The U.S. ban on Russian oil could exacerbate already-spiking oil and food prices, analysts warned, and that could set off a recession if escalated further. If Russia retaliates by refusing to supply Europe with oil, that could “easily” send oil prices up another $20 to $30 per barrel, said Andy Lipow, president of Lipow Oil
Environment
The U.S. needs to boost oil production to replace banned Russian crude instead of possibly looking to Iran or Venezuela, which are also run by dictators, House Minority Leader Kevin McCarthy, R-Calif., told CNBC on Wednesday. “Why would you take the billions of dollars you provide to [Russian President Vladimir Putin] and just give it
A worker cutting steel pipes near a coal-powered power station in Zhangjiakou, China, on November 12, 2021. Greg Baker | AFP | Getty Images Energy-related carbon dioxide emissions rose to their highest level in history last year, according to the International Energy Agency, as economies rebounded from the coronavirus pandemic with a heavy reliance on
Civilians and soldiers with assault rifles during training on March 5, 2022, in Lviv, Ukraine. Europa Press | Getty Images Less than two weeks into Russia’s invasion of Ukraine and the country’s people and armed forces continue to mount a staunch — and undeniably brave — resistance against Russian forces. But for all Ukraine’s heart
U.S. climate envoy John Kerry speaks during a joint China and US statement on a declaration enhancing climate action, at the COP26 climate conference in Glasgow, Britain November 10, 2021. Jeff J Mitchell | Pool | Reuters Volatile energy prices are here to stay with Russia’s war on Ukraine set to be a “defining moment”
The oil and gas terminal at the Port of Odessa in Odessa, Ukraine, on Saturday, Jan. 22, 2022. Christopher Occhicone | Bloomberg | Getty Images U.S. crude oil surged more than 8% in early trading on Sunday evening as the market continued to react to supply disruptions stemming from Russia’s ongoing invasion of Ukraine and
In this article .SPX XLE With the national average for a gallon of gas hitting its highest price since 2008 and the stock market on edge with the first land war in Europe since WWII being waged by one of the world’s biggest crude oil producers, crude oil prices and energy stocks are an area
In this article DIS People gathered in Glendale in February to protest the city’s approval to build a fossil-fueled power plant. Courtesy of Morgan Goodwin Glendale, a Los Angeles suburb that’s home to Walt Disney Imagineering and the famous Brand Boulevard, could be the last city in California to build a fossil-fueled power plant. The
The Vogtle Unit 3 and 4 site, being constructed by primary contractor Westinghouse, a business unit of Toshiba, near Waynesboro, Georgia, is seen in an aerial photo taken February 2017. Georgia Power | Reuters Climate change and global security are pushing against each other in shaping the future. That’s particularly apparent in this week’s events
Oil pumping jacks, also known as “nodding donkeys”in a Rosneft Oil Co. oilfield near Sokolovka village, in the Udmurt Republic, Russia, on Friday, Nov. 20, 2020. Bloomberg | Bloomberg | Getty Images The U.S. Treasury Department clarified Friday afternoon that Wall Street’s traders and banks can continue to buy and sell Russian oil and gas
Energy sector ETFs are reaching new multiyear highs this week as the conflict between Russia and Ukraine intensifies. The Energy Select Sector SPDR Fund (XLE) hit highs not seen since 2018 on Thursday. The SPDR S&P Oil & Gas Exploration and Production ETF (XOP) climbed to levels not seen since 2019. On Feb. 24 “when
Local residents are seen in front of partially empty shelves at a supermarket in Kyiv, Ukraine March 3, 2022. Mykhailo Markiv | Reuters Donations in cryptocurrencies like bitcoin and ethereum are pouring into Ukraine as the war with Russia enters its second week. Since Moscow invaded on Feb. 24, more than 102,000 cryptoasset donations, totaling
A driver holds a fuel nozzle at a Shell gas station in San Francisco, California, U.S., on Friday, Feb. 25, 2022. David Paul Morris | Bloomberg | Getty Images Russia’s Ukraine invasion could have set in motion an energy market disruption on the scale of major oil crises in the 1970s, according to Daniel Yergin,
A solar energy field stands next to the Lippendorf coal-fired power plant on May 10, 2021 in Lippendorf, Germany. Jens Schlueter | Getty Images News | Getty Images The Ukrainian people are bearing the heaviest weight of the war they are fighting with Russia, but the war has had grave consequences for global energy markets
Ukrainian servicemen take part in military exercises in the ghost city of Pripyat, near Chornobyl Nuclear Power Plant on February 4, 2022. Sergei Supinsky | Afp | Getty Images The U.N.’s nuclear watchdog on Wednesday warned Russia’s onslaught of Ukraine is raising the risk of nuclear accidents, calling for restraint from all actions that could
In this article TSLA Joe Biden, left, and Elon Musk Evelyn Hockstein | Reuters; Andrew Harrer | Bloomberg | Getty Images The feud between President Joe Biden and Tesla CEO Elon Musk doesn’t seem to be cooling anytime soon. Musk said no one was watching Biden after the president did not mention Tesla during his
Oil pumping jacks, also known as “nodding donkeys”, in an oilfield near Neftekamsk, in the Republic of Bashkortostan, Russia, on Thursday, Nov. 19, 2020. Andrewy Rudakov | Bloomberg | Getty Images Oil prices surged Tuesday, with U.S. crude hitting its highest level since July 2014 as Russia bears down on Ukraine’s capital. Prices first topped
In this article @CL.1 @LCO.1 Traders on the floor of the NYSE, Jan. 26, 2022. Source: NYSE The heavy new round of sanctions on Russia by the U.S. and its allies are likely to push oil prices — and inflation — even higher. That could create a bigger challenge for the Federal Reserve as it
In this article BP.-GB The Kremlin is reflected in the polished company plate of the state-controlled Russian oil giant Rosneft at the entrance of the headquarters in Moscow, Dmitry Kostyukov | AFP | Getty Images British energy giant BP announced Sunday it was offloading its 19.75% stake in Rosneft, a Russian-controlled oil company. BP CEO
In this article @CL.1 @LCO.1 An oil pumping jack, also known as a “nodding donkey”, in an oilfield near Dyurtyuli, in the Republic of Bashkortostan, Russia, on Thursday, Nov. 19, 2020. Andrey Rudakov | Bloomberg | Getty Images Oil prices jumped Sunday evening after the U.S. and Western allies imposed sanctions on specific Russian banks,