Treasury Secretary Janet Yellen on Sunday said Americans could experience a spike in gas prices in the winter when the European Union significantly cuts back on buying Russian oil, adding that a proposed Western price cap on Russia’s oil exports is being designed to keep prices in check. “It’s a risk, and it’s a risk […]
Analysts with JP Morgan Chase said the price for a barrel of oil could more than triple if Russia decides to cut its output amid record-high gas prices. The current price for a barrel of oil stands at around $110, but that could increase to a “stratospheric” $380 per barrel if Russia acts to cut […]
Oil prices are still rising due to high demand and low supply, but OPEC+ can’t reach an agreement to hold production at these artificially low levels. Some countries apparently want to increase production to take advantage of the high prices. This could be good news for businesses and consumers if it happens.
WASHINGTON—The rapid spread of the novel coronavirus, coupled with the price war between Saudi Arabia and Russia, threatens the U.S. shale oil producers that are already struggling under large piles of debt. The oil price has suffered from a sharp drop in demand in recent weeks as the CCP virus, commonly referred to as the […]
