Oil prices creep higher, raise inflation concerns By DAMIAN J. TROISE AP Business Writer NEW YORK (AP) — Oil prices are creeping higher and raising concerns about the impact on inflation’s cooling trajectory, consumers’ wallets and the Federal Reserve’s interest rate policy. U.S. crude oil prices started rising in early summer after slipping or holding relatively steady for most of …

Saudi Arabia extends cut of 1 million barrels of oil a day, potentially boosting prices at the pump DUBAI, United Arab Emirates (AP) — Saudi Arabia said Thursday it will extend its unilateral production cut of 1 million barrels of oil a day through the end of September in its effort to boost flagging energy prices, a move that could …

By PETER PRENGAMAN Associated Press DAVOS, Switzerland (AP) — As government officials, corporate leaders and other elites at the World Economic Forum grapple with how to confront climate change and its devastating effects, a central question is emerging: to what extent can oil and gas companies be part of a transition to lower-carbon fuels? In different times the question could …

Biden tapping oil reserve for 6 months to control gas prices By ZEKE MILLER and JOSH BOAK Associated Press WASHINGTON (AP) — President Joe Biden is ordering the release of 1 million barrels of oil per day from the nation’s strategic petroleum reserve for six months, the White House said Thursday, in a bid to control energy prices that have …

Over the course of the last two weeks, oil prices have hit above $80 a barrel, a far cry from the negative territory where oil was selling nearly a year and a half ago. The seven year high is being driven by a resurgence in demand around the world as economies recover from COVID-19 restrictions and shutdowns and OPEC keeping …

New Mexico became No. 2 in the nation for oil production this year. In March, the state’s oil production tally spiked at 35.8 million barrels, topping North Dakota’s 31.8 million barrels. For reference, Texas logged 147.1 million barrels in March, a number no other state expects to approach. For those who think of Texas as a “whole ‘nother country,” that …

In New Mexico and the United States as a whole, recent months have seen unprecedented attacks on the traditional energy sector from policymakers in Santa Fe and Washington. The potential harm of President Biden’s ban on oil and gas production on federal lands has been well-documented. Our State, New Mexico, will be disproportionately impacted by such a ban, particularly if …

BILLINGS, Mont. (AP) — Payments to states in the U.S. West have plummeted for oil, natural gas and coal extracted from U.S. lands after low crude prices and the pandemic slowed drilling and mining in many areas in 2020, according to federal data. Nationwide, payments to states for drilling on public lands and in U.S. waters were down by $630 …

FRANKFURT, Germany (AP) — Leaders of the OPEC oil cartel adjourned their virtual meeting Monday on future production as no agreement was announced on whether to extend output cuts into next year. The OPEC nations, led by Saudi Arabia, will reconvene Tuesday, according to a short statement from the cartel’s Vienna headquarters. The talks will include additional members from a …

SANTA FE, N.M. (AP) — State legislators kept a wary eye Tuesday on trends in oil prices and production as the number of active drilling rigs and new wells has plummeted from pre-pandemic levels, threatening a crucial source of state income amid the coronavirus pandemic. A report from the budget and accountability office of the Legislature found that drilling for …