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Oil buyers across the planet are facing some of the highest premiums for supplies they’ve seen in months — or longer — as dwindling stockpiles at the largest U.S. storage hub reverberate through markets from Asia to the Middle East to Europe.

DUBAI, United Arab Emirates — Saudi Arabia said Aug. 3 it will extend its production cut of 1 million barrels of oil a day through the end of September in its effort to boost energy prices.

California Gov. Gavin Newsom signed a new law that gives state regulators the power to penalize oil companies for making too much money, the first of its kind in the country.

The U.S. is committed to replenishing the Strategic Petroleum Reserve but won’t rush to do so despite the recent decline in oil prices, Biden administration adviser Amos Hochstein said.

The premium paid by drivers of luxury cars and large SUVs over regular fuel is increasing due to a number of industry factors, including environmental regulations and refining capacity.

California Gov. Gavin Newsom said March 15 he wants state regulators to decide whether to impose the nation’s first penalty on oil companies for price gouging.

U.S. gasoline prices are back on the agenda in Washington as both political parties go on the offensive.

President Joe Biden on Sept. 28 warned oil and gas companies against increasing prices for consumers as Hurricane Ian neared landfall along Florida’s southwest coast.

NEW YORK — Oil companies swam in record profits over the last few months at a time when Americans struggled to pay for gasoline, food and other basic necessities.

U.S. Energy Secretary Jennifer Granholm will use talks with nations including India and Japan to rally support for a new effort aimed at capping prices for Russian oil.