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2 of Our 'Most Recognizable Energy Companies' to Combine

ConocoPhillips to acquire Marathon Oil in a deal worth $22.5B, including debt

(Newser) - ConocoPhillips is buying Marathon Oil in an all-stock deal valued at approximately $17.1 billion as energy prices rise and big oil companies reap massive profits. The Wall Street Journal calls it a deal "that would combine two of America's most recognizable energy companies." The AP notes...

Israel-Hamas War Could Hit You at the Gas Pump

If the war escalates, oil prices will shoot up, which means food prices will, as well

(Newser) - The World Bank reported on Monday that oil prices could be pushed into "uncharted waters" if the violence between Israel and Hamas widens, which the AP reports could result in increased food prices worldwide. The World Bank's Commodity Markets Outlook found that while the effects on oil prices...

US Frees Up $6B in Frozen Iran Funds in Prisoner Swap Deal

Arrangement advances to free 5 Iranian prisoners in US in exchange for 5 American prisoners in Iran

(Newser) - Five American citizens detained in Iran are now set to be released, after the Biden administration agreed to release five Iranian citizens held in the United States. Per the AP , the next step in the deal also included the US issuing a waiver to banks around the world to allow...

Biden Yanks Alaska Oil Leases
Biden Yanks Alaska Oil Leases

Biden Yanks Alaska Oil Leases

'We have a responsibility,' president says of Interior Dept. move in Arctic National Wildlife Refuge

(Newser) - As then-President Trump's days in the White House came to a close, an Alaskan state development agency was granted a slew of oil and gas leases that ended decades of a drilling moratorium in the Arctic National Wildlife Refuge. This week, President Biden's Department of the Interior nixed...

Greenpeace Stages Sit-In on Rishi Sunak's Roof

Activists against oil drilling draped UK PM's country home in Richmond in black fabric

(Newser) - Greenpeace demonstrators draped the country estate of British Prime Minister Rishi Sunak in black fabric Thursday to protest his plan to expand oil and gas drilling in the North Sea. Video posted by the group showed a crew dressed in bright red jumpsuits, helmets, and safety harnesses carrying ladders and...

Lawsuit: Oil Meant to Keep Embryos Safe Killed Them All

Complaint filed after Fujifilm Irvine Scientific recalls oil used in IVF process due to 'toxicity'

(Newser) - A mineral oil manufactured by Fujifilm Irvine Scientific is used during the delicate in vitro fertilization process, mainly to prevent evaporation during culturing so that the embryo doesn't dry up and die. A couple from Los Angeles, however, say the oil proved toxic to all of their embryos, and...

Russian Energy Bigwig Falls Out of Hospital Window

What led to death of Lukoil Chairman Ravil Maganov, after other mysterious deaths this year, isn't clear

(Newser) - What's not being disputed is that the chair of one of Russia's largest oil producers has died after falling out of a hospital window. What's murkier, however, is what led to Ravil Maganov's demise—what CBS News notes is the sixth death this year of a...

Sri Lanka Desperate for Tourists, Russian Oil

President says he has asked Putin help

(Newser) - With Sri Lanka facing a severe economic crisis , the country's leaders have apparently decided they can't afford to shun Russia. President Gotabaya Rajapaksa said Wednesday that he had asked Vladimir Putin for help in a "very productive" phone call, reports Reuters . The country has almost exhausted its...

Pain at the Pump Sees a New Jump
Pain at the Pump
Sees a New Jump

Pain at the Pump Sees a New Jump

Gas prices have spiked 25 cents in just one week

(Newser) - At least 10 states now claim an average gas price of more than $5 per gallon, and some of them can trace this dubious honor back to a surge over the past few days. According to AAA, the country's average increased to $4.87 a gallon on Monday, which...

OPEC Alliance Agrees to Boost Oil Production

Move by group that includes Russia may bring modest relief to sky-high prices

(Newser) - The OPEC oil cartel and allied countries including Russia will raise production by 648,000 barrels per day in July and August, offering modest relief for a global economy suffering from soaring energy prices and inflation. The decision Thursday steps up the pace by the alliance, known as OPEC Plus,...

