Windfall tax on oil to recoup most of Rs 1 lakh cr revenue lost to excise cuts

The windfall tax on oil produced in India and fuel exported overseas will offset more than three-quarters of the revenue the government lost when it cut excise taxes on gasoline and diesel to curb rising inflation, sources said Industry. India on July 1 joined a select league of nations around the world taxing windfall profits … Read more

Eric Nuttall: Fear grips the energy markets, but the evidence suggests that oil market fundamentals are still strengthening

Breadcrumb Trail Links Oil Gasoline FP energy raw materials Despite increasing talk of a recession, there are no signs of weak demand worldwide Oil stocks have had a rough couple of weeks, but energy analyst Eric Nuttall still believes the sector’s fundamentals are strong. Photo by ROBYN BECK / AFP via Getty Images /AFP via … Read more

The West wants to keep attacking Russian oil. Inflation makes that difficult

Russia makes just as much money Energy exports as before invasion in late February. Meanwhile, inflation is rising around the world, putting political pressure on leaders like US President Joe Biden, British Prime Minister Boris Johnson and French President Emmanuel Macron. When the leaders of the leading economies gather in Germany on Sunday for a … Read more

Amid record gas prices, Biden snubs oil CEOs for wind execs

The White House faced a barrage of questions Thursday about whether President Biden is doing enough to address record gas prices after skipping a summit with oil industry executives and instead meeting with wind industry leaders. “When I think about environment, I think about jobs,” Biden told a group that included five wind industry CEOs … Read more

Amid record gas prices, Biden snubs oil CEOs for wind execs

The White House faced a barrage of questions Thursday about whether President Biden is doing enough to address record gas prices after skipping a summit with oil industry executives and instead meeting with wind industry leaders. “When I think about environment, I think about jobs,” Biden told a group that included five wind industry CEOs … Read more

Biden administration leans on Tesla to reform renewable fuel policy

Jun 23 (Reuters) – US President Joe Biden rarely mentions electric car maker Tesla Inc (TSLA.O) in public. But privately, his government has leaned on the company to help draft a new policy to allow electric vehicles (EVs) to benefit from the country’s lucrative renewable fuel subsidies, according to emails verified by Reuters. The Biden … Read more

Is it too late to invest in the oil price rally? | OilPrice.com

The oil market is going through one of the most turbulent times since the infamous collapse in March 2020 as investors continue to grapple with recession fears. Oil prices fell further after the central bank decided to hike interest rates by a record 75 basis points, with WTI futures for July settlement trading at $104.48/barrel … Read more

Futures, Yields, Oil Tumble After Market Rally; Powell on tap

Dow Jones futures fell sharply early Wednesday along with S&P 500 futures and Nasdaq futures, amid recession fears mounting as Fed Chair Jerome Powell was scheduled to testify before Congress Wednesday morning. X The stock market rally attempt had a strong session on Tuesday. But it’s still a rally attempt within a bear market. Chen … Read more

Biden has few options left to cut gas prices quickly. Now he makes a big bet by beating up Big Oil and turning to a brutal leader for help.

Biden has few options to lower gas prices and avert political obliteration. He makes a big bet by beating up Exxon and traveling to Saudi Arabia next month. “MBS begging for oil will not lower gas prices,” California Rep. Ro Khanna said in an interview. Loading Something is loading. President Joe Biden is staring at … Read more

Biden has few options left to cut gas prices quickly. Now he makes a big bet by beating up Big Oil and turning to a brutal leader for help.

Biden has few options to lower gas prices and avert political obliteration. He makes a big bet by beating up Exxon and traveling to Saudi Arabia next month. “MBS begging for oil will not lower gas prices,” California Rep. Ro Khanna said in an interview. Loading Something is loading. President Joe Biden is staring at … Read more