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☆ What the U.S. can learn from Norway when it comes to EV adoption
▼ + stars: | 2024-02-17 | by ( Jeniece Pettitt | ) www.cnbc.com time to read: +1 min

Norway boasts the highest electric vehicle adoption rate in the world. Some 82% of new car sales were EVs in Norway in 2023, according to the Norwegian Road Federation (OFV). In comparison, 7.6% of new car sales were electric in the U.S. last year, according to Kelley Blue Book estimates. In the world's largest auto market, China, 24% of new car sales were EVs in 2023, according to the China Passenger Car Association. So that's a big advantage," said Petter Haugneland, the assistant secretary general of the Norwegian EV Association.

Persons: Kelley, Ragnhild Syrstad, Syrstad, Petter Haugneland Organizations: Norwegian Road Federation, China Passenger Car Association, Norwegian Ministry of, Norwegian EV Association . CNBC Locations: Norway, U.S, China, Norwegian, Oslo

☆ Don’t look now but gas prices are rising fast
▼ + stars: | 2024-02-16 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

Gas prices always rise as winter winds down because demand increases and gas stations must switch over to more expensive summer fuel. No matter the cause, rising gas prices are bad news for consumers already frustrated by the cost of living. And they undercut the election year message of a White House that previously pointed to cheap gas prices as evidence that Bidenomics is working. First, oil prices — the main driver of retail gas prices — tend to increase during this time of the year. For instance, without the usual backstop, last summer’s historic heatwave that knocked some refineries offline unexpectedly lifted gas prices across the country.

Persons: New York CNN —, ”, Patrick De Haan, doesn’t, De Haan, That’s, Andy Lipow, It’s, BP’s Whiting, Whiting, Lipow, ” Lipow Organizations: New, New York CNN, AAA, ’, Lipow Oil Associates, ”, BP, heatwave Locations: New York, Washington, Southern California, Indiana, Midwest, Ohio, Illinois, Colorado , Utah, Arizona, New Mexico, Colorado, That’s, Israel, Iran, Saudi Arabia

☆ Retail sales tumbled 0.8% in January, much more than expected
▼ + stars: | 2024-02-15 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Consumer spending fell sharply in January, presenting a potential early danger sign for the economy, the Commerce Department reported Thursday. Advance retail sales declined 0.8% for the month following a downwardly revised 0.4% gain in December, according to the Census Bureau. Even excluding autos, sales dropped 0.6%, well below the estimate for a 0.2% gain. The sales report is adjusted for seasonal factors but not for inflation, so the report showed spending lagging the pace of price increases. While the New York survey still indicated contraction, it was a much better reading than January's -43.7 and the -15 estimate.

Persons: Dow Jones Organizations: Commerce Department, Advance, Census, Labor Department, Gas, Federal, Empire, Investors, Federal Reserve Locations: U.S, Philadelphia, New York, York

☆ U.S. Gas Producers Are Racing to Sell to Asia. And Mexico Is Key.
▼ + stars: | 2024-02-13 | by ( Max Bearak | ) www.nytimes.com time to read: +1 min

As soon as next year, the United States’ fossil fuel industry will gain its first foothold on a valuable shortcut to sell natural gas to Asia. The shortcut goes straight through Mexico. The terminal is symbolic of an enormous shift underway in the gas trade, one that will influence fossil-fuel use worldwide for decades and have consequences in the fight against climate change. The American fracking boom has transformed the United States into the world’s largest gas producer and exporter. Demand is particularly growing in China, India and fast-industrializing Southeast Asian countries.

Locations: United States, Asia, Mexico, Coast, Panama, American, China, India

FRANKFURT, Germany (AP) — Missiles and drones are flying in the Red Sea, disrupting one of the world's key trade arteries and a chokepoint for energy shipments headed for Europe. Last year, 12.9% of Europe's LNG went through the Red Sea from suppliers in the Middle East, mainly Qatar. That means “an extended shut-in of the Red Sea route from the Middle East poses a supply risk to Europe,” said Kaushal Ramesh, vice president at Rystad Energy. So far, there's been little to no impact on natural gas prices. Europe is getting a break because demand for natural gas is weak amid a sluggish economy.

