Oil

Bank Australia announced this week that it will stop offering loans for new gas and diesel cars in 2025 as part of the shift to electric vehicles.

A federal judge struck down the federal oil and gas leasing moratorium Thursday evening, potentially ending the policy President Biden has pursued since taking office.

Inventories of oil, gas, and just about every petroleum-related supply are below where they should be for a healthy and sustainable U.S. economy.

The largest oil and gas industry group outlined its opposition to Democrats' Inflation Reduction Act, arguing that the bill will lead to higher costs for companies and consumers.

The Fifth Circuit Court of Appeals ruled Wednesday that President Biden's pause on federal oil and gas leases can go back into effect, lifting a lower court injunction.

President Biden approved a massive Gulf of Mexico fossil fuel lease sale, which his administration chose not to defend in court, when he signed the Inflation Reduction Act on Tuesday.

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.