G-7 Bid to Cap Russian Oil Price Faces Hurdle of Global Enforcement

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As Gas Prices Near $5 a Gallon, Record Fuel Costs Upend Businesses, U.S. Economy

As U.S. gasoline prices approach a record average of $5 a gallon, fuel costs are rippling through almost every corner of business, with signs emerging that the rising expenses are beginning to alter consumer behavior. The price of regular gasoline averaged about $4.986 on Friday, up around 22 ½ cents from the prior week and … Read more

Yellen Sees High Gasoline Prices Persisting

WASHINGTON—Treasury Secretary Janet Yellen said elevated gasoline prices—near $5 a gallon—are likely to persist, but she doesn’t see a slowing U.S. economy slipping into recession. Disruptions in global oil markets caused by Russia’s war against Ukraine and the subsequent sanctions imposed on Russia are likely to keep oil prices elevated, she said Thursday. Oil prices … Read more

Bottleneck Fuels Record-High Gas Prices

A shortage of fuel-making facilities is pushing U.S. gasoline and diesel prices to record levels, just as drivers prepare for the summer driving season. Gasoline prices topped $4 a gallon in all 50 U.S. states in recent days for the first time ever, even though global crude oil prices have pulled back from highs reached … Read more

Saudi Aramco Posts Record Quarterly Profit on Surging Oil Prices

DUBAI—Saudi Aramco posted a record quarterly profit on Sunday, as the oil giant benefits from surging oil prices following Russia’s invasion of Ukraine. Saudi Arabian Oil Co., commonly known as Aramco, said its net income surged 82% to $39.5 billion in the first three months of 2022. Last week, it overtook Apple Inc. as the … Read more

Oil Prices Top $100, Yet Some Big U.S. Frackers Let Their Production Fall

Oil prices are at their highest in years and politicians want companies to pump more. But most large American frackers are standing pat, or even letting production decline, and instead are handing investors cash. Much of the U.S. shale industry recently reported higher profits than in the same quarter a year earlier, but companies aren’t … Read more

Hungary Holds Up EU Deal to Sanction Russian Oil

The European Union is struggling to finalize the terms of an oil embargo on Russia amid resistance by Hungary, whose leader claimed Friday that the proposed embargo would hit his economy like an atomic bomb. Prime Minister Viktor Orban has long cultivated close ties with Moscow and hasn’t joined other EU and North Atlantic Treaty … Read more

Exxon and Chevron, Buoyed by High Oil Prices, Shower Investors With Cash

Big oil companies are continuing to reap the benefits of high commodity prices but aren’t backing off plans to reward investors while keeping production roughly flat. Exxon XOM -2.42% Mobil Corp. said Friday it collected $5.5 billion in first-quarter profit, more than double the same period last year. The U.S. oil giant said it would … Read more

Germany Drops Opposition to Embargo on Russian Oil

BERLIN—Germany is now ready to stop buying Russian oil, clearing the way for a European Union ban on crude imports from Russia, government officials said. Berlin had been one of the main opponents of sanctioning the EU’s oil-and-gas trade with Moscow. However on Wednesday, German representatives to EU institutions lifted the country’s objection to a … Read more

High Gasoline Prices Take Up Big Share of March Retail Spending Increase

U.S. retail sales rose in March for the third straight month as consumers confronted the highest inflation in four decades and absorbed record-high gasoline prices. Retail and restaurant spending rose by 0.5% in March compared with the previous month, the Commerce Department said Thursday, down from the revised monthly increase of 0.8% in February. Gasoline … Read more