All posts tagged: Oil and Gas

Cuba says oil and diesel supplies have run dry under U.S. sanctions

Cuba says oil and diesel supplies have run dry under U.S. sanctions

Published by Sam Flores

A man cooks with firewood during a blackout in Havana on May 13, 2026. Yamil Lage | Afp | Getty Images Cuba has run out of oil and diesel, its energy minister said on Wednesday, as an ongoing U.S. blockade starves the island nation of fuel. “The sum of the different types of fuel: crude oil, fuel oil, of which we have absolutely none; diesel, of which we have absolutely none … the only thing we have is gas from our wells, where production has grown,” Cuban Energy Minister Vicente de la O Levy said on state media, according to broadcaster the BBC. A U.S. blockade has blocked shipments of oil into the country since January, prompting blackouts lasting up to 22 hours a day in parts of the Cuban capital Havana. De la O Levy said the country’s predicament is “extremely tense.” According to Reuters news agency, which has reporters on the ground in Havana, protests broke out in the city on Wednesday evening, with hundreds crowding the streets, blocking roads with garbage and …

Trucking, construction industries buck Trump on gas tax pause

Trucking, construction industries buck Trump on gas tax pause

Published by Sam Flores

Opposition to President Donald Trump’s plan for a gas tax holiday to ease cost-of-living concerns is coming not just from his political foes, but also from the Republican-leaning trucking and construction sectors. Those industries rely heavily on the road and transportation infrastructure projects funded by the federal gas and diesel taxes. “A gas tax holiday is a good way to blow a hole in the collection of revenue for funding highway and transit repairs, but it’s a bad way to help drivers who are affected by higher gas prices,” said Brian Turmail, national spokesman for the Associated General Contractors of America, a construction industry trade group.  Gas prices are up about 50% since the Iran war began on Feb. 28, clocking in at $4.50 a gallon on Tuesday, according to AAA. Diesel, used in trucks and construction equipment, is higher at $5.64 a gallon. Iran has largely blocked the Strait of Hormuz, through which a fifth of the world’s oil normally travels. Trump on Monday floated the idea of a gas tax holiday, though any …

Trump doesn’t need Congress to restart Iran strikes: Hegseth

Trump doesn’t need Congress to restart Iran strikes: Hegseth

Published by Sam Flores

U.S. Defense Secretary Pete Hegseth speaks during a Senate Armed Services Committee hearing on U.S. President Donald Trump’s FY2027 budget request for the Department of Defense on Capitol Hill in Washington, D.C., U.S., April 30, 2026. Eric Lee | Reuters Defense Secretary Pete Hegseth said President Donald Trump doesn’t need congressional approval to restart strikes on Iran despite surpassing the 60-day limit allowed under federal law. Hegseth’s testimony Tuesday before the Senate Appropriations Committee came after the Trump administration surpassed the 60-day mark required by the War Powers Resolution of 1973 to seek congressional authorization for the use of military force. The administration said earlier in May that hostilities had ceased with Iran, so it was not seeking authorization. Hegseth, however, said under questioning from Sen. Lisa Murkowski, R-Alaska, that Trump would have the authority to restart strikes if he deemed it necessary. Read more CNBC politics coverage “Should the president make the decision to recommence, we would have all of the authorities necessary to do so,” Hegseth said. Murkowski pressed Hegseth further, asking if …

US faces rising costs with Iran war driving energy prices, inflation higher | Inflation News

US faces rising costs with Iran war driving energy prices, inflation higher | Inflation News

Published by Sam Flores

United States consumer prices have risen for the second consecutive month, marking the biggest annual increase in almost three years, as energy prices surged on the back of the US-Israel war on Iran. US consumer prices rose by 0.6 percent in April after a 0.9 percent increase in March, according to the Bureau of Labor Statistics consumer price index (CPI) report published on Tuesday. Recommended Stories list of 4 itemsend of list Prices ticked up by 3.8 percent on an annual basis, which is the largest jump since May 2023. Prices rose by 3.3 percent in March. The increase was driven by a surge in energy prices, including prices for petrol or gasoline, which rose by 5.4 percent. On an annual basis, the increase is stark. Energy prices surged by 17.9 percent over the last 12 months, with petrol prices up 28.4 percent compared to this time last year. The average price for a gallon (3.78 litres) of petrol is $4.50, according to the American Automobile Association (AAA), which tracks daily petrol prices. The average …

US faces rising costs with Iran war driving energy prices, inflation higher | Inflation News

US faces rising costs with Iran war driving energy prices, inflation higher | Inflation News

Published by Sam Flores

United States consumer prices have risen for the second consecutive month, marking the biggest annual increase in almost three years, as energy prices surged on the back of the US-Israel war on Iran. US consumer prices rose by 0.6 percent in April after a 0.9 percent increase in March, according to the Bureau of Labor Statistics consumer price index (CPI) report published on Tuesday. Recommended Stories list of 4 itemsend of list Prices ticked up by 3.8 percent on an annual basis, which is the largest jump since May 2023. Prices rose by 3.3 percent in March. The increase was driven by a surge in energy prices, including prices for petrol or gasoline, which rose by 5.4 percent. On an annual basis, the increase is stark. Energy prices surged by 17.9 percent over the last 12 months, with petrol prices up 28.4 percent compared to this time last year. The average price for a gallon (3.78 litres) of petrol is $4.50, according to the American Automobile Association (AAA), which tracks daily petrol prices. The average …

