- Later today, executives from several U.S. oil and gas companies are set to testify on oil and gas prices before the House Energy and Commerce Committee
- Congress calls energy producers for questioning after the average price at the pump in the U.S. is now $4.173/gal, the highest level in records going back to 2000 (AAA, BBG)
- An oil embargo on Russian oil would be difficult for the EU, while such a measure on gas would be near-impossible, Goldman Sachs Jeff Currie said in a Bloomberg TV interview
- Notes:
- Coal is the most fungible commodity, gas the least so, oil somewhere in between
- Strategic oil reserves by consumers are not a solution to underinvestment
- “But oil, it will be very, very difficult to do as well”