Conventional Energy

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US Average Gasoline Price Drops Below $3 a Gallon for the First Time Since 2021

(Reuters) – Average U.S. gasoline prices fell below $3 a gallon for the first time in over three years on Monday, extending a run of bargains at the pump for consumers who have faced soaring inflation in recent years. Fuel prices have been declining steadily since the end of the peak summer driving season, helping boost …

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Oil Prices Ease, But China Policy Stance Checks Losses

Summary Oil keeps most of Monday’s gains with hopes for China stimulus Syria rebels set up government; banks, oil sector to reopen Tuesday China: first annual crude import growth in seven months (Reuters) – Oil prices slipped on Tuesday as concerns eased about the fallout from the overthrow of Syria’s president, despite support from China’s …

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Oilfield Service Companies Add More Jobs in November, Trade Group Says

Oilfield service companies ramped up hiring in November, adding 1,890 jobs in the sector, according to data from trade group Energy Workforce & Technology Council released on Monday. WHY IT’S IMPORTANT Oilfield service hiring can serve as an indicator of the health of the sector. Companies bringing on more employees could imply more drilling to …

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U.S. to Offer Oil and Gas Leases in Alaska Wildlife Refuge on Jan. 9

The Biden administration will offer oil and gas drilling leases in Alaska’s Arctic National Wildlife Refuge at a sale on Jan. 9, the U.S. Interior Department said on Monday. The agency will make 400,000 acres available to drillers at the auction, the minimum required by a 2017 law that mandated the sale. (Reporting by Nichola …

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How Has the Fall of Assad Impacted Syria’s Energy Sector?

Syria’s 13-year civil war crippled the country’s energy sector, making it highly reliant on imports from Iran. Below are facts about Syria’s energy sector. ** Syria has not exported oil since late 2011, when international sanctions came into force, and has become dependent on fuel imports from Iran to keep power supplies running. ** Prior …

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U.S. Natural Gas Up More than 3% to 1-Week High as Weather Turns Colder

U.S. natural gas futures rose over 3% to more than a one-week high on Monday, helped by a shift in short-term forecasts to cooler weather that would lead to increased gas demand for heating. Front-month gas futures for January delivery on the New York Mercantile Exchange were up 12 cents, or 3.9%, to $3.20 per …

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Devon Energy President and CEO, Rick Muncrief, to Retire March 1, 2025; Clay Gaspar, Devon Chief Operating Officer, to Succeed Muncrief

OKLAHOMA CITY, Dec. 09, 2024 (GLOBE NEWSWIRE) — Rick Muncrief, 66, has announced his retirement from the position of President and Chief Executive Officer and member of the Board of Directors of Devon Energy Corporation (NYSE: DVN), effective March 1, 2025. The board of directors has appointed Clay Gaspar, currently Devon’s Chief Operating Officer, to …

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Russia’s Oil Tsar Says Trump’s Moves to Defend U.S. Producers ‘Fitting’

Igor Sechin, the head of Russia’s largest oil producer Rosneft, on Saturday said he approved of U.S. President-elect Donald Trump’s proposals to defend domestic energy producers. Speaking at a conference in Qatar, he said that Trump’s promises during his election campaign involved “fitting” economic measures, including protecting domestic energy producers and the market. Trump’s return …

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No Concerns Over Trump Vow to Lift LNG Exports Cap, Qatar Energy Minister Says

(Reuters) – Qatar has no concerns about U.S. President-elect Donald Trump’s promise to lift a cap on liquefied natural gas (LNG) exports, Qatar’s Energy Minister Saad al-Kaabi said on Saturday, adding his country would cope with any competition. “And you know even if you open up LNG and say we’re going to export another 300 …

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Chevron CEO Says No Discussions with President-Elect Trump on Venezuela

Summary Chevron supports U.S. policy on Venezuela, aims for better future for Venezuelans Wirth suggests setting limits on use of strategic petroleum reserve (Reuters) – Chevron, the only U.S. oil producer now working in Venezuela’s oilfields, has not held any discussions with President-elect Donald Trump’s team over the company’s operations in the country, CEO Michael Wirth said …

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