Latest Oil and gas refining News

Oil industry says Granholm meeting sends 'positive signal'

Jun. 23, 2022 18:20 PM EDT

WASHINGTON (AP) — An oil industry meeting with Energy Secretary Jennifer Granholm to lower gas prices and boost domestic oil supplies was constructive, but did not produce a major breakthrough, administration and industry officials said Thursday. The closed-door meeting came as...

Biden calls for 3-month suspension of gas and diesel taxes

Jun. 22, 2022 18:04 PM EDT

WASHINGTON (AP) — President Joe Biden on Wednesday called on Congress to suspend federal gasoline and diesel taxes for three months — an election-year move meant to ease financial pressures that was greeted with doubts by many lawmakers. The Democratic president also called on...

Drone strike hits Russian refinery near Ukraine

Jun. 22, 2022 07:23 AM EDT

MOSCOW (AP) — A drone strike caused a fire at a refinery in southwestern Russia near the border with Ukraine on Wednesday, but no one was hurt and the blaze was contained quickly, officials said. The fire engulfed industrial equipment at the Novoshakhtinsk oil processing plant in...

Biden, Chevron chief trade sharp words over gas prices

Jun. 21, 2022 17:59 PM EDT

WASHINGTON (AP) — In a pointed back and forth, the head of Chevron complained Tuesday that President Joe Biden has vilified energy firms at a time when gasoline prices are at near record levels and the president responded that the oil company CEO was being “mildly sensitive.” ...

Kansas oil refinery to pay $1.6 million for clean air errors

Jun. 21, 2022 16:43 PM EDT

EL DORADO, Kan. (AP) — An oil refinery in El Dorado will pay a $1.6 million penalty for violations of the federal Clean Air Act, which resulted in a fire that killed an employee in 2017, the Environmental Protection Agency announced Tuesday. HollyFrontier El Dorado Refining oil...

Biden says decision on gas tax holiday may come this week

Jun. 20, 2022 17:57 PM EDT

REHOBOTH BEACH, Del. (AP) — President Joe Biden said Monday that he will decide by the end of the week whether he would support a federal gasoline tax holiday, possibly saving U.S. consumers as much as 18.4 cents a gallon. “Yes, I’m considering it,” Biden told reporters after...

Biden hosts climate meeting amid high gas price pressure

Jun. 17, 2022 11:57 AM EDT

WASHINGTON (AP) — Equating the oil and gas industry to Big Tobacco, United Nations Secretary-General Antonio Guterres said Friday that “fossil fuel producers and financiers have humanity by the throat.” But President Joe Biden wasn’t quite itching for a fight. With both...

Nucor, Hertz Global rise; Methode, iQIYI fall

Jun. 15, 2022 16:45 PM EDT

NEW YORK (AP) — Stocks that traded heavily or had substantial price changes Wednesday: Boston Scientific Corp., up 79 cents to $36.03. The medical device maker is buying a majority stake in Korea-based M.I.Tech. Monster Beverage Corp., down 19 cents...

Biden tells oil refiners: Produce more gas, fewer profits

Jun. 15, 2022 13:09 PM EDT

President Joe Biden on Wednesday called on U.S. oil refiners to produce more gasoline and diesel, saying their profits have tripled during a time of war between Russia and Ukraine as Americans struggle with record high prices at the pump. “The crunch that families are facing...

India, China growing markets for shunned Russian oil

Jun. 13, 2022 07:50 AM EDT

NEW DELHI (AP) — India and other Asian nations are becoming an increasingly vital source of oil revenues for Moscow despite strong pressure from the U.S. not to increase their purchases, as the European Union and other allies cut off energy imports from Russia in line with sanctions over its war...