All articles tagged with #oil industry
President Trump urged U.S. petrol retailers to cut prices immediately, warning of big problems if they don’t and proposing a target near $2.50 per gallon. He accused gouging, called for California fuel-tax relief, and tied the issue to his broader energy agenda amid Iran tensions and a DOJ probe of major oil companies.
Slate’s Fred Kaplan argues that Trump’s latest threats against Iran—promising to hit it hard and take Kharg Island to dominate its oil markets—reveal a persistent delusion about American power and oil leverage, contradicted by past outcomes and warned against by advisers, leaving U.S. credibility diminished and policy unclear.
Oil industry money has become a central issue in California’s governor’s contest, with Chevron and California Resources Corp donating to a committee backing Xavier Becerra and prompting Tom Steyer to attack him as “Big Oil Becerra.” Becerra defends his environmental record and a pragmatic path to the state’s 2045 fossil-fuel phaseout, while Steyer leans on climate credentials and anti-oil messaging. Despite endorsements from major green groups for Steyer, poll numbers show Becerra with a lead as voters weigh affordability and energy reliability, and while oil cash matters, it remains only a part of the race’s spending dynamics.
California Gov. Gavin Newsom’s office urged motorists to avoid Chevron stations over Memorial Day weekend, citing a state energy-commission analysis that Chevron prices run roughly 60–80 cents per gallon higher than unbranded fuel. With California averaging about $6.14 per gallon and a high gas tax, the move reflects ongoing tensions over oil profits and climate policies as the state contends with industry blame, refinery changes, and a global price uptick tied to geopolitics.
The U.S. Energy Secretary has ordered a Texas-based oil company to immediately restore operations in California, citing adherence to federal energy policy and the need to prevent supply disruptions.
Timelapse footage shows a fall in ship traffic through the Strait of Hormuz, the world's busiest oil shipping lane, since the US-military offensive began on February 28, threatening about 20% of global oil and gas flows.
Beth Gardiner’s Plastic Inc. argues that oil and gas companies turned to plastics to cushion shrinking fuel profits, using marketing and lobbying to normalize disposability and recycling as a fix, while highlighting health and environmental harms and urging extended producer responsibility so manufacturers bear disposal costs.
Michigan Attorney General Dana Nessel filed a federal-state antitrust lawsuit against BP, Chevron, ExxonMobil, Shell and the American Petroleum Institute, accusing a cartel-like conspiracy to delay the adoption of cleaner technologies (solar power and electric vehicles) to protect fossil fuels and keep energy costs high. The complaint frames an antitrust violation rather than climate misinformation, but experts say proving an actual agreement and damages will be challenging and could hinge on discovery; the suit faces potential motions to dismiss and questions of timing. The case echoes other climate lawsuits and comes amid a broader push in Congress for liability shields for oil interests.
A former Nigerian minister of petroleum resources, Diezani Alison‑Madueke, is on trial in London accused of taking bribes linked to lucrative oil contracts, with prosecutors detailing a 'life of luxury' in the UK funded by energy firms, including more than £2m spent at Harrods and substantial property refurbishments; she denies five counts of bribery and conspiracy to commit bribery, and the trial is expected to run about 12 weeks.
Michigan Attorney General Dana Nessel filed a federal antitrust suit against BP, Chevron, ExxonMobil, Shell, and the American Petroleum Institute, alleging a decades-long cartel to suppress renewable energy and EV competition, keep energy prices high, and hinder charging infrastructure and EV development. The state seeks damages and restitution, arguing the conspiracy limited consumer choices and accelerated fossil-fuel dependence, amid a broader shift in auto industry strategy and energy policy.
Michigan Attorney General Dana Nessel filed a federal antitrust suit against BP, Chevron, ExxonMobil, Shell, and the American Petroleum Institute, alleging a cartel-like effort to restrain competition and slow the renewable-energy transition, contributing to artificially high energy costs for Michigan residents. The suit seeks a permanent injunction, treble damages, and repayment of profits; API called the claims baseless, while supporters urge action to accelerate clean energy.
Since Maduro's capture by U.S. forces, Venezuela’s Chavista leadership is signaling a pragmatic turn toward Washington, courting energy deals and investment, as U.S. officials broker arrangements and release detainees; analysts warn the shift may be a power-preservation strategy amid sanctions and internal rivalries, notably with Diosdado Cabello.
Despite President Trump's optimistic predictions about a rapid U.S. oil rush into Venezuela following political upheaval, industry experts and companies are skeptical due to Venezuela's degraded infrastructure, political instability, and economic realities, suggesting that the move is more about political signaling than economic opportunity.
ExxonMobil CEO Darren Woods stated that Venezuela is 'uninvestable' without significant legal and policy changes, despite President Trump's push for U.S. oil companies to invest in the country.
ExxonMobil expresses interest in re-entering Venezuela's oil industry, emphasizing the need for legal and structural reforms, and highlights their long-term investment philosophy and readiness to assist in restoring Venezuelan oil production with appropriate security and cooperation.