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    House Democrats charged the oil industry with unethically profiting from the war in Ukraine and criticized it for spending too little on new production during a tense hearing on gasoline prices Wednesday. The House Energy and Commerce Committee hosted leading oil executives to answer Democrats' allegations that they're gouging drivers, as well as wrongly favoring company profits with stock buybacks and bigger shareholder returns, rather than trying to get new oil to market. DAILY ON ENERGY: THREAT OF RUSSIAN GAS CUTOFF WEIGHING HEAVILY ON EUROPEANS Chairman Frank Pallone said the oil companies represented, including BP, Shell, Chevron, and ExxonMobil, as well as independent producers Devon Energy and Pioneer Natural Resources, are "all ripping off the American people" and said they should spend more on oil production, even while Democrats stress a need to move away from fossil fuels altogether. "Even in the face of a devastating war in Ukraine and a bipartisan agreement to ban the import of Russian oil, several of the companies testifying today told their shareholders that they would rather make...
    LONDON (AP) — BMW and Volkswagen warned this week that Russia’s invasion of Ukraine is causing shortages of some vital components, forcing them to reduce vehicle production in Europe. The two German carmakers said the war is having a “negative” effect on auto supply chains, which have already been battered by shortages of semiconductors. BMW said Wednesday that bottlenecks at its suppliers in Ukraine have forced the automaker to adjust or interrupt production at a number of factories, which is likely to have a negative impact on vehicle sales figures. “Ukraine is, of course, home to many suppliers, hence we too will have to face production interruptions and supply disruptions for important components,” Maximilian Schoeberl, BMW’s director of corporate affairs, said in an earnings webcast. Executives from both companies said wiring harnesses, which bundle and organize wires or cables, were in short supply because their main suppliers were in western Ukraine. BMW said the war forced its suppliers to reduce or suspend production of the harnesses, which in turn forced the automaker to cut its own output....
    It can be hard to measure the ways that Russia’s war in Ukraine has disrupted the global supply of parts and raw materials needed to complete a variety of products – from cars to computer chips. But cutting off one of those supply links brought a “depressing feeling” to Andrey Bibik, head of the Interpipe steel plant in Dnipro, Ukraine. He spent the first hours of the war winding down his bustling 24-hour operation and sending almost everyone home. “It’s empty and lonely. You don’t hear a sound. You see everything is frozen,” he said. Getting Interpipe’s steel transmission pipes to Texas oil companies and its railway wheels to European high-speed train operators has been put on hold. Hundreds of the plant’s roughly 10,000 employees have joined the fight against Russia. Others have fled; a remaining skeleton crew runs its canteens and makes spikey metal obstacles to block Russian tanks and convoys. Its bomb shelters house dozens of local families at night. “It was a hard choice to stop production. We had plenty of orders, a lot of customers...
    By The Associated Press The latest developments on the Russia-Ukraine war: TOKYO — Japanese automaker Nissan is planning to halt production at its plant in Russia because of “logistical challenges.” Nissan Motor Co. did not provide a specific date but said Tuesday production will stop “soon.” Its plant in St. Petersburg produced 45,000 vehicles last year, including the X-Trail sport utility vehicle. The Yokohama-based manufacturer said the safety of its employees is its top priority. Nissan earlier stopped exports to Russia. __ LVIV, Ukraine — Russian aircraft bombed cities in eastern and central Ukraine overnight, Ukrainian officials said. Shelling pounded suburbs of the capital, Kyiv. In Sumy and Okhtyrka, to the east of Kyiv near the Russian border, bombs fell on residential buildings and destroyed a power plant, regional leader Dmytro Zhivitsky said. He said there were dead and wounded but gave no figures. Bombs also hit oil depots in Zhytomyr and the neighboring town of Cherniakhiv, located west of Kyiv. In Bucha, a Kyiv suburb, the mayor reported heavy artillery fire. “We can’t even gather up the bodies because...
    Connecticut Sen. Chris MurphyChristopher (Chris) Scott Murphy 5 things to know today about the Russia-Ukraine conflict Lawmakers in both parties see limits on US help for Ukraine Sunday shows preview: Russian invasion of Ukraine intensifies MORE (D) said on Sunday that if the U.S. decides to ban Russian energy imports, he would like to see the gap in energy production filled with renewable energy on top of domestic fossil fuel production. Fox News Channel's chief legal correspondent, Shannon BreamShannon BreamNew book by Fox News host Shannon Bream due out next month Fox News signs book deal with HarperCollins Sen. Capito optimistic that 'real compromise' can be reached in infrastructure plan MORE, asked Murphy for his thoughts regarding the U.S. energy supply while he was appearing on "Fox News Sunday." Bream noted that prominent figures like fellow Democratic Sen. Joe ManchinJoe ManchinNo. 2 Senate Democrat backs bill banning Russian oil imports Lawmakers in both parties see limits on US help for Ukraine White House hopes for light at the end of its tunnel MORE, who represents the coal-rich state of West...
