Oil and Energy

The European Union has agreed to voluntarily ration its natural gas this winter to prevent a severe supply shock as the war between Russia and Ukraine continues. CNN’s Clare Sebastian has more on what the agreement means for certain countries.

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Picture taken on May 9,2022 shows equipment operated by GCA (Gas Connect Austria) and TAG (Trans Austria Gas pipelines) at one of the largest interconnection gas hubs in Europe at Baumgarten an der March, Lower Austria. - The facility mainly receives Russian imports, but takes also shipments of gas from Norway and some other countries. These supplies are re-routed to consumption centers in Austria and in Europe via a number of pipeline systems running in various directions. The Baumgarten hub consists of gas reception, metering and testing facilities. (Photo by JOE KLAMAR / AFP) (Photo by JOE KLAMAR/AFP via Getty Images)

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EU countries agree to reduce gas consumption to prep for winter

Fatih Birol, the director of the International Energy Agency, gives a stark warning over Europe’s energy supplies due to the Russian invasion of Ukraine and urges the continent’s leaders to take further action to cut gas consumption before winter.

” data-duration=”03:04″ data-editable=”settings” data-headline=”IEA director says Europe needs to lower gas consumption to prepare for winter” data-index=”idx-1″ data-show-name=”” data-show-url=”” data-source=”CNN” data-uri=”archive.cms.cnn.com/_components/video-resource/instances/h_de0c23998e936af86c9a15d448059895″ data-video-id=”business/2022/07/21/international-energy-agency-european-gas-consumption-firstmove-intl-ldn-vpx.cnn” data-video-instance=”archive.cms.cnn.com/_components/video-resource/instances/h_de0c23998e936af86c9a15d448059895″>

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IEA director says Europe needs to lower gas consumption to prepare for winter

Nord Stream 1, the biggest single pipeline supplying Europe with Russian gas, has resumed operation after a planned maintenance. CNN’s Clare Sebastian explains why the pipeline is so important.

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The sun rises behind the pipe systems and shut-off devices at the gas receiving station of the Nord Stream 1 Baltic Sea pipeline and the transfer station of the OPAL gas pipeline, Baltic Sea Pipeline Link, in Lubmin, Germany, Monday, July 11, 2022. The Nord Stream 1 pipeline, Germany's main source of Russian gas, is scheduled to be out of action until July 21, 2022, for routine work. The operator said the gas flow was reduced progressively starting at 6 a.m.

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Nord Stream 1 makes Europe more reliant on Russian gas. Here’s why

French Finance Minister Bruno Le Maire tells CNN’s Becky Anderson about the energy deal France signed with the UAE and the advice he has for Europe to prepare for Russia cutting off its gas supply to the rest of the continent.

” data-duration=”02:50″ data-editable=”settings” data-headline=”This country is preparing for Russia to cut off its gas supply soon” data-index=”idx-3″ data-show-name=”Connect the World” data-show-url=”https://www.cnn.com/shows/connect-the-world” data-source=”CNN” data-uri=”archive.cms.cnn.com/_components/video-resource/instances/h_98bc18b659bf7ac120a532df3f14a0d4″ data-video-id=”business/2022/07/19/france-finance-minister-bruno-le-maire-russia-europe-gas-supply-uae-ctw-vpx.cnn” data-video-instance=”archive.cms.cnn.com/_components/video-resource/instances/h_98bc18b659bf7ac120a532df3f14a0d4″>

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CNN

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This country is preparing for Russia to cut off its gas supply soon

CNN’s Christiane Amanpour speaks with Hungarian Foreign Minister Péter Szijjártó about the reasoning behind Hungary’s purchase of Russian energy despite the war in Ukraine and why he says it isn’t a political statement.

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CNN

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French finance minister says country prepping for cutoff of Russian gas supply

Record setting gas prices show no signs of slowing down, CNN’s Matt Egan explains why global issues are continuing to cause pain at the pump.

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Janos Kummer/Getty Images Europe/Getty Images

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Three reasons gas prices are expected to stay high

CNN’s Christine Romans breaks down President Joe Biden’s letter to Shell urging them to ramp up supply and warning that “historically high” profit margins are unacceptable at a time when Americans continue to see soaring prices at the gas pump.

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Christine Romans

CNN

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‘Not acceptable’: Biden calls out oil refinery profit margin in letter

President Joe Biden continues to promise the nation that fighting inflation is his “top economic priority” while also blaming the continued high prices on Russia’s unprovoked invasion of Ukraine. CNN’s Tom Foreman reviews this claim.

