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CNN —Nearly four years ago, while campaigning in the runup to the last presidential election, Donald Trump warned that President Joe Biden would “destroy” the oil industry. In the last three and a half years, US oil production — and oil and gas company profits — have broken records. That’s a 160% jump compared to the first three years of the pro-big-oil Trump administration, according to calculations by CNN. However, in March, the Biden administration approved ConocoPhillips’ massive Willow oil drilling project on Alaska’s North Slope, which holds around 600 million barrels of oil, angering climate advocates. Despite his mixed record with oil and gas companies, though, Biden has presided over a historic run for the industry, Kloza said.
Persons: Donald Trump, Joe Biden, Trump, Biden, That’s, , Tom Kloza, , Hess, Chevron’s, Abdullah Hasan, Darren Woods, Mike Wirth, Woods, Obama, Bob McNally, Kloza, ” Kloza, “ It’s Organizations: CNN, Global, ExxonMobil, Chevron, ConocoPhillips, Resources, Schlumberger, Oil Price Information Service, US Energy Information Administration, Oil, Natural Resources, Exxon, White, Shareholders, Microsoft, Apple, The Washington Post, Keystone XL, Rapidan Energy Group, Republican Locations: United States, Ukraine, Boon, dealmaking, The
Road trips, in particular, are expected to set a record, which could send gas prices higher. But, just as a US president cannot solely take the blame for surging oil prices, nor can he or she, in most cases, be entirely credited for steadying prices. “This is a non-starter and won’t do much to lower gas prices,” GasBuddy’s Patrick DeHaan said. In the wake of Russia’s invasion of Ukraine in 2022, Biden attempted to stem rising oil prices by authorizing the release of 180 million barrels of oil in coordination with US allies overseas. Gas prices have remained steady in recent weeks after rising sharply at the end of winter.
Persons: Biden, Jennifer Granholm, , ” GasBuddy’s Patrick DeHaan, Obama’s, Sandy, Tom Kloza, , Kloza, Matt Egan Organizations: CNN, AAA, Federal Aviation Administration, Gasoline Supply, , Congress, US Energy Information Administration, US Department of Energy, Oil Price Information Service Locations: New York, Maine, Ukraine
US gas prices have stopped rising and even briefly dipped in recent days. Now, there is growing hope that gas prices are at or near a peak for the spring – or perhaps even for the year. ‘Could have been much worse’Of course, none of this is to say gas prices are cheap. A spike in gas prices would be the last thing President Joe Biden needs as he struggles to convince voters of his economic message before November. Why gas prices have cooledThere are multiple reasons why gas prices have stopped rising for the moment.
Persons: Patrick De Haan, “ I’m, ” De Haan, Tom Kloza, , Andy Lipow, , De Haan, Joe Biden, Lipow, ” Lipow, Kloza Organizations: New, New York CNN, OPEC, AAA, CNN, , Oil Price Information Service, Lipow Oil Associates, Drivers, Federal Reserve, Biden, US Strategic Petroleum Reserve, Coast, Colorado State University Locations: New York, Israel, Iran, Covid, California, De Haan ., Washington, Syria, West Texas, New Mexico, Saudi Arabia, Russia
Iran-Israel tension spikes oil
  + stars: | 2024-04-15 | 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 EmailIran-Israel tension spikes oilTom Kloza, OPIS global head of energy analysis, joins 'Squawk Box' to discuss how the ongoing Middle East conflict could affect global oil prices, why August could be a crucial month for oil prices, and more.
Persons: Tom Kloza Locations: Iran, Israel
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEnergy price spike has more to go, predicts Oil Price Information Global HeadTom Kloza, Oil Price Information Service Global head of energy analysis, joins 'Fast Money' to talk rising oil prices and where the energy sector is headed from here.
Persons: Tom Kloza Organizations: Email, Oil Price Information Service
And since last fall, Trump has also exaggerated about oil prices, gas prices, overall energy prices, bacon prices and general food and grocery prices. “Not surprisingly, the claims are not true,” Tom Kloza, global head of energy analysis for the Oil Price Information Service, told CNN. “Crude oil prices - the two benchmarks, WTI and Brent - hit their all-time highs in July 2008,” trading above $147 per barrel. Bacon pricesIn multiple speeches in the fall, Trump claimed that bacon cost Americans “five times” what it did before Biden became president. At the time Trump claimed in Ohio on Saturday that grocery prices had increased 30% under Biden, average grocery prices had increased about 21% under Biden.
