Finance

From dirt to riches. Production of unclaimed gas in the U.S. is rising at a rapid pace

The energy crisis in the EU caused gas prices to skyrocket tenfold. This has prompted oil and gas companies, which previously sold gas at cost or burned it off, to sell it in the EU.

U.S. oil and gas giants are ramping up LNG production, taking advantage of high prices, which gives them substantial sales margins. Oil drilling in the Shatas is up 25% this year and gas drilling is up 50%.

IF News: Exports to the detriment of domestic sales are hurting CPI in the U.S. and holding back lower fuel prices. U.S. companies will be able to show extremely strong financial results in the short term. However, in the long term, gas production at the expense of oil could "backfire" on the sector.

ECB tries to save EU economy - central bank will be flexible in reinvesting PEPP program

The pandemic has left persistent vulnerabilities in the eurozone economy that contribute to the uneven normalization of our monetary policy among different countries, the ECB said. The ECB has instructed Eurosystem committees and ECB services to accelerate the development of a new mechanism to combat fragmentation. Why it matters. Rising

Price for oil price cap yet to be determined, head of European Commission

"The EU is ready in principle to go to the oil price cap," von der Leyen added. Earlier, the head of the U.S. Treasury Yellen said that the U.S. is not against the purchase of oil by India above the price cap. The WSJ also reported citing sources

U.S. officials forced to roll back plan to limit Russian oil prices - Bloomberg

India and China - Russia's most important trading partners - will not participate, Bloomberg sources said. The price cap plan is still alive after all. However, the price cap will be higher than previously thought. Earlier, U.S. Treasury Secretary Yellen said the price ceiling could be in the range

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