Latest Oil and gas industry News

World shares mixed, oil higher after Russia price cap pact

Dec. 05, 2022 03:57 AM EST

World shares were mixed and oil prices rose Monday after the European Union and the Group of Seven democracies agreed on a boycott of most Russian oil and committed to a price cap of $60 per barrel on Russian exports. Germany's DAX slipped 0.3% to 14,490.99 and the CAC 40 in Paris...

Russian oil cap begins, trying to pressure Putin on Ukraine

Dec. 05, 2022 02:32 AM EST

KYIV, Ukraine (AP) — Western countries on Monday began imposing a $60-per-barrel price cap and ban on some types of Russian oil, part of new measures aimed at stepping up pressure against Moscow over its war on Ukraine. The European Union, along with Australia, Britain, Canada,...

California lawmakers to meet, eye big oil's high gas prices

Dec. 05, 2022 00:07 AM EST

SACRAMENTO, Calif. (AP) — Furious about oil companies' supersized profits after a summer of record-high gas prices, California Gov. Gavin Newsom on Monday will formally start his campaign to punish big producers by asking the Legislature to fine them and give the money back to drivers. ...

US intel chief thinking 'optimistically' for Ukraine forces

Dec. 04, 2022 17:59 PM EST

KYIV, Ukraine (AP) — The head of U.S. intelligence says fighting in Russia’s war in Ukraine is running at a “reduced tempo” and suggests Ukrainian forces could have brighter prospects in coming months. Avril Haines alluded to past allegations by some that Russian President...

Atlanta house fire kills 2 during gas leak in front yard

Dec. 04, 2022 12:29 PM EST

ATLANTA (AP) — An Atlanta house fire killed two people over the weekend and the National Transportation Safety Board is investigating, the agency announced Sunday. The fire involved natural gas, according to a tweet from the NTSB, which investigates pipeline mishaps. ...

No OPEC+ oil shakeup as Russian price cap stirs uncertainty

Dec. 04, 2022 10:33 AM EST

FRANKFURT, Germany (AP) — The Saudi-led OPEC oil cartel and allied producers including Russia did not change their targets for shipping oil to the global economy amid uncertainty about the impact of new Western sanctions against Russia that could take significant amounts of oil off the market. ...

OPEC doesn't change its targets for oil production amid uncertainty over new Western price cap on Russian oil

Dec. 04, 2022 07:49 AM EST
VIENNA (AP) — OPEC doesn't change its targets for oil production amid uncertainty over new Western price cap on Russian oil.

Los Angeles City Council votes to ban oil and gas drilling

Dec. 03, 2022 18:40 PM EST

__ The Los Angeles City Council voted unanimously on Friday to ban drilling of new oil and gas wells and phase out existing ones over the next 20 years. The vote comes after more than a decade of complaints from city residents that pollution drifting from wells was...

Russia rejects $60-a-barrel cap on its oil, warns of cutoffs

Dec. 03, 2022 16:03 PM EST

KYIV, Ukraine (AP) — Russian authorities rejected a price cap on the country's oil set by Ukraine’s Western supporters and threatened Saturday to stop supplying the nations that endorsed it. Australia, Britain, Canada, Japan, the United States and the 27-nation European Union...

Gas prices drop again in NJ, around nation as oil cost drops

Dec. 03, 2022 13:55 PM EST

TRENTON, N.J. (AP) — Gas prices dropped again in New Jersey and around the country as the cost of oil edged lower amid fears of economic slowdowns around the globe. AAA Mid-Atlantic says the average price of a gallon of regular gas in New Jersey on Friday was $3.63, down 12 cents...