A Portuguese container ship has collided with a U.S.-flagged oil tanker while the tanker was anchored in the North Sea, on the eastern coast of England, with both ships catching on fire, according to officials.

"HM Coastguard is currently co-ordinating the emergency response to reports of a collision between a tanker and cargo vessel off the coast of East Yorkshire resulting in fires aboard both vessels," the U.K. coast guard said in a statement.

The U.S. ship was identified as the Stena...

President Trump said Wednesday he was revoking a Biden-era license allowing Chevron to produce oil in Venezuela over what he said was strongman Nicolás Maduro’s failure to assist in deporting migrants.

The US is the largest crude oil producer in the world, pumping out nearly 13 million barrels on average every day in 2023, an all-time record, according to new data from the US Energy Information Administration.

That’s an awkward milestone for President Joe Biden, who has arguably done more than any modern president to facilitate America’s transition away from fossil fuels to greener alternatives.

The U.S. led the world in oil production for the sixth consecutive year in 2023, according to a new report from the Energy Information Administration (EIA).

Crude oil production in the U.S., including condensate, averaged 12.9 million barrels per day (b/d) in 2023 — a level which surpassed the American and global record of 12.3 million b/d that the U.S. set in 2019. Average monthly U.S. crude oil production also reached a record high in December 2023 at more than 13.3 million b/d.

In mid-December, I wrote here that the U.S. had set a new annual oil production record:

“The U.S. set a new annual oil production record on December 15, based on data from the Energy Information Administration. Although the official monthly numbers from the EIA won’t be released for a couple of months, we can calculate that a new record has been set based on the following analysis.”

DETROIT (FOX 2) - Michigan gas price averages over the weekend were the highest they have been this year.

According to AAA, a gallon of unleaded gas cost an average of $3.57 on Saturday. The previous record-high price, $3.45, was set last week before the weekend jump.

Saturday's high fell one cent to an average of $3.56 ahead of Monday's data release. The price is 11 cents more than this time a week ago, 31 cents more than this time a month ago, and 1 cent more than a year ago.

A call between senior Biden administration aides and reporters nicely captured a politically delicate White House stance on record U.S. oil and gas production and exports.

Why it matters: Felix Unger, meet Oscar Madison. The world's largest economy is also a powerhouse in global energy markets.

Yet that fact doesn't sit well with the environmental lobby, a vocal constituency President Biden needs as he heads into a tough reelection fight next year.

American oil fields are gushing again, helping to drive down fuel prices but also threatening to undercut efforts to reduce greenhouse gas emissions.

Only three years after U.S. oil production collapsed during the pandemic, energy companies are cranking out a record 13.2 million barrels a day, more than Russia or Saudi Arabia. The flow of oil has grown by roughly 800,000 barrels a day since early 2022, and analysts expect the industry to add another 500,000 barrels a day next year.

U.S. drivers don’t need to be too concerned about the first-quarter oil output cuts announced by major producers this week, but an extension of the reductions beyond March would be cause for worry when it comes to gasoline prices at the pump.

On Thursday, the Organization of the Petroleum Exporting Countries and their allies, together known as OPEC+, announced that several of its members agreed to make voluntary reductions to their crude production in the first three months of 2024.

The average price of gas dipped to $3.24, only a 2-cent drop from the week prior, according to the latest report from AAA. Pump prices on average are 26 cents less than a month ago and 26 cents less than a year ago. 

The decrease in gas prices may lose momentum following a recent uptick in oil prices. Reduced demand for gas has helped keep pump price increases in check, AAA said.