Persons: Joe Biden –, Donald Trump, Trump, Biden, ” Trump, , Trump’s, aren’t, Tom Kloza, Brent, ” Pavel Molchanov, Raymond James, Molchanov, Bacon, Biden can’t, PolitiFact Organizations: Washington CNN, Biden, CNBC, Washington Post, Oil Price Information Service, CNN, , West Texas, Brent, GasBuddy, Trump, AAA, Energy, National Rifle Association, Republican Party Locations: Georgia, Virginia, North Carolina, Ukraine, Florida, , “ U.S, Ohio
Surging gas prices just hit a significant milestone
  + stars: | 2024-03-18 | by ( Matt Egan | ) edition.cnn.com   time to read: +4 min
The recent jump in gas prices is already causing headaches on the inflation front. The last time gas prices were up on a year-over-year basis was late December 2023, according to AAA. Gas prices surge in MichiganAnd the concerns about Russia’s energy facilities is on top of the Houthi attacks on vessels in the Red Sea. “People have this visceral reaction to higher gas prices and they look to fix blame,” said Kloza. Unless there’s a major hurricane that strikes US Gulf Coast refineries, Kloza does not expect gas prices to hit $4 a gallon this year.
Persons: It’s, , Andy Lipow, Tom Kloza, Vladimir Putin, Kloza, “ It’s, we’ve, ” Kloza, Biden Organizations: New, New York CNN, White House, Federal Reserve, Gas, , Lipow Oil Associates, AAA, Oil Price Information Service, CNN, White, Drivers Locations: New York, Russia, Ukraine, Michigan, Red, OPEC, Saudi Arabia, United States, Kloza
Gas prices drop more than 60 days in a row
  + stars: | 2023-11-28 | by ( Matt Egan | ) edition.cnn.com   time to read: +4 min
Gas prices have now fallen every day since the peak on September 18, AAA data shows. However, it’s normal for gas prices to cool off once the summer driving season ends because demand drops. Gas prices are now down 63 cents since hitting $3.88 in September. Yet oil prices — the main driver of retail pump prices — also have tumbled about 20% since briefly topping $95 a barrel on September 28. No matter the reason, gas prices are falling around the country.
Persons: That’s, , Tom Kloza, Kloza, OPIS, “ It’s, ” Kloza Organizations: New, New York CNN, AAA, Oil Price Information Service, Saudi Locations: New York, Israel, Hormuz, Iran, Ukraine, Saudi Arabia, China, OPEC, United States, Wisconsin , Ohio, South Carolina, Hawaii, Washington, California
U.S. gasoline prices are plunging just in time for Thanksgiving, and with the OPEC Plus oil cartel in apparent disarray, they could be heading lower for Christmas. But this week, they fell to levels not seen at this time of year since 2021, according to the AAA motor club, before the Russian invasion of Ukraine sent energy prices higher. “For consumers it’s a terrific tailwind,” said Tom Kloza, global head of energy analysis at Oil Price Information Service. The price for a gallon of gas was $3.64 at the same time last year. Prices have dropped below $3 a gallon in more than a dozen states and are falling with particular speed in Montana, Florida and Colorado.
Persons: , Tom Kloza Organizations: OPEC, AAA, Oil Price Information Service Locations: Ukraine, Montana , Florida, Colorado
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere's a strong case for a coming gasoline glut, says OPIS' Tom KlozaTom Kloza, OPIS co-founder and global head of energy analysis, joins 'Closing Bell Overtime' to talk the oil market, prices at the pump falling, a possible 'gasoline glut' and more.
Persons: OPIS, Tom Kloza Tom Kloza
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'Very strange mismatch' between crude and gas prices right now, says top oil analystTom Kloza, Oil Price Information Service Global head of energy analysis, joins 'Fast Money' to talk the state of the oil and gas markets and why he believes the two have decoupled.
Persons: Tom Kloza Organizations: Oil Price Information Service
The drop in gasoline prices could benefit consumers and cool inflation. Before this week's drop, gasoline prices had posted a 7.4% jump in the third quarter, riding increases in crude oil futures after production cuts from Saudi Arabia, Russia and other OPEC+ members. U.S. wholesale gasoline prices are tumbling, with percentage drops per gallon on Wednesday between 6.9% and 10.8%. A flurry of weak economic data took more wind out of the market. Crude futures settled an eye-popping $5 a barrel lower on Wednesday, and fell another $1.66 on Thursday.
