4 Energy Stock Stories for a Savvy Midweek Read
Petrobras – Petróleo Brasileiro (NYSE:PBR): Closing price $17.45
Petrobras announced on Wednesday that it has requested the government to return to a transparent domestic fuel pricing policy, following the most recent quarter of bleak earnings. The Brazilian oil behemoth said via a market filing it has proposed a methodology to its government-controlled board that would automatically link domestic diesel and gasoline prices to world prices, without exposing local consumers to the volatility of the concomitant price swings. Petrobras has lost over $14 billion since the beginning of last year in its refining division because of a government policy that pressures fuel prices to contain inflation.