U. S. Secretary of Energy Jennifer Granholm has said the administration is facing a politically dangerous rise in gasoline prices, raising the prospect of releasing crude oil from the government’s strategic petroleum reserves. The White House’s average price of gasoline in pumps has remained at $ 3.19 a gallon (the …

The price of West Texas Intermediate crude oil futures are settling at $77.43. That is down $1.50 or -1.9%. The price is settling near the lows for the day at $77.06. The high for the day was up at $79.78.The move to the downside was helped by comments early in …

U. S. Joe Biden met with business leaders on debt ceiling. Biden reiterated that raising the debt limit is about paying what the Americans owe.Biden also stressed that any action regarding raising the debt limit should be bipartisan. Senate Republicans are threatening to stop the debt limit increase by using …

Gas prices fluctuated wildly on Wednesday, by 60% over just two days in Europe before sliding fast after Russia’s President Vladimir Putin said his country is ready to help stabilize global energy markets.Dutch and U.K. futures plunged more than 7%. That’s after hitting fresh records earlier over increasing concerns of …

Russian Deputy Prime Minister Alexander Novak said on Wednesday that certification of the Nord Stream 2 undersea gas pipeline could soften the crisis due to hiking European gas prices.Prices have spiked in response to a recovery in demand, particularly from Asia, when storage levels are low.European Dutch wholesale gas for …

European and U.K. gas prices surged Wednesday by more than 25%, trigerred by high demand before the winter months.Critics have accused Moscow of intentionally limiting gas supplies to Europe to hasten the launch of Nord Stream 2, a controversial pipeline connecting Russia with Germany. Earlier on Wednesday, Putin’s spokesman Dmitry …

The British prime minister sketched an economic vision for the U. K., but he avoided mentions to the fuel crisis and food shortages the country has suffered from during recent weeks.Boris Johnson vowed that Britain would not return to the “broken model” of the past. He also vowed on Wednesday …

U.S. stock indexes fell on Wednesday shortly after strong private jobs in September was announced. The ADP National Employment Report showed private payrolls increased by 568,000 jobs last month. Economists polled by Reuters had forecast a rise of 428,000 jobs.The jobs data fueled investors’ concerns that the U. S. Fed …

The NZD/USD pair slid Wednesday to 0.0052 -0.75% despite the Reserve Bank of New Zealand lifted its benchmark rate to 0.5% from a record-low 0.25% and signaled more increases over the next year, as it seeks to tame inflation stoked by higher oil prices, rising transport costs and supply-chain disruptions. …

U.S. crude oil and gasoline inventories rose last week as production rebounded as more offshore oil facilities returned from last month’s storm-related shut-ins, the Energy Information Administration said on Wednesday.Crude inventories (USOILC=ECI) rose by 2.3 million barrels in the week to Oct. 1 to 420.9 million barrels, compared with analysts’ …