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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
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
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
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEnergy security means affordable and reliable supplies: S&P Global's Dan YerginDan Yergin, S&P Global vice chairman, joins 'The Exchange' to discuss energy security, whether there's a need to rebuild the Nord Stream pipeline, and more.
Persons: Dan Yergin Dan Yergin Organizations: Email Energy, P Global
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
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe oil market is oversupplied right now, says S&P Global's Dan YerginDan Yergin, S&P Global vice chairman, joins 'Squawk Box' to discuss the energy markets, the impact of the Red Sea attacks, energy transition outlook, and more.
Persons: Dan Yergin Dan Yergin Organizations: P Global
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
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDan Yergin discusses the risks that aren't reflected in oil pricesDan Yergin, vice chairman of S&P Global, also discusses OPEC+'s Nov. 30 decision on voluntary output cuts.
Persons: Dan Yergin, Yergin Organizations: P
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
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere's no geopolitical fear premium in oil prices at all, says S&P Global's Dan YerginDan Yergin, S&P Global vice chairman and author of 'The New Map, ' joins 'Squawk box' to discuss the latest oil market trends, price outlook, and more.
Persons: Dan Yergin Dan Yergin Organizations: P Global
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 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
The SPR "would be harder to use" to balance a spike in oil prices, energy expert Dan Yergin said. The S&P Global vice chairman said that oil prices can spike if the Israel-Hamas war escalates. The SPR, the world's largest reserve of emergency crude oil, is usually used to stabilize disruptions in oil supply. Saudi Arabia, along with Russia, has been cutting crude oil production in an effort to eliminate price "distortions" in the market. In fact, US oil production surged to a record high of 13.2 million barrels a day earlier this month.
Persons: Dan Yergin, , Yergin Organizations: P Global, Service, CNBC, Strategic Petroleum Reserve, Energy Department, Energy Information Administration Yergin Locations: Israel, Saudi Arabia, Russia, Ukraine, Texas, OPEC, China
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'No question' there's geopolitical risk in oil price now, says S&P Global's Dan YerginDan Yergin, S&P Global vice chairman, joins 'Squawk Box' to discuss the economic fallout from the Israel-Hamas war, the impact on the energy market, geopolitical tensions in the Middle East, and more.
Persons: Dan Yergin Dan Yergin Organizations: P Global Locations: Israel
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
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIsrael-Hamas conflict different looks than 1973 oil crisis, says Dan YerginHosted by Brian Sullivan, “Last Call” is a fast-paced, entertaining business show that explores the intersection of money, culture and policy. Tune in Monday through Friday at 7 p.m. ET on CNBC.
Persons: Dan Yergin, Brian Sullivan, Organizations: Israel, CNBC
The oil market is 'fundamentally tight,' Dan Yergin says
  + stars: | 2023-10-02 | 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 EmailThe oil market is 'fundamentally tight,' Dan Yergin saysDan Yergin, vice chairman of S&P Global, discusses the outlook for the oil market in the event of a global recession.
Persons: Dan Yergin Organizations: P Global
"If you're in a money management business, you do need returns," said Yergin. "And we've seen that with more North American funds that, yes, we want to do energy transition, we want to do ESG. But we actually need returns as well. In the second quarter of this year, investors have pulled $635 million from U.S. sustainable funds, according to funds research firm Morningstar. That racks up a total outflow of $11.4 billion from these sustainable funds in the past year.
Persons: Dan Yergin, Yergin, Morningstar Organizations: CNBC, Blackrock Locations: U.S
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailProduction cuts led by Saudi Arabia have bolstered the price of oil, says S&P Global's YerginDan Yergin, S&P Global vice chairman, joins 'Squawk Box' to discuss if Yergin's been surprised at the strength of crude oil, if the U.S. is doing all it can to drill for oil, and if prices are keying on supply.
Persons: Dan Yergin, Yergin's Organizations: P Global Locations: Saudi Arabia, U.S
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
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
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
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'Multidimensional' transition to clean energy is needed given different situations of regionsDan Yergin of S&P Global discusses the North-South divide regarding the pace and priorities of the energy transition, suggesting that what works for Paris may not work in Southeast Asia.
Persons: Dan Yergin Organizations: P Global Locations: Paris, Southeast Asia
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEV demand for critical minerals is creating supply pressures, says S&P Global's Dan YerginS&P Global's Dan Yergin joins 'The Exchange' to discuss the impact of the Inflation Reduction Act on demand for critical battery minerals, clean energy hubs emerging in the U.S., and more.
Persons: Dan Yergin Locations: U.S
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