Persons: Yemen's Houthi, it's, ”, Kaushal Ramesh, there's, ” Rystad's Ramesh, Simone Tagliapietra, Tagliapietra, Biden, Vladimir Putin, Joe Biden, Jennifer Granholm, Eurogas, Tagliapeitra, Claudia Kemfert, ___ Daly Organizations: Missiles, Union, SEA, Italy's, Europe's, Rystad Energy, WHAT'S, Energy, Industry, German Institute of Economic Research, Leuphana University Locations: FRANKFURT, Germany, Red, Europe, Italy, Russia, Ukraine, Mandab, Israel, U.S, Yemen, Africa, Suez, Qatar, China, Norway, Azerbaijan, Brussels, Iran, Hormuz, Persian, That's, ”, Asia, ” U.S, USA, EU, Washington

☆ 5 Costco items that are always worth buying—one $10 deal can 'easily feed a family of 4'
▼ + stars: | 2024-02-04 | by ( Mike Winters | ) www.cnbc.com time to read: +3 min

Note that prices can vary between Costco stores, and that in-store prices tend to be cheaper than what's found online. You also need an annual membership to shop at Costco stores, which can factor into how much you save. Ramhold recommends the four-pound package of Kirkland Signature Premium Sliced Bacon, which can be found for $15.29, she says. Costco's gas prices tend to be cheaper than what you'll find at nearby gas stations. Just be aware that Costco gas stations are popular, so long lines are common, especially on weekends or just before and after work hours on weekdays.

Persons: Julie Ramhold, Bacon Costco, Ramhold, there's, Costco's Kirkland, That's, Bell Organizations: Costco, Signature, CNBC, Kirkland, Walmart, New York Costco Locations: New York

☆ How the U.S. Became the World’s Biggest Gas Supplier
▼ + stars: | 2024-02-03 | by ( Brad Plumer | Nadja Popovich | ) www.nytimes.com time to read: +8 min

Became the World’s Biggest Gas SupplierTop exporters of liquefied natural gas 12 billion cubic feet per day U.S. Qatar 10 Australia 8 6 Russia 4 Malaysia 2 2014 2023 12 billion cubic feet per day United States Qatar Australia 10 8 6 Russia 4 Malaysia 2 2014 2023 Source: S&P Global Note: Data reflects annual average liquefied natural gas exports by country. But climate activists worry that soaring exports of liquefied natural gas could make global warming worse. In the early 2000s, natural gas was relatively scarce at home, and companies were spending billions of dollars to build terminals to import gas from places like Qatar and Australia. In the mid-2000s, U.S. drillers perfected methods to unlock vast reserves of cheap natural gas from shale rock. The process of making and shipping liquefied natural gas adds complexity and cost, but if the difference between U.S. natural gas prices and overseas prices is big enough, it is profitable.

Persons: Biden, Fracking, ”, Kenneth Medlock, —, Ben Cahill Organizations: U.S, drillers, Cheniere Energy, Center for Energy Studies, Rice University, “, Asia, Department of Energy, Energy Department, . Energy, Energy Information Administration, Clearview Energy Partners, Center for Strategic, International Studies Locations: U.S, Qatar, Australia, Russia, Malaysia, United States Qatar Australia, United States, Japan, Europe, Asia, Ukraine, China, India, Pakistan, Bangladesh, Vietnam, Texas , Louisiana, Maryland, Georgia, Mexico

☆ Consumers Feel Better About the Economy. Why? Gas Prices, Eggs, Stocks
▼ + stars: | 2024-01-29 | by ( Emily Stewart | ) www.businessinsider.com time to read: +6 min

Listen, I'm not saying that all the good vibes Americans are suddenly feeling about the economy boil down to stocks, gas prices, and eggs. What improved America's economic vibes was basically three things: the soaring stock market, falling gas prices, and eggs. Research shows that consumers feel more pessimistic when gas prices go up — James Surowiecki points out in The Atlantic that high gas prices also make people less happy and more likely to hate the president. If oil prices stay relatively low and, in turn, keep gas prices down, less exasperated drivers could help Joe Biden keep his job come November. There are all sorts of geopolitical threats and unknowns that could throw global trade and oil prices (and thus gas prices) into chaos.

Persons: I'm, there's, There's, Jordan Weissmann, —, It's, James Surowiecki, Joe Biden, they're, Emily Stewart Organizations: University of, Dow, Federal Reserve Bank of San, AAA, Research, Bureau of Labor Statistics, Times, Business Locations: America, The

Why did Biden delay consideration of LNG export terminals? Biden's action would not affect those projects, but could delay a dozen or more LNG projects that are pending or in various stages of planning. A public comment period after that will likely delay any decisions on pending LNG projects until after the November election. Environmentalists hailed Biden's decision, saying LNG exports not only pollute communities and add to the climate crisis but also raise energy prices for U.S. families and businesses. A single proposed LNG export terminal in Louisiana would produce about 20 times the greenhouse gas emissions of Willow, activists say.

