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American Petroleum Institute (API) President and CEO Mike Sommers and American Fuel & Petrochemical Manufacturers (AFPM) President and CEO Chet Thompson issued the following statement on today’s bipartisan passage in the United States Senate of a Congressional Review Act (CRA) resolution to overturn the U.S. EPA waiver authorizing California’s Advanced Clean Cars II ban on sales of new gas, diesel and traditional hybrid vehicles: “Today, the United States Senate delivered a victory for American consumers, manufacturers, and U.S. energy security by voting to overturn the prior administration’s EPA rule authorizing California’s gas car ban and preventing its spread…

American Petroleum Institute (API) President and CEO Mike Sommers and American Fuel & Petrochemical Manufacturers (AFPM) President and CEO Chet Thompson issued the following statement on today’s bipartisan passage in the United States Senate of a Congressional Review Act (CRA) resolution to overturn the U.S. EPA waiver authorizing California’s Advanced Clean Cars II ban on sales of new gas, diesel and traditional hybrid vehicles: “Today, the United States Senate delivered a victory for American consumers, manufacturers, and U.S. energy security by voting to overturn the prior administration’s EPA rule authorizing California’s gas car ban and preventing its spread…

Turns out Washington isn’t buying what Brussels is selling—at least not yet. While the EU is lobbying to lower the G7’s $60-per-barrel price cap on Russian crude to $50 (with Ukraine yelling from the back row for a $30 tag), U.S. officials remain politely unconvinced.A European official attending the G7 finance powwow in Banff, Canada, told Reuters that the U.S. Treasury team thinks market forces are already doing the heavy lifting. With Brent prices wobbling around $64—and Russia’s Urals blend clocking in at a $10 discount—Washington’s logic is that there’s no need to poke the bear when the bear’s already…

The group said it would call for analysis on international supply chain resilience.Finance ministers and central bank governors from the Group of Seven (G7) democracies have pledged to address “excessive imbalances” in the global economy and said they could increase sanctions on Russia. The G7 announced the plan on Thursday as the officials, who met in the Canadian Rocky Mountains, said there was a need for a common understanding of how “non-market policies and practices” undermine international economic security. The document did not name China, but references by the United States and other G7 economies to non-market policies and practices…

Failed Weekly Breakout The initial rally on Wednesday hit resistance around the 50-Day MA, before sellers took charge. It also triggered a breakout above the three-week high of $65.06. An advance above that high, followed by it being confirmed with a daily close above it, will set the stage for higher prices. In other words, downward pressure remains unless crude can close above the three-week high. Since the 50-Day MA is currently lower than that, it would have also been reclaimed by then, providing further bullish evidence. Rejection of Price at 50-Day Line Nonetheless, the clear downside rejection from the…

Jonathan Raa | Nurphoto | Getty ImagesNick Pinto is a marketing director at his family’s law firm in New Jersey. He’s also a crypto trader who spent enough money on Donald Trump’s meme coin to win a spot at a private black-tie dinner with the president scheduled for Thursday night.”I was kind of early in bitcoin and ethereum, so I’ve always been trading crypto,” the 25-year-old Pinto said, adding that he finished number 72 on the leaderboard for the token contest. “Once I saw the announcement that Trump was releasing a coin, I immediately started to purchase it.”Pinto said in…

Legaltech startup Harvey has agreed to a two-year, $150 million commitment to use Azure cloud services, according to an internal email seen by Business Insider.Jay Parikh, who leads Microsoft’s new CoreAI unit, included the deal in an internal memo, writing that his unit “announced expanded partnership with Harvey Al with a 2-year $150M MACC and $3.5M unified expansion.” Parikh joined Microsoft in October to lead a new engineering group responsible for building its artificial-intelligence tools.Microsoft declined to comment, and Harvey declined to comment on the agreement.MACC, or Microsoft Azure Consumption Commitment, is an agreement customers make to spend a specific…

The American Petroleum Institute (API) this week announced the publication of an Addendum to the 11th edition of the API 5CT, Casing and Tubing. The update strengthens the requirements for the manufacture of steel casing and tubing used in oil and gas drilling and production operations, enhancing safety, environmental protection and operational integrity. Evolving with industry needs The Addendum builds on the 11th edition of API 5CT, released in December 2023, which detailed guidelines for pipe sizes, masses, wall thicknesses, material grades and end-finishes of casing and tubing. It addresses the industry’s emerging challenges and technological advancements, with key enhancements…

Syrians are hoping sanctions relief will help boost investment, reconstruction after more than a decade of civil war.Business owners in Syria have welcomed the European Union’s decision this week to lift sanctions on the country, in what observers say is the most significant easing of Western pressure on Damascus in more than a decade. The EU’s move, which followed a similar announcement by the United States in mid-May, was praised by Syrian Foreign Minister Asaad al-Shaibani as one that would bolster Syria’s security and stability. For many Syrian entrepreneurs, it also brings the hope of rebuilding their livelihoods after years of…

China’s decades-long reign as the world’s top oil demand driver is nearing its end, according to new research published by Moody’s Investors Service demonstrating that China’s crude demand is expected to peak within the next 3–5 years, while India will continue to hold the lead in global oil demand growth through at least 2030.Moody’s attributes China’s demand plateau to slowing economic growth, a shrinking population, a plateau in vehicle ownership, and a rapid shift toward EVs and energy diversification. In contrast, India is poised for 3–5% annual oil demand growth this decade, underpinned by rising per capita consumption, population growth,…