Persons: Bing Guan, JP Morgan, Tom Kloza, Kloza, Laura Sanicola, David Gregorio Our Organizations: Mobil, REUTERS, U.S . Energy, Administration, U.S ., Midwest, Oil Price Information Service, ADP, Oil, Thomson Locations: Beverly Boulevard, West Hollywood , California, U.S, Saudi Arabia, Russia, U.S . East Coast, East
Gas prices could fall to $3.25 by Halloween as oil plunges
  + stars: | 2023-10-05 | by ( Matt Egan | ) edition.cnn.com   time to read: +4 min
New York CNN —After spiking to alarming levels just last week, oil prices are suddenly in free-fall mode. US oil prices plunged by 5.6% to $84.22 a barrel on Wednesday, marking the biggest one-day decline in a year. Now, gas prices are already starting to retreat and experts predict sharper drops to come. That’s 11 cents below the 2023 peak set last month when gas prices experienced an unusual post-Labor Day jump. Boom to bustSo why did oil prices go from spiking to plunging?
Persons: Andy Lipow, Tom Kloza, Kloza, ” Kloza, , Joe Brusuelas, , Matt Smith, ” Smith, There’s Organizations: New, New York CNN, AAA, Labor, Lipow Oil Associates, CNN, Oil Price Information Service, , Federal Reserve, RSM, Fed, Saudi, Americas Locations: New York, Saudi Arabia, Kpler, Ukraine
New York CNN —US oil prices topped $94 a barrel on Wednesday for the first time in over a year, threatening to push up prices at the pump and inflation across the economy. “There’s not a lot of oil there and that’s causing some nervousness,” said Tom Kloza, global head of energy analysis at Oil Price Information Service. The surge in oil prices could threaten the ongoing drop in gas prices. Kloza expressed cautious optimism that gas prices are still going lower, as typically happens after the summer ends. “We are probably getting in front of our skis a little bit,” Kloza said of energy prices.
Persons: Cushing, There’s, , Tom Kloza, Brent, Goldman Sachs, gunning, Robert Yawger, Yawger, you’re, ” Yawger, Kloza, , ” Kloza Organizations: New, New York CNN, Oil Price Information Service, AAA, Bank of America, Mizuho Securities, Energy, Administration Locations: New York, Cushing , Oklahoma, Saudi Arabia, Russia
Gasoline prices usually rise ahead of the U.S. summer driving season. Money managers in the week to Aug. 1 boosted their net long holdings of NYMEX RBOB gasoline futures to the highest since late February 2022. HEDGE FUND-FUELED TURNAROUNDGasoline futures have risen around 14% this year, compared with a roughly 2% rise for U.S. crude futures . To guarantee a profit, they need the rise in gasoline prices to be sustained until hurricane activity is confirmed. But for gasoline to continue its rise against the price of crude oil, there needs to be a hurricane in the Gulf of Mexico, they said.
Persons: Liz Hampton, Tom Kloza, Vincent Elbhar, Eliot Geller, Brent Belote, Cayler, Belote, Arion, Nell Mackenzie, Laura Sanicola, Barbara Lewis Organizations: REUTERS, Liz Hampton LONDON, Gulf Coasts, Silicon Valley, Societe Generale, Reuters, Money, Futures Trading Commission, Reuters Graphics, El, Oil Price Information Service, CTA, Investment, Commodity, Fund, Aspect, CoreCommodity Management, CoreCommodity, Barclays, JP, Cayler, Thomson Locations: Loco Hills, New Mexico, U.S, Russia, Ukraine, Gulf of Mexico, United States, Gulf, Silicon, Gulf Coast, Mexico, Europe, Hurricanes, Washington
How extreme heat is making your gas more expensive
  + stars: | 2023-08-04 | by ( Matt Egan | ) edition.cnn.com   time to read: +5 min
Extreme heat is contributing to this unwelcome price spike. Saudi Arabia and Russia restrain supplyOf course, extreme heat is not the sole factor behind the gas price jump. Still, high heat is clearly piling pressure on gas prices. The good news is there are signs the impact of high heat on gas prices may be easing. Kloza said gas prices could just be pennies away from their peak of the summer.