    A Ukrainian brewery has started producing Molotov cocktails for civilians as the country prepares for more Russian advances. Pravda Brewery in Lviv said they had switched production from beer to the makeshift firebombs as Ukrainians prepare to defend their cities from invasion by Vladimir Putin's forces. The production - which the brewery said is being aided by locals - follows calls from Ukraine's President Zelensky for civilians to engage Russian troops with guerilla warfare when they enter cities like Lviv and capital Kyiv. Pravda Brewery, based in Lviv, is making Molotov cocktails for residents to use against invading Russian forces. The labels on the bottle read 'Putin is a d***head' The production follows calls from Ukraine's President Zelensky for civilians to engage Russian troops with guerilla warfare when they enter cities The brewery is using bottles of one of their popular beers called 'Putin is a d***head' to create the weapons. The 8% Belgian Strong Golden Ale was named after a popular football chant in Ukraine which emerged after the Russian dictator's 2014 annexation of Crimea. A case of 24 330ml...
    Sen. Josh Hawley said that it is no wonder Vladimir Putin feels emboldened to attack Ukraine because President Biden 'shut down' America's energy production and green-lit Russia's.  'He [Biden] shuts down American energy production and green lights Russian energy production,' the Missouri Republican said at the Conservative Political Action Conference (CPAC) in Orlando on Thursday.  'Is it any wonder, is it any wonder that Vladimir Putin feels emboldened to do whatever the heck it is he wants to do?'   The senator called on Biden to resign.  Upon taking office, Biden shut down U.S. energy production projects like the Keystone pipeline while he lifted sanctions on the Nord Stream II pipeline that carries gas from Russia to Germany.  At the time, Biden lifted the sanctions as a diplomatic favor to Germany, arguing that the pipeline was already 98% complete anyways. This week he reinstated the sanctions as the Russian president launched a full-throttle invasion of Ukraine.  'Is it any wonder that China feels emboldened to do whatever it is they have to pay want to do when we have a president...
    By Jordan Valinsky | CNN A number of companies have suspended production or limited manufacturing output in Ukraine because of the Russian invasion early Thursday. Companies that made those announcements include Carlsberg, a Coca-Cola bottling company, snack maker Mondelez and steel manufacturer ArcelorMittal. They join a number of airlines that have already suspended operations to Ukraine as its airspace has been closed. Russia’s invasion of its neighbor has roiled global stock markets and sent its currency to record-low levels. ArcelorMittal Writing on Twitter that it’s “deeply concerned” about the situation in Ukraine, the steel manufacturer said it has made plans for its employees to “stay safe.” Regarding its plant, the company is “working to slow down production to a technical minimum and production will be stopped at our underground mines,” ArcelorMittal tweeted. “We all hope for a swift resolution.” Carlsberg Carlsberg, the second-largest brewer in Ukraine with a 31% market share, has halted operations at two Ukrainian breweries in Kyiv and the southern city of Zaporizhzhya. A spokesperson told Reuters that it had taken “several initiatives in Ukraine with the...
    New York (CNN Business)A number of companies have suspended production or limited manufacturing output in Ukraine because of the Russian invasion early Thursday. Companies that made those announcements include Carlsberg, a Coca-Cola bottling company, snack maker Mondelez (MDLZ) and steel manufacturer ArcelorMittal (AMSYF). They join a number of airlines that have already suspended operations to Ukraine as its airspace has been closed.Russia's invasion of its neighbor has roiled global stock markets and sent its currency to record-low levels.ArcelorMittalWriting on Twitter that it's "deeply concerned" about the situation in Ukraine, the steel manufacturer said it has made plans for its employees to "stay safe."Read MoreRegarding its plant, the company is "working to slow down production to a technical minimum and production will be stopped at our underground mines," ArcelorMittal tweeted. "We all hope for a swift resolution."CarlsbergCarlsberg, the second-largest brewer in Ukraine with a 31% market share, has halted operations at two Ukrainian breweries in Kyiv and the southern city of Zaporizhzhya.A spokesperson told Reuters that it had taken "several initiatives in Ukraine with the aim of taking care of the...
    VIDEO2:3002:30Dan Yergin expects oil prices to be in the $65 to $85 range in 2022Squawk Box Asia U.S. oil production is back and set to increase in 2022 after more than a year of OPEC and its allies "running the show," according to Daniel Yergin, vice chairman of IHS Markit. Output could rise by as much as 900,000 barrels per day, he told CNBC's "Squawk Box Asia" on Wednesday. U.S. oil firms slashed production in 2020 as the coronavirus pandemic destroyed demand and supply has not yet recovered to pre-Covid levels. In 2019, the U.S. produced 12.29 million barrels of crude oil per day, according to the U.S. Energy Information Administration. That figure was 11.28 million in 2020 and is estimated to be 11.18 million in 2021 and 11.85 million in 2022. "The U.S. is back," Yergin said. "For the last year, year and a half, it's been OPEC+ running the show, but U.S. production is coming back already, and it's going to come back more in 2022."Stock picks and investing trends from CNBC Pro:These are the 4 stocks...
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