• Homepage
  • About
  • Breaking News
  • Freedoms
  • Guns
  • Health
  • Disclaimer
BREAKING NEWS
WATCH: Senator Destroys Energy Secretary for Blaming Gas Prices on Putin
Murder Suspect and Child Molester ‘Transitions’ to Female in Jail
Half of Biden’s Twitter Followers are Fake
Biden’s Disinformation Board Director Jankowicz Resigns, Program On Pause
Ted Cruz Slams Joe Biden’s Immigrant Invasion!
Plan Inspired by AOC’s “Green New Deal” Will Cost New Yorkers Billions!
It Didn’t Take Long for Adam Schiff to Try to Capitalize on Buffalo Shooting!
Hunter Biden Feels the Heat After Bombshell Revelation
Michelle Obama Fears For “Womxn” With Roe v Wade Threatened
Well Known LA Attorney Says Dems are Soft on ANTIFA Because the Terrorist Group Is the Base!

US Oil Prices Highest In 7 Years

Posted On 01 Mar 2022
By : Restore American Glory
Comments: 4

U.S. oil prices surged 10.8% Tuesday to surpass $106 per barrel for the first time in more than seven years following concerns over Russia’s invasion of Ukraine.

The price of West Texas Intermediate crude oil briefly passed the July 2014 high mark to $106.11 per barrel, according to CNBC. The increased prices are pressuring U.S. and world leaders to increase oil production or release emergency stockpiles of oil.

The International Energy Agency (IEA) issued a press release on Tuesday to announce the release of 60 million barrels of oil reserve to avoid any “shortfall in supplies” following Russia’s invasion.

“The 31 Member Countries of the Governing Board of the International Energy Agency agreed to release 60 million barrels of oil from their emergency reserves to send a unified and strong message to global oil markets that there will be no shortfall in supplies as a result of Russia’s invasion of Ukraine,” the IEA said in the statement.

“It is heartening to see how quickly the global community has united to condemn Russia’s actions and respond decisively,” IEA Executive Director Fatih Birol said.

“I am pleased that the IEA has also come together today to take action. The situation in energy markets is very serious and demands our full attention. Global energy security is under threat, putting the world economy at risk during a fragile stage of the recovery,” she added.

The statement also noted Russia’s massive impact on global energy. It noted the nation “is the world’s third largest oil producer and the largest exporter. Its exports of about 5 million barrels a day of crude oil represent roughly 12% of global trade.”

A growing number of American lawmakers believe it’s time to cut off buying oil from Russia. Florida Republican Sen. Marco Rubio appeared in an interview on Fox Business on Tuesday to urge President Joe Biden to stop sending oil money to Russian President Vladimir Putin’s nation.

“Under Joe Biden the U.S. is producing about 1.2 million fewer barrels oil per day That is $100 million every day from your pocket to criminals like #Putin Tonight Biden should announce we are going to reverse this,” he wrote on Twitter.

On Sunday, two United Kingdom-based global petroleum giants have announced that they will be ending partnerships with Russian oil companies in response to the Russian invasion of Ukraine. The Daily Wire reported:

British Petroleum first announced Sunday that it was divesting from state-controlled Russian oil giant Rosneft. BP has had nearly a 20% stake in Rosneft since 2013, and both current BP CEO Bernard Looney and former CEO Bob Dudley served on Rosneft’s board of directors. In addition to severing its financial ties, Looney, who has been on the board of Rosneft since 2020, and Dudley, who has been on the board since 2013, will both resign from their positions.

“Russia’s attack on Ukraine is an act of aggression which is having tragic consequences across the region,” BP chair Helge Lund said in a statement. “[BP] has operated in Russia for over 30 years, working with brilliant Russian colleagues. However, this military action represents a fundamental change. It has led the [BP] board to conclude, after a thorough process, that our involvement with Rosneft, a state-owned enterprise, simply cannot continue. We can no longer support [BP] representatives holding a role on the Rosneft board. The Rosneft holding is no longer aligned with [BP’s] business and strategy and it is now the board’s decision to exit [BP’s] shareholding in Rosneft. The [BP] board believes these decisions are in the best long-term interests of all our shareholders.”

Original Article: U.S. Oil Surpasses $106 Per Barrel For First Time In Over Seven Years

About the Author
  • google-share
Previous Story

Biden: Things Could Escalate With Russian Cyberattack

Next Story

Biden’s Poll Numbers Hit Epic Low!

4 Comments

  1. Dan Stone March 1, 2022 at 11:42 pm Reply

    We were energy independent until this nut-head came along and the Demon rats stole the election. Now he gives Russia money for oil which we could produce ourselves if this idiot had any balls to stand up to the climate change activist which we all know is not backed by any scientific proof. This guy has screwed up anything he touches, yet there are so many stupid people in America which believes their BS that they let a senile, out of touch, corrupt person to be put in power. Old Joe, along with all of you that put him there have blood on your hands. I hope you all rot in HELL!

  2. Patty March 2, 2022 at 7:40 am Reply

    Biden needs to change his poopy diaper, stand up on his feet, and be a MAN for once in his lousy criminal life! He is more concerned with the illegals than his own countrymen! He doesn’t care if he destroys our country, our economy, our constitution as long as he gets HIS way( or should I say obama’s Way. We all know Obama is running the country, Biden is his expendable stooge, and Biden is too stupid to see it. When his usefulness comes to an end, which will be soon, Obama will figure a way to be back in the White House, big mike will run for President, and stupid people will vote for him/ her ! Wake up folks, we cannot let this happen!

  3. gene March 2, 2022 at 11:17 am Reply

    The UK is responding across the board to STOP military and terrorist aggression around the world. The RICH around the world should follow, especially in the US. Totally boycott Russia and China and make a few less millions a week.

  4. Kim March 6, 2022 at 11:55 pm Reply

    86/46

Leave a Reply Cancel reply

*
*

  • WATCH: Senator Destroys Energy Secretary for Blaming Gas Prices on Putin
  • Murder Suspect and Child Molester ‘Transitions’ to Female in Jail
  • Half of Biden’s Twitter Followers are Fake
  • Biden’s Disinformation Board Director Jankowicz Resigns, Program On Pause
  • Ted Cruz Slams Joe Biden’s Immigrant Invasion!
  • Breaking News
  • Crime
  • Freedoms
  • Guns
  • Health
  • National Security
  • Opinion
  • People
  • Politics
  • Uncategorized
© RestoreAmericanGlory.com 2015