Latest Energy markets News
Facing sweltering summers, California's Newsom floats plan for state to buy energy
SACRAMENTO, Calif. (AP) — For most of the year, California's quest to rid itself of fossil fuels seems on track: Electric cars populate highways while energy from wind, solar and water provides much of the power for homes and businesses. Then it gets hot, and everyone in the...
'Leap of faith:' Alaska pursues carbon offset market while embracing oil
JUNEAU, Alaska (AP) — Alaska's push to become a bigger player in the clean energy market is in the spotlight this week at a conference convened by its Republican governor, even as the state continues to embrace new fossil fuel production, including the controversial Willow oil project on the...
China's Sinopec signs agreement to enter retail fuel market in crisis-hit Sri Lanka
COLOMBO, Sri Lanka (AP) — Chinese petroleum giant Sinopec signed an agreement with Sri Lanka on Monday to enter the South Asian island country's retail fuel market as it struggles to resolve a worsening energy crisis amid an unprecedented economic upheaval. The contract agreement...
Czech power utility CEZ net profit down in Q1, proposes record dividend
PRAGUE (AP) — The Czech dominant power utility CEZ said on Thursday its net profit in the first quarter of the year was 10.8 billion Czech crowns ($505 million), 60% less than a year ago. At the same time, the board of directors has approved a proposal for a record dividend of 117...
Saudi Aramco's 1st quarter profit down about a fifth to $31B
DUBAI, United Arab Emirates (AP) — Oil giant Saudi Aramco reported a first-quarter profit on Tuesday of $31.88 billion, down nearly 20% from the same period last year as energy prices have sunk over global recession concerns. The firm known formally as the Saudi Arabian Oil Co....
Europe's inflation inches up ahead of interest rate decision
FRANKFURT, Germany (AP) — Europe's painful inflation has inched higher, extending the squeeze on households and keeping pressure on the European Central Bank to unleash what could be another large interest rate increase. Consumer prices in the 20 countries using the euro currency...
Saudi prince gives 4% Aramco stake to public investment firm
DUBAI, United Arab Emirates (AP) — Saudi Arabia's crown prince announced Sunday the transfer of a 4% stake of the oil giant Saudi Aramco to a subsidiary of the kingdom's sovereign wealth fund, further boosting its coffers as the kingdom tries to expand its economy beyond oil. ...
Gas prices surge in NJ, around nation after OPEC statement
TRENTON, N.J. (AP) — Gas prices surged in New Jersey and around the nation at large following OPEC’s announcement last weekend that it plans to cut production by more than a million barrels a day starting in a month. AAA Mid-Atlantic says the average price of a gallon of regular...
Oil producers' cuts could boost gasoline prices, help Russia
FRANKFURT, Germany (AP) — Major oil-producing countries led by Saudi Arabia said they're cutting supplies of crude — again. This time, the decision was a surprise and is underlining worries about where the global economy might be headed. Russia is joining in by extending its own...
Insider Q&A-Benn Steil of the Council on Foreign Relations
WASHINGTON (AP) — Over the past year, the world economy has withstood the combined shocks of high interest rates and a war in Ukraine better than just about anyone expected. The International Monetary Fund, among other agencies, has upgraded its economic forecast for 2022. Europe...
