In late June 2026, President Donald Trump publicly singled out ExxonMobil, Chevron, Shell, and BP, accusing the “big Oil Companies” of failing to lower gasoline prices at the pump in line with falling crude oil costs. In comments to the media and on Truth Social, he argued that with oil prices dropping sharply, Americans should […]
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U.S. oil and gas drillers added a single active rig in the latest weekly tallies, signaling continued capital discipline and steady rather than accelerating activity heading into late summer 2026. According to the WellDatabase US Rig Report dated July 31, 2026 (published in partnership with Energy News Beat), the national active rig count reached 576, […]
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In this explosive episode of the Energy News Beat Daily Standup, host Stu Turley breaks down ten major stories that expose a widening chasm between what financial markets are signaling and what’s actually happening on the ground in global energy infrastructure. From a $40-50 disconnect between paper oil prices and physical barrel delivery costs, to […]
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In the second quarter of 2026, ExxonMobil and Chevron delivered blockbuster earnings, fueled by elevated oil prices stemming from the ongoing Iran conflict and associated supply disruptions in the Middle East, including pressures around the Strait of Hormuz and Red Sea. These results highlight the resilience of the U.S. majors’ integrated portfolios amid geopolitical volatility, […]
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“The Tale of Two UK Oil Companies” could be the title of an old book, movie, or play. But sadly, it is a real-life story of how a once great country is imposing a self-imposed death spiral of deindustrialization and financial collapse. The very same death spiral the Blue / Net Zero crowd in the […]
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President Donald Trump announced this week that U.S.-controlled sales of Venezuelan oil have generated more than $13 billion since the January 3, 2026, capture of former President Nicolás Maduro. The figure aligns with Financial Times calculations of revenues held in U.S. Treasury accounts. Trump stated the proceeds have “paid for that war many times over,” […]
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The U.S. Energy Information Administration (EIA) released its Weekly Petroleum Status Report on July 29, 2026, covering the week ending July 24, 2026. Commercial crude oil inventories (excluding the Strategic Petroleum Reserve) fell by 7.2 million barrels (precisely 7.167 million barrels) to 404.5 million barrels. This marked a sharp draw that far exceeded market expectations […]
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California’s energy debate often rests on a convenient narrative: gasoline and diesel demand is falling, so aging refineries can—and should—simply close. A recent CalMatters commentary by Ranjit Deshmukh, an environmental studies associate professor at UC Santa Barbara, advances exactly this view. Titled in essence “Aging oil refineries don’t need more public dollars. California should let […]
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The paper oil markets continue to signal relative calm, with WTI futures hovering in the low-to-mid $80s per barrel range in late July 2026, even as the physical markets scream warnings of tightening supplies and stress. Futures traders appear focused on hopes of de-escalation, adaptability of flows, and potential diplomatic pauses. Yet the actual delivery […]
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Iran-backed militias operating from Iraqi territory launched drone attacks targeting oil facilities in Saudi Arabia’s Eastern Province for the second consecutive day on Tuesday, July 28, 2026, according to Saudi authorities. The incidents add pressure on the kingdom’s energy infrastructure amid ongoing regional tensions and constraints on its crude oil export routes. Saudi Arabia’s Ministry […]
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