The national average price of gasoline dropped below $3 a gallon over the weekend, sinking to their lowest level since 2021. The median U.S. gas price is now $2.83 per gallon, with the national average 6.9 cents cheaper from a month ago and 5.4 cents per gallon lower than a year ago. However, prices vary widely by state, with drivers in Oklahoma paying $2.409 per gallon compared to $4.560 in California.  According to GasBuddy, a handful of gas stations are offering gas under $2 per gallon. That said, diesel prices have seen an even steeper…

A tanker carrying Russian gasoil was hit by multiple explosions off the coast of Senegal, marking the third case in recent days. The Mersin had made several calls at Russian ports this year before it met its fate on Monday. The vessel was later stabilized and placed under tow, with reports that crew members were safe. Gasoil is a fuel used for non-road applications like agricultural machinery, construction equipment, generators, and some heating systems. Ukrainian naval drones have been attacking sanctioned tankers in the Black Sea in recent weeks…

China is looking to expand its lead in clean energy by deepening multilateral cooperation on green technologies and supporting its new energy vehicle (NEV), battery, and photovoltaic companies in expanding their global presence, according to a top government official. The move is intended to accelerate the low-carbon transition of the nation's vast manufacturing sector. Li Lecheng, minister of industry and information technology, said in a piece for China Daily, that China's determination to pursue a green transition in manufacturing underscores…

A plan to merge two FTSE-listed funds to form the UK’s largest infrastructure investment firm has been abandoned after shareholders expressed frustration with the terms of the deal. HICL Infrastructure said it will no longer be proceeding with its planned merger with The Renewables Infrastructure Group (TRIG) after its board “determined that it cannot progress the transaction without a substantial majority of support from its own investors”. “Both boards remain convinced of the strategic rationale for the combination,”…

The provincial government of Alberta, Canada’s key oil and gas-producing province, has advised the Alberta Energy Regulator to go soft on imposing penalties for excess flaring, Reuters reported on Monday, citing documents it had obtained through access to information laws.  The provincial government has urged the regulator to take a “softer” tone in communication with companies that are found to have exceeded the flaring limit, according to the documents Reuters has reviewed.  Moreover, the regulator was advised to take…

The provincial government of Alberta, Canada’s key oil and gas-producing province, has advised the Alberta Energy Regulator to go soft on imposing penalties for excess flaring, Reuters reported on Monday, citing documents it had obtained through access to information laws.  The provincial government has urged the regulator to take a “softer” tone in communication with companies that are found to have exceeded the flaring limit, according to the documents Reuters has reviewed.  Moreover, the regulator was advised to take…

One of the ways you can claim rights to water sources is to own land next to them or over them. It seems intuitive that you should be able to dip into a river running along your property to get a drink for yourself and possibly your livestock, or water for your plants and possibly your farm fields. That works so long as you don't hog too much of the river flow and your downstream neighbors can do the same as you are doing. In practice, there are so many humans today demanding so much water that the amounts each person or enterprise can withdraw…

BHP Group’s last offer to acquire Anglo American was for about $53 billion (£40 billion) in the late-November blitz in which the mining giant sought to derail an Anglo American-Teck resources tie-up, sources familiar with the details have told Bloomberg. In November, a year and a half after abandoning a previous attempt to take over Anglo American, BHP offered around $53 billion, or £40 billion, in mostly stock but also cash, to acquire Anglo American, according to Bloomberg’s sources.   BHP’s unsolicited…

The U.S. military build-up in the southern Caribbean continues unabated. The arrival of the world’s largest aircraft carrier, the USS Gerald Ford, heralded Washington’s largest military deployment in Latin America since the 1989 invasion of Panama. Around 25% of all U.S. warships deployed globally are concentrated off the coast of Venezuela. U.S. President Donald Trump recently declared there will be strikes on land targets and that the airspace above Venezuela is closed. There are fears that the White House’s campaign, which…

The UK government has decided to withdraw a $1.1-billion loan guarantee for TotalEnergies’ Mozambique LNG project as risks have increased and it is no longer in the interest of the UK or its taxpayer. UK Export Finance (UKEF), the UK government’s export credit agency, pledged in 2020 a $1.15-billion financing guarantee to the $20-billion Mozambique LNG project.  “After a detailed review, the UK Government has decided to end UKEF’s participation in the project,” Peter Kyle, Secretary of State for Business and Trade,…

