Europe.

☆ Oil firms will 'push back' on President Biden’s windfall tax plan, Dan Yergin says
▼ + stars: | 2022-11-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOil firms will 'push back' on President Biden’s windfall tax plan, Dan Yergin saysDaniel Yergin, vice chairman at S&P Global, discusses U.S. President Joe Biden’s proposals for a windfall tax on oil firms after they reported bumper profits this quarter.

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