Persons: —, Biden, Joe Biden, ”, Vladimir Putin, Ali Zaidi, Jennifer Granholm, ″ Zaidi, Granholm, Biden's, Abigail Dillen, Sen, Ed Markey, Mike Sommers, Mitch McConnell, Israel's, “, “ Biden, ″, Bill McKibben, Donald Trump, Karoline Leavitt Organizations: WASHINGTON, Democratic, Industry, Republicans, Russia, U.S, Energy Department, Energy, Seven, American Petroleum Institute, U.S . LNG, GOP Locations: United States, Europe, Asia, Ukraine, Alaska, U.S, Russia, Louisiana, Texas, Calcasieu, Coast, Kentucky, Gaza, Willow

WASHINGTON (AP) — The Biden administration is delaying consideration of new natural gas export terminals in the United States, even as gas shipments to Europe and Asia have soared since Russia’s invasion of Ukraine. A proposed LNG export terminal in Louisiana would produce about 20 times the greenhouse gas emissions of Willow, McKibben noted. “We need to have an even greater understanding of the (global energy) market need, the long-term supply and demand of energy resources and the environmental factors,'' she said. Symons called the gas project "bad for our nation, bad for our health and bad for our economy.'' "The true irony is this policy would hurt the climate and lead to increased (greenhouse gas) emissions, as it would force the world to pivot to coal'' instead of natural gas, Hynes said.

Persons: —, Biden, Joe Biden, “, MAGA, Donald Trump, Bill McKibben, it’s, McKibben, Jennifer Granholm, Granholm, Vladimir Putin, Mike Sommers, Sommers, ”, ‘ ’ Granholm, we’re, Jeremy Symons, Symons, Shaylyn Hynes, Hynes, Trump Organizations: WASHINGTON, Democratic, Energy Department, Industry, Russia, Energy, American Petroleum Institute, U.S . LNG, Environmental Protection Agency, Venture, LNG Locations: United States, Europe, Asia, Ukraine, Alaska, Paris, Louisiana, U.S, Calcasieu, Gulf, Cameron Parish, Virginia

☆ Biden pauses approval of new LNG export projects in win for climate activists
▼ + stars: | 2024-01-26 | by ( ) www.cnbc.com time to read: +4 min

President Joe Biden paused pending approvals of exports from new liquefied natural gas projects on Friday, a move cheered by climate activists that could delay decisions on new plants until after the Nov. 5 election. Biden said in a statement: "During this period, we will take a hard look at the impacts of LNG exports on energy costs, America's energy security, and our environment." "We are committed to strengthening energy security here in the U.S. and with our allies," Granholm said. The last review of LNG export projects was in 2018 when export capacity was 4 billion cubic feet per day (bcfd). But the commission's panel of three regulators, which almost always approves LNG projects, could approve it as soon as February, which would then put its approval in the hands of the DOE.

Persons: Joe Biden, Jennifer Granholm, Biden, Granholm, Ben Jealous, Sempra, CP2 Organizations: US Department of Energy, Department of Energy, DOE, Energy, Companies, U.S, Sierra, Sempra Infrastructure, Commonwealth LNG, Venture, Federal Energy Regulatory Commission, Venture Global Locations: Washington ,, Europe, Asia, U.S, wean, Russia, Ukraine, Louisiana, Alaska, Calcasieu, United States, Germany

☆ Premarket stocks: Crypto fans got what they wanted. So why is bitcoin falling?
▼ + stars: | 2024-01-25 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

So, why is the price of bitcoin falling, even after investors got what they wanted? Part of the reason is likely a “buy the rumor, sell the news” mentality, according to Antoni Trenchev, co-founder of crypto lender Nexo. Interestingly, bitcoin ETF activity actually shows net buying. Greyscale’s fund is the largest bitcoin ETF, holding roughly $20 billion in assets. ETFs hold just a small portion of the bitcoin that’s traded, says Eric Balchunas, senior ETF analyst at Bloomberg Intelligence.