Top US and Ukrainian officials wrapped up their talks in Florida, with Secretary of State Marco Rubio calling the session "very productive" but saying additional work was needed in the effort to thrash out a plan to end Russia's war on Ukraine. "We had another very productive session, building off [talks in] Geneva, building off the events of this week, but there's more work to be done," Rubio told reporters on November 30 following the meeting, without being specific. "There are a lot of moving parts, and obviously there's another party involved…

Loadings of crude oil from Chevron’s project in Kazakhstan continue at the CPC terminal at the Russian port of Novorossiysk on the Black Sea, the U.S. supermajor told Reuters after a Ukrainian attack damaged CPC infrastructure this weekend.  Chevron holds 50% in Tengizchevroil, the company operating the huge Tengiz field in Kazakhstan, whose exports go through the CPC pipeline to Novorossiysk.  The Caspian Pipeline Consortium (CPC) operates the pipeline from the Caspian coast in northwest Kazakhstan to the Novorossiysk port, which…

Oil prices rebounded in early Asian trade on Monday following the latest OPEC+ meeting, as traders responded to the producer group’s decision to hold output steady through the first quarter of 2026. At the time of writing, West Texas Intermediate crude stood at $59.32, up 1.32%, while Brent crude had climbed to $63.16, up 1.25%. The bounce reflects relief over the group’s cautious stance, with OPEC+ reaffirming its plan to maintain current production levels rather than raise output further. The move had been expected and is seen as…

At its Sunday meeting, OPEC+ reaffirmed its decision to keep oil production levels unchanged for the first quarter of 2026 and formally approved a long-debated process to reassess member production capacities for future quotas. The production decision aligned closely with expectations set by delegates, who signaled that the group would pause further supply increases amid concerns about a potential glut. The most significant development in the statement concerns future production baselines. Building on the mandate established at the 39th meeting,…

Recently, we have noted that U.S. investors are increasingly buying Canadian Oil & Gas companies, even as global oil prices move lower. According to McCrea, U.S. funds now own about 59% of Canadian oil and gas companies, up from 56% at the end of 2024, while investments by Canadians have declined to 34% from 37%. The shift in investments has been even more dramatic for some Canadian companies, with Brian Schmidt, CEO of Tamarack Valley Energy (OTCPK:TNEYF), revealing that U.S. ownership of his company has doubled to 40%, up from 20% before…

A Texas oil firm is fighting an uphill battle with the state of California to restart crude oil production and sales from three platforms in federal waters offshore Santa Barbara. Houston-based Sable Offshore Corp, led by industry veteran James Flores, is embroiled in contentious legal battles with California’s agencies and attorney general over a project to restore and re-launch a pipeline from the offshore fields to the coast. Faced with California’s opposition and lawsuits, Sable is proposing an alternative plan to ship oil via shuttle…

Several United States environmental policies may be weakened or removed following a week of announcements by various agencies with plans to introduce major changes. This could mark the largest rollback of environmental protections under any administration.  In November, the U.S. Environmental Protection Agency (EPA) proposed to remove federal protections from millions of acres of wetlands and streams, thereby reducing the power of the 1972 Clean Water Act. The EPA said it planned to more narrowly define “waters of the United States”…

OPEC and its allies agreed on Sunday to keep oil output levels unchanged through the end of 2026, reaffirming their production control framework amid mounting concerns over a looming supply glut and weakening prices. The decision came at the 40th OPEC and non-OPEC Ministerial Meeting, where members endorsed a new mechanism to assess national production capacities that will set the stage for fresh quotas in 2027. The group — which collectively pumps about half the world’s oil — said it would reaffirm the Declaration of Cooperation…

OPEC+ is meeting this coming weekend to discuss the next steps in its production control plan. Early reports suggest the group will stick to a pause in the rollback of its cuts. Yet commentators say that this will not be enough—a glut is coming and OPEC+ will need something more than pausing cuts. First, the numbers. OPEC and its partners from OPEC+ started cutting oil production in 2023 after prices fell from three-digit highs in 2022. At the peak of the cuts, the group was withholding over 5 million barrels daily in supply. In fact, it…

In a recent article, a professor at the Naval Academy argues that “Trump can leverage the Arctic to end the Ukraine war.” It’s clear that Trump was excited by the possibilities the article raised in ending the war.  Written by Lyle J. Goldstein, a research professor at the China Maritime Studies Institute (CMSI) at the US Naval War College. The author makes the case that the key to ending the war lies in the Arctic. Goldstein argues that Trump’s announced plan to end the war swiftly “seemed increasingly out of…