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API reports record US petroleum production in April: 10.543 million b/d; strongest April demand since 2007

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This was the strongest April monthly demand since 2007. Strong global demand raised international oil prices by more than domestic ones. Domestic WTI crude oil prices averaged $66.25 Meanwhile, international Brent crude oil prices continued to increase by more—8.5 from March but 3.8%

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BNEF: Oil price plunge to have only moderate impact on low-carbon electricity development, but likely to slow EV growth

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The collapse in world oil prices in the second half of 2014 will have only a moderate impact on the fast-developing low-carbon transition in the world electricity system, according to research firm Bloomberg New Energy Finance. However, the slump in the Brent crude price per barrel from $112.36 on 30 June to $61.60

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IHS Markit: global oil demand still growing in the short term despite increasing focus on EVs

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million barrels per day over the last five years, IHS Markit says in the new report from its oil markets and research team. Current global total liquids oil demand growth is at similar levels to what was recorded during the 2003 to 2007 commodity super-cycle, referred to as the “golden age” of refining. —Spencer Welch.

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EIA: US summer gasoline demand expected to be at 11-year low, prices at record high

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High prices at the pump—mostly a result of global crude oil prices—and the use of more efficient vehicles both encourage reduced gasoline consumption. less than 2007’s record summer gasoline demand of 9.4 US gasoline consumption is forecast to average almost 8.8

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Wall Street Losing Millions From Bad Energy Loans

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Oil companies continue to get burned by low oil prices, but the pain is bleeding over into the financial industry. Major banks are suffering huge losses from both directly backing some struggling oil companies, but also from buying high-yield debt that is now going sour. billion in 2007 up to $201 billion today.

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API: total US petroleum demand topped 20.8 mb/d in July, highest since 2005; on-road fuel demand down

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mb/d, its strongest level since 2007. The increase in demand came as the US continued to sustain world-leading production, which continues to meet virtually all global oil demand growth. compared with July 2018, even as gasoline prices were 3.6% However, WTI prices remained down 19.2% ($13.62 This was a decrease of 0.9%

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The Real Reason for USA based Economic Recessions.

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There have been 5 recession since then until now and I wanted to see if Oil had anything to do with them, because deep in my heart, I knew the most recent recession was directly caused by the oil price spikes that started in 2007 and peaked in 2008. This increase in oil prices again pushed the economy into a recession.

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