Persons: cryptocurrencies, bitcoin, Antoni Trenchev, that’s, Eric Balchunas, ”, Bitcoin, FTX, “ We’re, Craig Erlam, vibing, Bryan Mena, Read, It’s, Janet Yellen, Matt Egan, Yellen, Biden Organizations: CNN Business, Bell, New York CNN —, US Securities and Exchange, SEC, Investors, Bloomberg Intelligence, CNN, Economic, of Chicago, Treasury Locations: New York, America, Chicago, Covid

☆ Oil prices dip on demand worries as U.S. gasoline stocks surge
▼ + stars: | 2024-01-24 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Oil prices edged lower Wednesday as U.S. gasoline stocks rose significantly, suggesting demand might be faltering in the world's largest economy. U.S. crude oil inventories tumbled by 6.67 million barrels for the week ending Jan. 19, but gasoline stocks surged by 7.18 million barrels, according to the American Petroleum Institute. Rising gasoline stocks are a signal that demand might be weakening as supply returns to the market after disruptions in Libya and North Dakota. Geopolitical risk is largely already factored into prices, according to Dwivedi. The market is waiting for the Energy Information Agency to release the latest weekly U.S. crude supply data at 10:30 am ET.

Persons: Brent, Vikas Dwivedi, Tamas Varga Organizations: West Texas Intermediate, American Petroleum Institute, U.S, Macquarie, PVM Oil Associates, Energy Information Agency Locations: Libya, North Dakota

☆ Your 401(k), gas prices and homes: 3 surprising reasons to be happy — for now
▼ + stars: | 2024-01-24 | by ( Bryan Mena | ) edition.cnn.com time to read: +6 min

Consumer sentiment is surging. A tough housing market and exorbitant child care costs continue to bedevil budgets, but the inflation pendulum is finally swinging in the other direction. A slowly improving US housing marketAmerica’s housing market is still tough, but there are some subtle signs of improvement. Builder confidence surged in January, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index, climbing seven points to a reading of 44. It’s unclear when the Fed will begin to cut rates, and how many cuts there will ultimately be this year, but rate cuts in general mean even lower mortgage rates, further improving affordability.

Persons: vibing, aren’t, it’s, Anna Rathbun, ”, isn’t, bode, Joe Biden’s, ” James McCann, Biden, Alicia Huey Organizations: Washington CNN, Big Tech, Dow Jones, Nasdaq, CBIZ Investment Advisory Services, CNN, Fed, Apple, Meta, Microsoft, Nvidia, Tesla, of Michigan’s, AAA, National Association of Home Builders Locations: Wells Fargo

MONTGOMERY, Ala. (AP) — Alabama is preparing to use a new method of execution: nitrogen gas. The state maintains that nitrogen gas will cause unconsciousness quickly but critics have likened the never-used method of execution to human experimentation. In 2018, Alabama became the third state — along with Oklahoma and Mississippi — to authorize the use of nitrogen gas to execute prisoners. If the Alabama execution goes forward, other states may seek to start to using nitrogen gas. If the execution is blocked by the court or botched, it could halt or slow the pursuit of nitrogen gas as an alternative execution method.

Persons: Kenneth Eugene Smith, Smith, —, gurney, general’s, Walter LaGrand, Prosecutors, Elizabeth Sennett Organizations: NIOSH, United Nations Human Rights, Veterinary Medical Association, WHO, Alabama, U.S, Supreme, Circuit Locations: MONTGOMERY, Ala, Alabama, Oklahoma, Mississippi, United States, U.S, Arizona

☆ Gaslit, gaslighted... gaslated? The word has flummoxed the internet for years. It turns out the answer is complicated.
▼ + stars: | 2024-01-21 | by ( Andrew Lloyd | ) www.businessinsider.com time to read: +6 min

Internet users have turned to the web for years to find the past tense of "gaslight." A linguist TikToker went viral when he joked "gaslighted" and "gaslit" were both wrong. AdvertisementPeople have been trying to agree on the past tense of "gaslight" for years, and a viral video has just added more confusion to the mix. With the rise in the term's popularity has also come confusion about its past tense. AdvertisementAs the background lights slowly dimmed throughout the course of the TikTok, he insisted the correct past tense was, in fact, "gaslated."

