OPEC Secretary General Mohammad Barkindo dies at age 63

Mohammad Sanusi Barkindo, secretary general of the Organization of Petroleum Exporting Countries. Aaron M. Sprecher | Bloomberg | Getty Images Mohammad Barkindo, a Nigerian politician and the secretary general of oil group OPEC, has died at the age of 63. The head of Nigeria’s National Petroleum Corporation, Mele Kyari, announced the news in a tweet … Read more

Germany’s much-vaunted trade surplus disappears as import prices surge

Germany trade entered negative territory in May, raising questions about the stability of its economy in the wake of Russia’s invasion of Ukraine. Picture Alliance | Picture Alliance | Getty Images Germany is no longer exporting more than what it buys from other countries, highlighting the strains that the nation and other European economies are … Read more

Germany fears Russian gas flows could be about to stop for good

Russia says it stands ready to supply gas to Europe, describing ongoing disruption concerns as a “man-made crisis” created by Europe. Bloomberg | Bloomberg | Getty Images Russia is poised to temporarily shut down the Nord Stream 1 pipeline — the European Union’s biggest piece of gas import infrastructure — for annual maintenance. The works … Read more

Europe’s plans to replace Russian gas are deemed ‘wildly optimistic’ — and could hammer its economy

A drilling rig at a gas processing facility, operated by Gazprom. Maxim Shemetov | Reuters The European Union’s best shot at replacing Russian gas imports this year is likely to miss the mark, analysts predict, exerting further pressure on the region’s economy. The EU plans to replace two-thirds of Russian gas imports by the end … Read more

California plans ‘inflation relief’ checks. Will other states follow?

Who may qualify for ‘inflation relief’ checks Those with up to $75,000 in income, or $150,000 if married and filing jointly, will receive up to $350 per tax filer, plus $350 if they have one or more dependent. Thus, joint filers with at least one dependent stand to receive the highest possible sum of $1,050. … Read more

G-7 nations face threat of Russia shutting down more gas

Russian President Vladimir Putin makes a toast as he takes part in the XIV BRICS summit in virtual format via a video call, in Moscow on June 23, 2022. Mikhail Metzel | AFP | Getty Images The Group of 7 nations need to brace for a complete shutdown of Russian gas pipelines in the near … Read more

G7 leaders discuss price cap on Russian oil over Ukraine invasion | Russia-Ukraine war News

G7 leaders meeting in Germany discuss plans to reduce Russian revenues from oil exports amid a surge in energy prices. Leaders of Group of Seven (G7) nations have discussed plans to cap the price of Russian oil in order to put the squeeze on Moscow, which is benefiting from soaring energy prices, and cut off … Read more

How to save money on gas, with or without a federal gas tax holiday

The recent run-up in gasoline prices is now being felt nearly across the board. The national average for a gallon of gas is currently $4.94 after topping $5 per gallon for the first time ever earlier this month, according to AAA. Last year at this time, the price was $3.07 per gallon. The increase has … Read more

Germany triggers ‘alert level’ of emergency gas plan, sees high risk of long-term supply shortages

Habeck has previously warned the situation is going to be “really tight in winter” without precautionary measures to prevent a gas supply shortage. Picture Alliance | Picture Alliance | Getty Images Germany has declared it is moving to the so-called “alert level” of its emergency gas plan, as reduced Russian flows exacerbate fears of a … Read more

What a federal gas tax holiday could mean for prices at the pump

Fuel prices at a Chevron gas station in San Francisco June 9, 2022. Bloomberg | Bloomberg | Getty Images For months, drivers across the US face have faced eye-popping prices when they fill up their gas tanks. Now, President Joe Biden is weighing a new remedy — a federal gas tax holiday. A gallon of … Read more