Oil Prices Gain
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Crude oil stockpiles look almost normal. The fuel that hauls your groceries is telling a very different story.
American oil companies are fiercely opposed to the president’s nascent plan to ban exports of diesel, but vulnerable Republicans are putting pressure on him.
They say that, with state-of-the-art computer models, they can now link a stifling heat dome like the one that settled over Multnomah County all the way back to the derricks, refineries, and glass office towers of specific oil companies thousands of miles away.
WKBN Youngstown on MSN
Some homeowners could pay $12K to heat their homes this year amid rising oil prices
This week we're feeling temperatures going down, but the cost of oil continues to go up. Some people need that oil to keep their homes warm.
Record shipping rates through the Strait of Hormuz could offset falling crude prices.
Oil has climbed above $100 a barrel as the war with Iran disrupts global energy markets, putting pressure on gasoline, transportation, food and other household costs.
19hon MSN
Oil prices tumble to 2-week low on hopes for restart of critical pipeline and Iran diplomacy
Oil prices fell sharply fell for a fifth straight trading session, reaching a two-week low on hopes of a renewed diplomatic push to end the Iran war and optimism over the reopening of a critical pipeline in Saudi Arabia.
“A typical household in the Northeast that depends on heating oil might use anywhere between 800 and 1,000 gallons during a heating season. And obviously, with the numbers we're talking about now-that's a $6,000 bill compared to maybe a $3,500 or $4,000 bill in previous years,” Kloza said.
The war with Iran revealed just how much influence the world’s biggest oil importer has over prices and other countries’ supplies of jet fuel, gasoline and diesel.
Satellite images show growing oil pollution as a result of the Middle East conflict, raising concerns for turtles, whales, reefs and mangroves.