Persons: TikToker, —, Perpetua Neo, Webster, they'd, gaslighting, erb, ong Organizations: Service, Merriam

☆ Retail sales rise 0.6% in December, topping expectations for holiday shopping
▼ + stars: | 2024-01-17 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Retail sales increased 0.6% for the month, buoyed by a pickup in clothing and accessory stores as well as online non-store businesses. Stock market futures held negative following the releaseOn a year-over-year basis, retail sales ended the year up 5.6%. The CPI increased 0.3% in December, also lower than the retail sales increase. Another measure of retail sales strength that excludes sales from auto dealers, building materials stores, gas stations, office suppliers, mobile homes and tobacco stores rose 0.8% for the month. Health and personal care store receipts declined 1.4% and gas stations saw a 1.3% drop as fuel prices eased.

Persons: Dow Jones Organizations: Commerce Department, Federal Reserve, Stock, Furniture, Gas

“It’s an ongoing effort,” said White House chief of staff Jeff Zients. “Under his leadership, we’ve attacked inflation from every angle.”The question is whether voters are feeling the improvement and will reward Biden. Or will they penalize him because inflation became a problem on his watch as the U.S. emerged from pandemic shutdowns? Past and current Biden administration officials say the decline in inflation since then was a result of a set of choices. Much of the public saw inflation through the lens of their grocery stores, strip malls and gas stations, but the White House considered it a worldwide issue.

Persons: Joe Biden, he's, Biden, ”, Jeff Zients, we’ve, Jason Smith of Missouri, Donald Trump, ” Trump, “ We're, Bharat Ramamurti, shutdowns, “, Jared Bernstein, White, Ben Harris Organizations: WASHINGTON, White, Bureau of Labor Statistics, Biden, Federal Reserve, House, National Economic Council, Congressional, Medicare, Factories, Shipping, White House Council, Economic Advisers, White House, U.S, Republican, Treasury Department, Associated Press, NORC, for Public Affairs Locations: “, U.S, Los Angeles, Long Beach , California, Russia, Ukraine, Israel, Red

Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). Review: Wells Fargo Active Cash card reviewInk Business Cash® Credit CardBest for office supplies Ink Business Cash® Credit Card Apply now lock icon An icon in the shape of lock. The Capital One Venture X Rewards Credit Card is a premium travel credit card that earns 2 Capital One miles per dollar on most purchases. Excellent, Good, Fair Pros Check mark icon A check mark. Annual Fee $0 Intro APR N/A Regular APR 20.49% Variable Intro Offer N/A Recommended Credit Excellent Pros Check mark icon A check mark.

Persons: Chase, —, takeout, cardholders, Cash, you'll, American Express cardholders, Wells, you've, It's, You'll, doesn't, Amex Organizations: Business, Citi, Bank, Amazon.com, Foods, Chase Travel, Amazon, Visa, FDIC, Chase, PayPal, American Express, Express, Disney, ESPN, Wells, Ink, Capital, One, Air, Turkish Airlines, Wyndham, Wholefoods, Card, Citi Best, EV, Costco, Costco.com, Cash, Cashback, Amex, Dell Locations: U.S, Hulu, Wells, Air Canada

☆ Retail sales rose 0.3% in November vs. expectations for a decline
▼ + stars: | 2023-12-14 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Retail sales rose 0.3% in November, stronger than the 0.2% decline in October and better than the Dow Jones estimate for a decrease of 0.1%, the Commerce Department reported Thursday. Excluding autos, sales rose 0.2%, also better than the forecast for no change. Stripping out autos and gas, sales rose 0.6%. Sales held up despite a 2.9% slide in receipts at gas stations, as energy prices broadly slumped during the month. Gas station sales were off 9.4% on a 12-month basis.

Persons: Dow Jones, Andrew Hunter Organizations: Commerce Department, Capital Economics, . Gas, Labor Department, Economists, Federal Reserve, Federal, Market, CNBC PRO

PLAQUEMINES PARISH, La.— Michael Sabel and his partner, both industry novices, have made a fortune virtually overnight by building from scratch one of the world’s largest gas exporters. They have also made some powerful enemies. Here at this sprawling facility spanning about 630 acres in the wetlands outside New Orleans, Sabel said his company, Venture Global LNG , is on pace to leapfrog competitors and rival Qatar as one of the world’s top exporters of liquefied natural gas by 2030.