Iran war hangs over Trump’s China trip: Analysis

Iran war hangs over Trump’s China trip: Analysis

Published by Sam Flores

As President Donald Trump prepares to head to China for crucial negotiations with the leader of the No. 2 global power, it is becoming clear that the political and economic damage unleashed by the Iran war can’t be easily left behind. Even if a deal to get oil tankers moving again were reached tomorrow — and there is little sign of that — Americans are facing the prospect of months or more of new inflation worries. The question now isn’t whether Trump will secure his war aims with dignity. It is whether his presidency can ever recover from the war’s body blow.  Trump is banking little political goodwill from the stock market that keeps grinding to records. The S&P 500 has risen 7.3% since Feb. 27, just before the U.S. and Israel attacked Iran. Meanwhile Trump’s net approval rating has fallen to the lowest of his two terms, according to CNBC’s All-America Economic Survey. Stocks are rising on faith in artificial intelligence and traders’ well-earned sense that Trump will find a way to get out …

Trump, Congressional Republicans float gas tax holiday amid Iran war

Trump, Congressional Republicans float gas tax holiday amid Iran war

Published by Sam Flores

A sign displays the prices of unleaded, premium, and diesel gasoline at a Speedway gas station in Columbus, Ohio, US, on Monday, May 11, 2026. Brian Kaiser | Bloomberg | Getty Images President Donald Trump and congressional Republicans are proposing suspending the federal gas tax as prices at the pump continue to soar ahead of the 2026 midterm elections. Gasoline and oil prices have jumped since the U.S.-Israeli war with Iran broke out more than two months ago. Iran has largely brought the Strait of Hormuz, which normally carries a fifth of the world’s oil, to a standstill since the first strikes began. Trump said in the Oval Office on Monday that he would “reduce” the tax, shortly after saying in an interview with CBS News that he wants to pause the tax “for a period of time.” “I think it’s a great idea,” he said in the CBS interview. “Yup, we’re going to take off the gas tax for a period of time, and when gas goes down, we’ll let it phase back in.” …

Iran war effect: Why is Modi asking Indians to avoid foreign trips, gold? | Conflict News

Iran war effect: Why is Modi asking Indians to avoid foreign trips, gold? | Conflict News

Published by Sam Flores

Prime Minister Narendra Modi has urged Indians to work from home, avoid international trips and not buy gold during the United States-Israeli war on Iran, which has caused global energy prices to surge, adding pressure on India’s foreign exchange reserves. Modi made his plea during a public event in the southern city of Hyderabad on Sunday. Recommended Stories list of 4 itemsend of list Here is more about what Modi said, what’s behind the Indian government’s concerns and how they’re linked to the war on Iran. What did Modi say? Modi said people should move to online meetings instead of physical gatherings and use the work-from-home model that was adopted globally during the COVID-19 pandemic. He explained that such practices would cut down the use of fuel. Additionally, Modi urged people to use public transport and carpooling to save fuel. He called on families to reduce their cooking oil consumption, describing that move as both healthy and patriotic. Modi also asked Indians to avoid buying gold and to cut nonessential overseas travel for at least …

Pentagon releases video of strikes on Iranian oil tankers | Oil and Gas

Pentagon releases video of strikes on Iranian oil tankers | Oil and Gas

Published by Sam Flores

NewsFeed Footage released by the Pentagon shows US strikes on two Iranian oil tankers in the Strait of Hormuz. The US military says the vessels were disabled following overnight exchanges of fire with Iranian forces, preventing them from reaching ports in the Gulf of Oman. Published On 8 May 20268 May 2026 Click here to share on social media share-nodes Share googleAdd Al Jazeera on Googleinfo Source link

Libya’s largest oil refinery halts operations during fighting | Conflict News

Libya’s largest oil refinery halts operations during fighting | Conflict News

Published by Sam Flores

Zawiya refinery shut down in ‘precautionary measure’ as emergency declared following explosions and gunfire nearby. Published On 8 May 20268 May 2026 Libya’s largest operational oil refinery at Zawiya has been shut down and ‌an emergency declared following fighting between armed groups nearby. The National Oil Corporation (NOC) and Zawiya Refining Company announced a “precautionary halt” to operations and evacuated employees from the oil complex and port. Recommended Stories list of 3 itemsend of list NOC confirmed the safety of all employees and added that fuel supplies would continue as normal. A Facebook statement said alarm sirens were activated “following armed clashes involving heavy weapons that erupted around the oil complex in the early hours of Friday”. “These clashes resulted in several heavy weapons projectiles landing in various locations within the oil complex,” adding that no significant damage had been reported. “However, the clashes have intensified and reached the residential area adjacent to the refinery, making the area a direct target for heavy shelling and significantly increasing the risk of further damage,” it said. Authorities …