Persons: , Tom Kloza, Andy Lipow, Kloza, ” Kloza Organizations: New, New York CNN, Oil Price Information Service, AAA, Lipow Oil Associates, Diesel, Retail Locations: New York, Saudi Arabia, Russia, Texas , Louisiana, Gulf
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOPIS' Tom Kloza explains why oil and gasoline prices will go 'considerably higher' from hereTom Kloza, OPIS global head of energy analysis, joins 'Squawk Box' to discuss what's driving high gasoline prices, with the national average at $3.73 a gallon, the impact of Saudi cuts and Russian exports on the market, and more.
Persons: Tom Kloza
New York CNN —More than half of gas stations in the Miami-Fort Lauderdale area were without gasoline Wednesday after flooding from last week’s massive storm caused a wave of panic buying by drivers topping off their gas tanks. “I would estimate that 80% of [station closings] are due to panic buying,” said Patrick De Haan, head of petroleum analysis for GasBuddy, which tracks station closings and gas prices. Data from GasBuddy showed that 59% of stations in the Miami-Fort Lauderdale market were closed Wednesday, up from about 20% on Sunday. But the even better news is that with full tanks, drivers will not need to fill up in the coming days as they normally might have, and the panic buying is likely to subside. He expected most of the closed stations to be reopened by the weekend.
OPEC+ moves will send US gas prices higher
  + stars: | 2023-04-03 | by ( Chris Isidore | ) edition.cnn.com   time to read: +2 min
New York CNN —OPEC and its allies’ surprise move to slash oil production will soon be felt at US gas pumps. “I think OPEC is reawakening the inflation monster,” said Tom Kloza, global head of energy analysis for OPIS, which tracks gas prices for AAA. It certainly alters the calculus for a while.”The national average for US gas prices stood at $3.51, on Monday, according to AAA. Even at $3.51, US gas prices were just below the $3.53 average on Feb. 23, 2022, the day before Russia’s invasion of Ukraine. “They have ability to cut production and they seem motivated to do so,” he said.
Why prices shot up, then fellA number of factors have coincided to bring prices steadily lower since then. Now, a year after the start of the war, crude oil prices on global markets and the retail price of regular gas across most of the United States are below pre-war levels. OPIS expects the average price throughout the course of 2023 to come in around $3.45, down from $3.96 last year. Few things take a bite out of gas prices like a recession, or even just the fear of one. The average price of a gallon of regular gas hit a then-record of $4.11 in early July 2008, according to OPIS data.
Gasoline prices are now cheaper across the U.S. than they were a year ago, and the price per gallon could fall below $3 for most Americans by the end of the year. Unleaded gasoline was at a record $5.01 per gallon June 14 and stayed high through the summer and fall. Gas prices fell 15 cents per gallon in the past week and are down from $3.80 a gallon a month ago. Even with OPEC+ reaffirming a 2 million barrel a day production cut this past week, oil prices have still fallen. But for now, gasoline prices are in decline.
And a freight rail strike could cost the US economy $1 billion in its first week alone, according to a new analysis from the Anderson Economic Group. But that’s nothing compared to what would happen with a prolonged rail strike. CommutingOnly the nation’s freight rail lines face a pending strike, but commuters would likely be affected, too. Many commuter trains travel on tracks maintained and operated by the freight railroads and passenger railroads expect they’ll have to shut down their operations once the freight strike starts. Many commuter railroads also move over freight rail lines and could not operate if a strike was called.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEnergy expert Tom Kloza warns diesel prices could go haywire over the next 100 daysTom Kloza of the Oil Price Information Service offers a big warning about diesel fuel over the next few months. With CNBC's Melissa Lee and the Fast Money traders, Bonawyn Eison, Karen Finerman, Dan Nathan and Guy Adami.
OPIS' Tom Kloza breaks down the diesel supply shortage
  + stars: | 2022-10-31 | 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 EmailOPIS' Tom Kloza breaks down the diesel supply shortageCNBC's Lori Ann LaRocco and Tom Kloza, OPIS co-founder, join 'The Exchange' to discuss the diesel supply shortage as the fuel dwindles ahead of the winter season.
New York CNN Business —There is one surefire cure for high gas prices. “There is now a perceived huge downward risk tied to recession,” said Tom Kloza, chief energy analyst for OPIS, which tracks gas prices for AAA. And it’s not just US economic worries that’s putting downward pressure on gas prices. It doesn’t take a severe economic downturn to take a bite out of gas prices. The nine-month recession of 2001 ended with prices down 37% at the end of that year from their peak.
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