Inside the EU's Proposed Ban on Russian Oil Imports
Inside the EU's Proposed Ban
on Russian Oil Imports
the rundown

Inside the EU's Proposed Ban on Russian Oil Imports

'Let us be clear: it will not be easy,' says Ursula von der Leyen

(Newser) - Some 25% of all oil imports to the EU came from Russia last year. European Commission President Ursula von der Leyen is ready to take that figure down to zero. Von der Leyen on Wednesday proposed a total ban on Russian imports to the EU as part of a sixth...

As Prices Spike, Biden to Tap Oil Reserve: Sources
It's the Biggest
of US Oil
in History

It's the Biggest Drawdown of US Oil in History

President orders release of 180M barrels from US reserves over six months

(Newser) - Update: This summary has been updated with new developments throughout. President Biden is ordering the release of 1 million barrels of oil per day from the nation’s strategic petroleum reserve for six months, the White House said Thursday, in a bid to control energy prices that have spiked since...

House Approves Ban on Russian Oil
House Approves Ban
on Russian Oil

House Approves Ban on Russian Oil

Legislation would make Biden's restrictions law

(Newser) - The House overwhelmingly approved legislation Wednesday night that would ban Russian oil imports to the United States, an effort to put into law the restrictions announced by President Joe Biden in response to the escalating war in Ukraine, the AP reports. Going further than Biden's import ban on Russian...

Shell: Yup, We Bought Russian Oil
Apologetic Shell
Swears Off Russian Oil

Apologetic Shell Swears Off Russian Oil

CEO admits purchase 'was not the right' decision amid Russia's invasion of Ukraine

(Newser) - Update: Shell on Tuesday apologized for buying 100,000 metric tons of Russian crude oil while promising to end involvement in all Russian hydrocarbons from oil to natural gas. "Despite being made with security of supplies at the forefront of our thinking," the decision to purchase a cargo...

Biden May Visit Saudi Arabia
Biden May Visit
Saudi Arabia

Biden May Visit Saudi Arabia

As cost of oil continues to rise

(Newser) - Since his election in 2020, President Biden hasn't spoken with Saudi Arabia's crown prince and de facto ruler directly, connecting only with his father , King Salman bin Abdulaziz Al Saud. It's not clear whether that might change any time in the near future, but what is clear,...

US, Allies Make Rare Move on Oil
US, Allies 
Make Rare
Move on Oil

US, Allies Make Rare Move on Oil

All 31 nations in IEA agree to release a total of 60M barrels

(Newser) - All 31 member countries of the International Energy Agency have agreed to release 60 million barrels of oil from their strategic reserves—half of that from the United States—"to send a strong message to oil markets" that there will be "no shortfall in supplies" after Russia invaded...

Abandoned Red Sea Tanker Is Disaster Waiting to Happen

It's on the verge of dumping out four times as much oil as the Exxon Valdez

(Newser) - A ghost ship holding more than a million barrels of crude oil is rotting in the Red Sea. It could just sink. Or it could explode. And if either of those things happens, millions of people will be without water, on top of the environmental devastation, the Guardian reports. It...

Biden Suspends Another Big Trump Program

Suspends oil, gas leases in the Alaska's Arctic National Wildlife Refuge

(Newser) - The Biden administration on Tuesday suspended oil and gas leases in Alaska’s Arctic National Wildlife Refuge, reversing a drilling program approved by the Trump administration and reviving a political fight over a remote region that is home to polar bears and other wildlife—and a rich reserve of oil....

5 Iranian Oil Tankers Head for Venezuela

A Trump official had warned Iran against the move

(Newser) - Five Iranian tankers likely carrying at least $45.5 million worth of gasoline and similar products are now sailing to Venezuela amid heightened tensions between Tehran and Washington, the AP reports. The tankers' voyage come after Venezuela's socialist leader Nicolás Maduro turned to Iran for help in flying...

OPEC, Russia Make 'Unprecedented' Oil Move

A tenth of global supply is going bye-bye

(Newser) - OPEC, Russia, and other oil-producing nations on Sunday finalized an unprecedented production cut of nearly 10 million barrels, or a tenth of global supply, in hopes of boosting crashing prices amid the coronavirus pandemic and a price war, officials said. The cartel and other nations agreed to allow Mexico to...

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