” data-duration=”02:33″ data-editable=”settings” data-headline=”Fact-checking Biden’s claim that Putin shares blame for inflation” data-index=”idx-7″ data-show-name=”The Lead” data-show-url=”https://www.cnn.com/shows/the-lead” data-source=”CNN” data-uri=”archive.cms.cnn.com/_components/video-resource/instances/h_c5694988a7e391379dcda6d7c2538c28″ data-video-id=”business/2022/06/14/inflation-biden-economy-blame-ukraine-war-putin-foreman-dnt-vpx-lead.cnn” data-video-instance=”archive.cms.cnn.com/_components/video-resource/instances/h_c5694988a7e391379dcda6d7c2538c28″>

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Phoenix gas station owner Jaswiendre Singh is selling gas for less than the purchase price to “give a break to the customer and my community.” CNN affiliate KTVK/KPHO reports.

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KTVK/KPHO

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Hear why this gas station owner is selling gas at a loss

Gas prices rise and fall but where is your money actually going? CNN’s Jon Sarlin breaks down what goes in every cent at the pump.

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Mathias Cormann, Secretary-General of the Organization for Economic Co-operation and Development, speaks with CNN’s Julia Chatterley about the group’s latest report that projects the economic effects of Russia’s invasion of Ukraine and high inflation.

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oecd secretary general mathias cormann

CNN

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The average national gas price continues to rise amid inflation. Gas prices and the overall US economic forecast could shed light on the midterm election results. CNN’s Harry Enten reports.

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Gas prices over the $6 dollar mark are displayed at a gas station in Sacramento, Calif., Friday, May 27, 2022. (AP Photo/Rich Pedroncelli)

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CNN spoke with David Bennett, Repair Systems Manager at AAA, about ways all of us can try to be a little more fuel efficient while gas prices are at record highs.

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MILL VALLEY, CA - MARCH 03: A customer pumps gasoline into his car at an Arco gas station on March 3, 2015 in Mill Valley, California. U.S. gas prices have surged an average of 39 cents in the past 35 days as a result of the price of crude oil prices increases, scheduled seasonal refinery maintenance beginning and a labor dispute at a Tesoro refinery. It is predicted that the price of gas will continue to rise through March. (Photo by Justin Sullivan/Getty Images)

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Andy Lipow, President of Lipow Oil Associates, shares what phasing out Russian crude oil sales in the European Union and OPEC+ means for global gas demand.

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SCHWEDT, GERMANY - MAY 03: In this aerial view, huge tanks for crude oil of the PCK oil refinery, which is majority owned by Russian energy company Rosneft and processes oil coming from Russia via the Druzhba pipeline, stands on May 3, 2022 in Schwedt, Germany. European Union member states are to meet later this week to possibly agree on a phased-in ban on oil imports from Russia after Germany, which relies heavily on Russian energy imports, recently said it was willing to support a ban. (Photo by Hannibal Hanschke/Getty Images)

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The European Union agreement bans 2/3 of Russian oil imports immediately and will block 90% by the end of the year. CNN’s Anna Stewart breaks down the deal which includes an exemption for some countries.

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Ursula von der Leyen

Reuters

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New York CNN  — 

Shell and Chevron both said on Thursday that the companies halted oil production at several platforms in the Gulf of Mexico following a small leak that knocked a pair of pipelines offline.

Shell shuttered three deepwater platforms. In a statement provided to CNN, Shell said it is “coordinating with local authorities and mobilizing personnel and equipment to assess the situation.”

But late Thursday, a Shell spokesperson said that repairs were underway and that the company expected both pipelines to be back in service Friday. The leak, which the company said involved approximately two barrels of oil, was contained.

The company confirmed that its Mars and Amberjack Pipelines were shut because of a leak at the Fourchon booster station. That outage prompted Shell to shut its Mars, Ursa and Olympus platforms.

Those three platforms produced an average of 202,000 barrels per day in 2021, according to Shell. The United States produces nearly 12 million barrels of oil per day.

Shell said it is looking at “alternative flow paths.” The company’s “top priorities remain the protection of people, the community, the environment, and our assets,” the Shell said in its statement.

Chevron also confirmed to CNN the closure of three of its platforms: the Jack/St. Malo, Tahiti, and Big Foot facilities. Those three platforms are connected to the Amberjack Pipeline, the company said.