oil and gas companies

Oil prices fell sharply after President Donald Trump ordered U.S. forces to pause new strikes against Iran, citing a potential Middle East conflict resolution. The price of U.S. crude oil dropped 5% to $80.79 per barrel, and Brent crude fell 5% to $83.87 per barrel, amid hopes of resuming oil shipments through the Persian Gulf.

Oil and gas companies began commercial bidding for Nigeria’s 2025 licensing round in Abuja, with the NUPRC opening financial bids for exploration and production rights across 37 oil and gas assets. The assets include deep offshore and shallow water oil regions.

Conservative legal organizations are urging a Senate Judiciary Committee investigation into Supreme Court Justice Elena Kagan over allegations she failed to recuse herself from a climate change case, Suncor Energy v. Boulder County, due to her prior endorsement of a scientific evidence manual containing a removed climate science chapter. The coalition claims the manual's bias compromised Kagan's impartiality, as it promoted legal theories central to lawsuits against oil and gas companies.

Democratic governors including Gavin Newsom and Tim Walz urge Congress to reject the Stop Climate Shakedowns Act of 2026, which would shield oil and gas companies from climate-related lawsuits, arguing that taxpayers should not bear pollution costs. Republicans support the bill, claiming it protects the energy industry from lawsuits that could lead to job losses and higher energy prices.

US Treasury Secretary Scott Bessent urged oil and gas companies to lower prices, following Donald Trump's criticism of slow price reductions. Bessent emphasized that authorities are monitoring the situation and encouraged companies to act responsibly.

Republican lawmakers are introducing House and Senate bills to grant legal immunity to oil and gas companies from climate lawsuits, led by Wyoming Representative Harriet Hageman and Texas Senator Ted Cruz. Environmental advocates and climate experts warn these bills prioritize protecting polluters over addressing climate damages.

The U.S. Supreme Court ruled 8-0 in favor of oil and gas companies in Louisiana, granting them a new opportunity in federal court after a state jury ordered Chevron to pay up to $740 million for coastal damage. The decision reverses a previous state court ruling, allowing the firms to challenge environmental lawsuits in federal proceedings.