42 resultsfor “What are oil companies doing about rising gas prices”
Gas prices keep rising, but do big oil companies plan to drill more? Not so far  The recent market disruptions have been good for the U.S. LNG business, says Ira Joseph, international natural gas expert at Columbia University. He notes that
companies behind them if those funds are reinvested in oil and gas. US Department of the Interior officials [framed the canceled agreements](https://www.doi.gov/pressreleases/interior-announces-two-historic-agreements-promote-affordable-reliable-energy) as a way to “promote US energy security and affordability
rise if the US blockade escalates the conflict and affects other shipments from the Gulf, Daiyan added. Some companies expect higher oil prices to boost their business. On Tuesday, oil giant BP said it expected
rise and markets fall after US ship seizure hits Iran peace deal hopes Oil prices rose sharply and European stock markets fell on Monday, after the US seizure of an Iranian vessel hit hopes
price of $66. The crisis has prompted governments to tap into [strategic oil and gas reserves](/news/2026/3/23/which-countries-have-strategic-oil-reserves-and-how-much), and the United Kingdom has begun talks with a [coalition of more than 40 countries](/news/2026/4/2/can-starmers-40-nation-coalition-open-the-strait-of-hormuz) – not including
oil. There aren’t very many alternative sources of nitrogen, for the production of fertiliser.” The strait’s closure has cut off flows of liquefied natural gas, an important input for nitrogen-based fertilisers such
company should make its intentions clear for the sake of its customers and employees.” Anita Mendiratta, special adviser to the UN Tourism secretary-general, noted that while war and geopolitical instability may not have caused
company Maersk has said the reopening of the strait of Hormuz would have a “limited impact” on cargo flows, as the industry grapples with a sharp rise in energy costs. Vincent Clerc, chief executive
oil prices soaring since the conflict began. Earlier this month, government officials drew up [a worst case scenario](https://www.bbc.co.uk/news/articles/cpvxp4xnrwdo) of food shortages, including chicken and pork, by the summer if the war continues
companies are suddenly facing hundreds of millions of dollars in additional expenses. "Consumers are very price sensitive. So airlines can't just pass that entire …increase in fuel costs through increased ticket prices," he tells
oil and gas prices soaring, caused a [crisis in the global fertiliser industry](https://www.theguardian.com/world/2026/apr/03/visual-guide-gulf-fertiliser-blockade), and has made shipping and distribution more expensive. The effects have so far been felt most acutely in sectors
company, was hit in the Strait of Hormuz. The UAE called the attacks a "dangerous escalation". Iranian state TV has quoted an unnamed military official as saying that Iran had "no plans to target
gas prices are climbing and inflation fears are back. But the bigger risk is ‘demand destruction’. “Demand destruction happens when high prices force people and businesses to buy less. We’re seeing it already
company Kpler suggesting Iran could run out of crude storage in 12 to 22 days if the blockade persists. Last week, United States Treasury Secretary Scott Bessent claimed that storage capacity at Kharg Island, where
gas prices soaring, will cause the biggest economic hit since the Covid pandemic, according to the EY Item Club, an economic forecast group. A separate report by Deloitte found finance bosses at big UK businesses
gas flows. “UK airlines typically buy fuel months in advance, and aviation fuel suppliers hold bunkered stocks. The UK imports jet fuel supplies from a range of countries not reliant on the strait, including