{"id":1352613,"date":"2022-03-01T08:12:54","date_gmt":"2022-03-01T13:12:54","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1352613"},"modified":"2022-03-01T13:22:55","modified_gmt":"2022-03-01T18:22:55","slug":"u-s-oil-surpasses-106-per-barrel-for-first-time-in-over-seven-years","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/u-s-oil-surpasses-106-per-barrel-for-first-time-in-over-seven-years\/","title":{"rendered":"U.S. Oil Surpasses $106 Per Barrel For First Time In Over Seven Years"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fu-s-oil-surpasses-106-per-barrel-for-first-time-in-over-seven-years%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1352613&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/dw-wp-production.imgix.net\/2022\/03\/Untitled-design-19-copy-4.jpg?w=1200&#038;h=800&#038;ixlib=react-9.3.0\" class=\"ff-og-image-inserted\" alt=\"image\" \/><\/div>\n<p>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\u2019s invasion of Ukraine.<\/p>\n<p>The price of West Texas Intermediate crude oil briefly passed the July 2014 high mark to $106.11 per barrel, <a href=\"https:\/\/www.cnbc.com\/2022\/03\/01\/us-oil-jumps-to-7-year-high-above-101-a-barrel-as-russian-assault-prompts-supply-shortage-fears.html\" target=\"_blank\" rel=\"noopener\">according to<\/a> CNBC. The increased prices are pressuring U.S. and world leaders to increase oil production or release emergency stockpiles of oil.<\/p>\n<p>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 \u201cshortfall in supplies\u201d following Russia\u2019s invasion.<\/p>\n<p>\u201cThe 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\u2019s invasion of Ukraine,\u201d the IEA said in the statement.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The <a href=\"https:\/\/twitter.com\/IEA?ref_src=twsrc%5Etfw\">@IEA<\/a> agreed today to release 60 million barrels of oil from emergency stocks to provide stability to global oil markets following Russia\u2019s invasion of Ukraine.<\/p>\n<p>Read our full statement \u2b07\ufe0f <a href=\"https:\/\/t.co\/VOPvDbAFDM\">https:\/\/t.co\/VOPvDbAFDM<\/a><\/p>\n<p>\u2014 Fatih Birol (@fbirol) <a href=\"https:\/\/twitter.com\/fbirol\/status\/1498688960394297346?ref_src=twsrc%5Etfw\">March 1, 2022<\/a><\/p>\n<\/blockquote>\n<p>\u201cIt is heartening to see how quickly the global community has united to condemn Russia\u2019s actions and respond decisively,\u201d IEA Executive Director Fatih Birol said.<\/p>\n<p>\u201cI 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,\u201d she added.<\/p>\n<p>The statement also noted Russia\u2019s massive impact on global energy. It noted the nation \u201cis the world\u2019s 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.\u201d<\/p>\n<p>A growing number of American lawmakers believe it\u2019s 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\u2019s nation.<\/p>\n<p><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">\u201cUnder 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 <\/span><span class=\"r-18u37iz\">#Putin<\/span><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\"> Tonight Biden should announce we are going to reverse this,\u201d he wrote on Twitter.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Under Joe Biden the U.S. is producing about 1.2 million fewer barrels oil per day <\/p>\n<p>That is $100 million every day from your pocket to criminals like <a href=\"https:\/\/twitter.com\/hashtag\/Putin?src=hash&#038;ref_src=twsrc%5Etfw\">#Putin<\/a> <\/p>\n<p>Tonight Biden should announce we are going to reverse this <a href=\"https:\/\/t.co\/QoZ1Cwy8zF\">pic.twitter.com\/QoZ1Cwy8zF<\/a><\/p>\n<p>\u2014 Marco Rubio (@marcorubio) <a href=\"https:\/\/twitter.com\/marcorubio\/status\/1498677036549877766?ref_src=twsrc%5Etfw\">March 1, 2022<\/a><\/p>\n<\/blockquote>\n<p>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 <a href=\"https:\/\/www.dailywire.com\/news\/two-global-oil-titans-announce-divestment-from-russia-over-ukraine-invasion\" target=\"_blank\" rel=\"noopener\">reported<\/a>:<\/p>\n<blockquote>\n<p><em><a href=\"https:\/\/www.bp.com\/en\/global\/corporate\/news-and-insights\/press-releases\/bp-to-exit-rosneft-shareholding.html\">British Petroleum<\/a>\u00a0first 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\u2019s 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.<\/em><\/p>\n<p><em>\u201cRussia\u2019s attack on Ukraine is an act of aggression which is having tragic consequences across the region,\u201d BP chair Helge Lund said in a statement. \u201c[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\u2019s] business and strategy and it is now the board\u2019s decision to exit [BP\u2019s] shareholding in Rosneft. The [BP] board believes these decisions are in the best long-term interests of all our shareholders.\u201d<\/em><\/p>\n<\/blockquote>\n<p><em>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a\u00a0<\/em><a href=\"https:\/\/www.dailywire.com\/subscribe\"><em>member<\/em><\/a><em>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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\u2019s invasion of Ukraine.The price of West<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1352613","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1352613","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1352613"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1352613\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1352613"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1352613"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1352613"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}