Oil

Americans can expect to pay higher energy prices as a result of Democrats' massive climate and tax spending package, which President Biden signed into law on Tuesday, experts said.

The Saudi state oil company reported soaring profits for the second quarter on the back of higher oil prices and refining margins.

House Democrats who have been vocal about their opposition to new fossil fuel leasing on federal lands were silent Friday when asked about the Inflation Reduction Act, which boosts oil leases.

Industry representatives, Sen. Joe Manchin and others are still debating competing claims on how Democrats' spending and tax bill will affect U.S. energy.

A pipeline problem halts operations at seven offshore oil platforms in the Gulf of Mexico off the Louisiana coast operated by Shell, Chevron and Equinor and affecting the Mars and Amberjack Pipelines.

A leak shut pipelines in the Gulf of Mexico, causing Shell to halt production at three of its deepwater platforms.

Gas prices continue to decline from a record-high national average of over $5 per gallon last month, dipping just before $4 per gallon for the first time since March.

Crude oil prices rose after it was announced that Russia is suspending crude oil exports through the Druzhba pipeline, blaming a Ukrainian transporter for shutting it down.

Gas prices have fallen since mid-June. However, gasoline demand has dropped to levels not seen since the early days of the pandemic, revealing how consumers' habits are changing.

Republican states are preparing policies seeking to hit back at banks and financial institutions that have pledged to boycott fossil fuel investments as part of their green agenda.

Republican Rep. Claudia Tenney introduced legislation Wednesday that would force states with fracking bans to choose between federal funds and fossil fuel production.

A bill spearheaded by Sens. Schumer and Manchin and supported by Biden would reinstate an excise tax on oil imports, which critics say will be passed on to consumers.