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.

In May 2022, Spain and Portugal created an extraordinary and temporary mechanism in Spain and Portugal to protect consumers from the rise in electricity prices,

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

Cuts to Russian supplies in recent months and fears of further curbs have prompted European energy companies to go hunting for new sources of gas to refill storage ahead of the winter.

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.

U.S. commercial crude oil inventories increased by 2.0 million barrels to 416.8 million barrels.

Brent were up 28 cents, or 0.2%, at $119.79 barrel, WTI were up 31 cents, or 0.3%, at $118.81 a barrel.

Brent firmed 32 cents, or 0.3%, to $120.04 a barrel, WTI were up 40 cents, or 0.3%, at $119.27 a barrel.

The Worldwide Rig Count for May was 1,628, up 25 from the 1,603 counted in April 2022,and up 366 from the 1,262 counted in May 2021.