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Biden blamed Russian President Vladimir Putin’s invasion of Ukraine for higher crude and gasoline prices, while noting prices had fallen 30% from their peak earlier this year. “Families are hurting,” and gasoline prices are squeezing their budgets, he added. Retail gasoline prices have fallen from a high in June, but remain above historical averages, and are a major contributor to inflation. Biden said oil companies should feel more confident about investing in production with the new SPR repurchase pledge, and stop pushing stock buybacks. So you can act now to increase oil production," he said.

The plan is intended to add enough supply to prevent oil price spikes that could hurt consumers and businesses, while also assuring the nation's drillers the government will swoop into the market as a buyer if prices plunge too low. Earlier this year, Biden decided to sell 180 million barrels out of the Strategic Petroleum Reserve (SPR) to combat a potential supply crisis brought about by sanctions on oil-rich Russia following its February invasion of Ukraine. Those will be put up for bidding for delivery in December, a senior administration official said, and extra oil could also be made available if needed. They have called on the administration to take the option off the table, a move officials are unwilling to do. "We are keeping all tools on the table, you know, anything that could potentially help ensure stable domestic supply," the official said.

And demand for the greener fuel has dried up, according to Reuters interviews with nine LNG market analysts, industry officials and traders. Several gas drillers, including in the world’s top gas producer the United States, told Reuters they have invested in finding and plugging greenhouse gas emissions associated with production, transport and processing. Since Russia's Feb. 24 invasion of Ukraine, gas prices have soared about 25% in the United States and 32% in Europe . To export gas, the fuel must be supercooled into LNG and then shipped across the sea, a process that produces substantial additional greenhouse gas emissions. Other U.S. LNG suppliers, like Cove Point LNG and Cameron LNG, also told Reuters they are not certifying their cargoes.

President Joe Biden's announcement is expected this week as part of the response to Russia's war on Ukraine, one of the sources said. The sale would market the remaining 14 million barrels from Biden's previously announced, and largest ever, release from the reserve of 180 million barrels that started in May. Biden said last week gasoline prices are too high and that he would have more to say about lowering costs this week. Gasoline prices hit a record average above $5.00 in June. It suggested then that deliveries would be linked to lower oil prices and lower demand, likely after fiscal year 2023, which ends Sept. 30 next year.

☆ Biden admin talks with energy firms as it seeks to balance oil prices-sources
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +4 min

Register now for FREE unlimited access to Reuters.com RegisterBiden said last week gasoline prices are too high and that he would have more to say about lowering the costs this week. The Energy Department still has about 14 million barrels of SPR oil left to sell from the 180 million barrel release, which was slowed in July by holidays and hot weather. Gasoline prices hit a record average above $5.00 in June. The White House and the DOE did not immediately respond to requests for comment about the talks with energy companies. It suggested then that deliveries would be linked to lower oil prices and lower demand, likely after fiscal year 2023, which ends Sept. 30 next year.

☆ U.S. could sell oil from emergency reserve this week: Reuters, citing sources
▼ + stars: | 2022-10-18 | by ( ) www.cnbc.com time to read: +2 min

Samuel Corum | Bloomberg | Getty ImagesThe Biden administration plans to sell oil from the Strategic Petroleum Reserve in a bid to dampen fuel prices before next month's congressional elections, three sources familiar with the matter said on Monday. President Joe Biden's announcement is expected this week as part of the response to Russia's war on Ukraine, one of the sources said. The sale would market the remaining 14 million barrels from Biden's previously announced, and largest ever, release from the reserve of 180 million barrels that started in May. Biden said last week gasoline prices are too high and that he would have more to say about lowering costs this week. The Energy Department still has about 14 million barrels of SPR oil left to sell from the historic release, because selling was slowed in July and August by holidays and hot weather.

☆ Buy these 8 stocks now before a 'pain trade' to the upside catches investors off-guard, says a top-2% fund manager
▼ + stars: | 2022-09-25 | by ( James Faris | ) www.businessinsider.com time to read: +7 min

And I think that's going to be the story of this market." In fact, his fund, the Donoghue Forlines Yield Enhanced Real Asset ETF (DFRA), is in the top 2% of its category this year, according to Morningstar. "As people get more confidence, they're not going back into what I call the 'ARKK type' stocks," Forlines said. While Linde provides investors with a dividend yield of 1.69%, BHP has a gargantuan dividend yield of 13.4%. Unlike some of its peers, it hasn't been hurt by the dollar's massive rally this year, and its dividend yield is over 4% right now.

☆ How an oil fracking boom to bust startup plans to thrive in the climate change era
▼ + stars: | 2022-09-23 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +17 min

And in a way, Duncan thought the science wasn't a good match for the blunt process of oil and gas drilling. The Covid downturn in 2020 capped close to a decade of a bear market for oil and culminated in the negative spot prices in the oil market in May 2020. Oil and gas was changing from a growth business to a value business, and oil company management were much more focused on fiscal discipline. That concentration of equipment and infrastructure's resulting reduced costs was not good for an oil services company. And there have been a lot of surprises along the way – how the shale boom became its biggest business, followed by how quickly the science became commoditized in the oil market.

☆ Private Oil Drillers Are Hitting Their Limits
▼ + stars: | 2022-09-19 | by ( Collin Eaton | Benoît Morenne | ) www.wsj.com time to read: 1 min

Private companies in the Permian Basin of West Texas and New Mexico emerged from the pandemic-induced oil downturn as a growth engine for U.S. shale. Dozens of small drillers helped fuel a resurgence in the busiest U.S. oil patch over the past two years. But they tapped many of their best drilling spots, and will have to ease their rapid pace of drilling as their inventory shrinks, analysts and executives say. Private oil companies in the Permian Basin of West Texas and New Mexico emerged from the pandemic-induced oil downturn last year as a growth engine for U.S. shale, now running almost half of the working drilling rigs there, up from a quarter before the pandemic. Their publicly traded rivals are restrained by shareholders pushing for conservative spending and using leftover cash to pay investors and reduce debt.

☆ Private Drillers Are Hitting Their Limits
▼ + stars: | 2022-09-19 | by ( Collin Eaton | Benoît Morenne | ) www.wsj.com time to read: 1 min

Natural gas flares off at a production facility owned by Exxon near Carlsbad, New Mexico, U.S. February 11, 2019. REUTERS/Nick OxfordLONDON, Sept 16 (Reuters) - U.S. shale drillers are struggling to meet strong demand for gas from domestic generators as well as customers in Europe and Asia scrambling for replacement supplies following Russia’s invasion of Ukraine. U.S. generators are burning record volumes of gas because coal-fired units have been retired and drought has limited hydroelectric output in the western states. At the same time, exports are running at record rates as new LNG liquefaction terminals meet soaring demand from importers in Europe and Asia. Even so, hedge funds and other money managers have become progressively less bullish and even slightly bearish on gas prices since April.

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