The Administration has actually recommended that people buy EVs to avoid increasing gasoline prices. The recent ban on imports of Russian oil will likely further increase gasoline prices, which have already doubled under the Administration.

Brent was down $1.86, or 1.5%, to $120.15 a barrel, WTI was down $2.15, or 1.8%, at $118.52.

The price of OPEC basket of thirteen crudes stood at $123.19 a barrel

Chancellor Olaf Scholz’s three-party alliance agreed at the end of March to cut the levy on fuel for three months from June 1 by 30 euro cents per liter for gasoline and 14 cents for diesel, costing the government about 3 billion euros ($3.1 billion) in lost revenue.

Libya is pumping only about 100,000 barrels a day.

U.S. Rig Count is up 6 from last week to 733, Canada Rig Count is up 24 from last week to 141.

Brent was up 40 cents, or 0.3%, at $123.47 a barrel, WTI rose 30 cents, or 0.3%, to $121.81 a barrel.

The price of OPEC basket of thirteen crudes stood at $123.21 a barrel on Thursday,

The Brent price will average $108/b in the second half of 2022 (2H22) and then fall to $97/b in 2023.

Germany advised people to defrost their freezers regularly, change shower heads and switch office lighting to LEDs as the government tries to reduce a reliance on imported Russian energy that’s become a political liability.