Oil

Truckers and trucking companies nationwide see no end in sight as the price of diesel continues to rise, with many forced to add a fuel surcharge as a result.

Diesel used in trucks, in homes, and to fuel powerplants has skyrocketed in price as the Jones Act, the pandemic, and Russia's War in Ukraine all disrupt supply.

OPEC lowered its forecast for global oil demand growth this year by 100,000 barrels a day to 2.5 million barrels a day. It also lowered its 2023 demand growth forecast.

Prices for fuel oil surged in October amid a shortage both nationally and globally of diesel fuel, exacerbating a cost-of-living crisis for millions of Americans.

Even though the rig count increased during most months over the past two years, weekly increases have averaged zero since the start of the pandemic in March 2020.

Coal miners and industry groups lambasted President Biden for his pledge last week to shut down coal plants 'all across America,' saying he was out of touch with Americans.

Phillips' investor-return plan comes at a time President Biden has demanded that energy companies invest their profit into boosting production before considering shareholder returns.

Gas prices will remain elevated despite the results of the midterm elections due to a variety of factors including OPEC+ production cuts and Russian's invasion of Ukraine, experts say.

Energy industry groups say President Biden's Sunday night pledge to block all new fossil fuels is consistent with his administration's hostility towards the industry.

Organizations representing the oil industry and workers ripped President Biden after he vowed to block new fossil fuel drilling, saying he should focus on policy, not politics.