All posts tagged "Oil"

President Donald Trump's boast that allies agreed to a "massive" fuel release falls apart on close inspection, according to an economist.

Justin Wolfers, an economist at the University of Michigan, argued in an article for his Platypus Economics newsletter on Tuesday that the 100 million barrels of oil and fuel the Group of Seven pledged last week are largely what's left over from an emergency release promised in March.

Trump posted on Truth Social on Friday that Europe had agreed to release a "massive amount" of diesel right away, casting it as a concession won in exchange for dropping his threat to ban U.S. diesel exports....

A European energy official ripped dealing with the Trump administration as a waste of time while the White House weighs capping diesel exports.

Politico reported Saturday that the White House is considering curbs on diesel shipments overseas, with options ranging from a full 90-day ban to gradual limits, as prices in the U.S. have climbed from $3.74 to $6.52 a gallon over the past year. The oil and gas industry has fiercely resisted the idea, warning it could hurt American producers in foreign markets.

The official, who represents an Eastern European government and spoke on the condition of anonymity to describe internal discussions, pointed to that industry pushback as proof of how little sway foreign governments hold with the administration....

President Donald Trump's touted "biggest oil deal in world history" with Venezuela faces legal and logistical problems likely to sink it.

The Guardian reported Saturday that nearly every major claim the Trump administration has made about the arrangement falls apart under scrutiny, from how long it lasts to the Pentagon's role in it. Venezuelan law caps oil development agreements at 25 years, not the 100 Trump has boasted about, and Venezuela's own government has put the term at 25.

"This is all just propaganda," Venezuelan legal expert Jose Ignacio Hernandez told The Guardian. "It cannot be implemented as announced by the administration."...

Iran's chief negotiator dropped a bombshell Wednesday, warning that if Iran cannot export a single drop of oil, then no one else in the region will either, according to The New York Times.

Mohammad Bagher Ghalibaf, speaker of Iran's Parliament, fired off the threat on X.

"The equation of this war is clear: either all or none!" Ghalibaf wrote....

An American oil hub that dubs itself "the pipeline crossroads of the world" is running dangerously low amid Trump's Iran war, CNN reported.

Cushing, Oklahoma, usually stores about 40 million barrels of oil and has a capacity to carry up to 75 million. However, Cushing is holding just over half that amount as it reports a current inventory of 21.6 million barrels, according to the U.S. Energy Information Administration.

"We're raising alarm bells right now," American Petroleum Institute CEO Mike Sommers told CNN. "We're getting to levels where we are starting to be concerned."...

President Donald Trump joked about confiscating Iran's oil as search crews were desperately trying to find a fighter pilot who was downed in the war-torn country.

"KEEP THE OIL, ANYONE?" Trump wrote on Truth Social on Friday while the search was underway.

Hours earlier, an F-15E crashed in southern Iran. One pilot was rescued, and a search for the second pilot was reportedly in progress....