adplus-dvertising
Connect with us

Investment

U.S. Energy Envoy Calls For More Investment In Oil And Gas

Published

 on

The oil and gas industry needs more investment, Amos Hochstein, the U.S. Senior Advisor for Energy Security, said at the ADIPEC energy conference in Abu Dhabi on Monday.

“More investment is needed in the oil and gas sector right now and tomorrow,” Hochstein was quoted as saying.

The top oil producers in the Middle East have been warning for years that the recent slump in investment in the industry would come back to haunt global supply. Underinvestment is one of the key reasons for high oil prices, the world’s largest oil firm and top crude oil exporter, Saudi Aramco, says.

Very low spare capacity and underwhelming investment in new supply in recent years have combined with the Russian invasion of Ukraine, and the subsequent market chaos with changed trade flows to push oil and gas prices higher.

At ADIPEC, Hochstein said that “energy prices have to be priced in a way that allows for economic growth.”

The U.S. Administration has been looking to lower gasoline prices and has released more than 100 million barrels from the Strategic Petroleum Reserve (SPR) so far this year. The Administration and President Joe Biden have repeatedly called on oil companies “to stop profiteering and lower prices at the pump.”

Earlier this month, American Petroleum Institute (API) President and CEO Mike Sommers said in response to one of the latest comments from the U.S. Administration that “Increasing energy demand and constrained supply coupled with geopolitical instability and faulty policy decisions have driven fuel prices higher.”

“At a time when American energy can be a stabilizing force at home and abroad, we urge caution in continuing to rely on short-term efforts that are no substitute for sound long-term policies that enable American energy leadership.”

“The administration should instead focus on addressing the fundamental economic and security challenges we face by spurring more investment in American energy, infrastructure and markets that enable U.S. consumers to benefit from America’s reliable energy resources,” API’s Sommers noted.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:

 

Source link

Continue Reading

Investment

S&P/TSX composite up more than 100 points, U.S. stock markets mixed

Published

 on

 

TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

Source link

Continue Reading

Economy

S&P/TSX up more than 200 points, U.S. markets also higher

Published

 on

 

TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

Source link

Continue Reading

Economy

S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

Published

 on

 

TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

Source link

Continue Reading

Trending