Persons: — Michael Sabel, Sabel Organizations: Venture Global, Qatar Locations: PLAQUEMINES, La, New Orleans

At least 118 countries at the COP28 climate summit in Dubai have backed a pledge to improve energy efficiency rates by 4% each year until 2030. In its simplest form, energy efficiency can simply mean using appliances, technology, or electronics that are designed to consume less energy, such as heat pumps or LED lighting. Industries worldwide could save $437 billion per year by 2030 with improved energy efficiency, according to an October 2023 industry collective report by the Energy Efficiency Movement. As a result, energy efficiency improved globally this year by about 1.3% compared with last year, slower than the 2% improvement posted in 2022 due largely to rising energy demand, the IEA's annual Energy Efficiency report said. In the U.S., energy efficiency is beating the global average efficiency improvement rate this year at 4%, with $86 billion allocated for the goal under the Inflation Reduction Act.

Persons: Andrew Boyers, Larissa Gross, Sofie Irgens, Nick Eyre, Gloria Dickie, Katy Daigle, Jan Harvey Organizations: REUTERS, Rights, International Energy Agency, BE, European Union, Industries, Energy, U.S . Department of Energy, IEA, Oxford University, Reuters, Thomson Locations: Watchfield, Swindon, Britain, Dubai, leakages, India, Africa, U.S, Germany, Sweden, Netherlands

But that came after they had sold petroleum in eight of the previous nine weeks, reducing their position by a total of 342 million barrels. In the premier NYMEX WTI contract, funds had amassed bearish short positions amounting to 116 million barrels by Nov. 28, up from 20 million barrels eight weeks earlier. Funds purchased the equivalent of 10 million barrels split between U.S. gasoline (+2 million), U.S. diesel (+4 million) and European gas oil (+4 million). Funds held a net long position in gasoline of 66 million barrels (72nd percentile) up from 26 million barrels (19th percentile) six weeks earlier. Related columns:- Record U.S. oil output challenges Saudi mastery (December 4, 2023)- Investors bet against OPEC+ raising oil prices (November 28, 2023)John Kemp is a Reuters market analyst.

Persons: de Wouw, John Kemp, Kirsten Donovan Organizations: Port, REUTERS, ICE, Fund, U.S, . Funds, U.S ., Funds, Saudi, OPEC, Thomson, Reuters Locations: Rotterdam, Netherlands, Brent, Saudi Arabia, United States, U.S

REUTERS/Mike Segar/File Photo Acquire Licensing RightsLONDON, Dec 4 (Reuters) - U.S. crude oil production set a record for the second month running in September, highlighting the challenge to Saudi Arabia and its OPEC⁺ partners as they cut their own production to boost prices. Lower 48 production climbed to a record of 10.8 million b/d, surpassing the pre-pandemic peak of 10.5 million b/d set in December 2019. Drilling activity usually turns down around 4-5 months after prices and production turns down 10-12 months after prices fall. Production growth has slowed consistently since the middle of 2022 in response to the sharp fall in prices. Related columns:- U.S. oil output hits record as producers boost drilling efficiency (November 1, 2023)- U.S. oil producers reprieved by Saudi output cut (October 3, 2023)John Kemp is a Reuters market analyst.

Persons: Mike Segar, OPEC’s, John Kemp, Barbara Lewis Organizations: Bayway, REUTERS, OPEC, U.S . Energy Information Administration, Cooperation, Energy Information Administration, Thomson, Reuters Locations: Phillips, Linden , New Jersey, U.S, Saudi Arabia, Gulf of Mexico, Alaska, OPEC, United Kingdom, Russia, Soviet, Vienna, Brazil, Guyana, El, Saudi

“Despite the challenges, we still expect OPEC+ to reach an agreement to reduce production," he said in an analyst note. Lower oil prices have allowed U.S. gas prices to fall or stay steady since Sept. 19, AAA said. White House national security spokesman John Kirby declined to address the possibility of OPEC+ reducing oil production. U.S. oil production has hit records as OPEC+ has cut back, with producers outside the group expected to keep leading global growth in oil supply next year, the International Energy Agency said in its November oil report. Now, the risk is growing that Saudi Arabia’s production cuts could reduce OPEC’s influence over oil supplies as other countries boost their output.

Persons: That's, Jorge Leon, Brent, Joe Biden, Biden, John Kirby, “, ” Kirby, ” Leon, ” ___ Boak Organizations: OPEC, United Arab, Rystad Energy, International Monetary Fund, Brent, New York Mercantile Exchange, AAA, Gas, White House, International Energy Agency, U.S, U.S . Energy Information Administration, Saudi Locations: Saudi Arabia, Russia, OPEC, Israel, United Arab Emirates, Vienna, Ukraine, United States, U.S, Washington

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