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Oil prices to reach $380 a barrel if Russia cuts more off

Oil prices to reach $380 a barrel if Russia cuts more off: Experts have cautioned that oil prices could soar to ‘stratospheric’ levels because of sanctions imposed by Western countries. If Russia responds to sanctions with reductions in crude oil output, the authors of a current report by JP Morgan Chase forecast that worldwide oil…
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Shell decides to sell its petrol stations in Russia

Shell decides to sell its petrol stations in Russia: Today, Shell reported it has signed an agreement to sell Shell Neft LLC, which owns Shell’s retail and lubricants firms in Russia, to PJSC LUKOIL. LUKOIL is believed to be the 2nd biggest producer of crude oil in Russia. The agreement contains 411 retail stations, primarily…
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“unprecedented & largest ever” US oil reserves released

“unprecedented & largest ever” US oil reserves released: In an unprecedented event Joe Biden has ordered the release of US fuel reserves to help combat the exorbitant prices of today being cause by the Russo-Ukrain war. The plan is the largest release in history of the Strategic Petroleum Reserve (SPR) of 1 million barrels a…
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The US has awarded 13.4M barrels of crude oil from its emergency stockpile

The US has awarded 13.4M barrels of crude oil from its emergency stockpile: To combat high oil prices, the US Department of Energy (DOE) has allocated 13.4 million barrels of crude oil from the Strategic Petroleum Reserve (SPR). The SPR is a petroleum emergency stockpile stored underground in salt caverns at four major storage facilities…
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Renewable materials and energy: the solution to zero-waste plastics?

Renewable materials and energy: the solution to zero-waste plastics?: The transition to zero-emission plastics is critical, as plastic consumption is expected to triple by 2050. According to a new report from Covestro’s Markus Steilemann, the technology is in place to make the switch, but “all we need is the will.” According to the report, the…
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UK must allow new oil & gas fields or see future shortages

UK must allow new oil & gas fields or see future shortages: Blocking projected oil & gas fields would risk making consumers further exposed to rocketing energy bills & fuel shortages. That’s as reported to analysis by the trade body OGUK which says that if new oil & gas projects do not go ahead, domestic…
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