Oil prices would have to skyrocket above $350 per barrel for electric vehicle makers to make a dent in the auto market, according to a study done by researchers at the University of Chicago.
Former Shell Oil President John Hofmeister, predicted more volatility and higher prices in the oil market during an interview on the FOX Business Network.
Since oil prices began to fall in mid-2014, cheap crude has been blamed for 195,000 job cuts in the U.S., according to a report published by outplacement firm Challenger, Gray & Christmas.
The number of cities reporting on their efforts to tackle global warming has risen 70 percent to 533 around the world since the adoption of the Paris climate change agreement in 2015, the group collecting the data said
If what has been happening in oil and gas over the last two years was made into a TV show, it would have been a real hit.
“It’s just been a tumultuous time for everybody,” said Brian Youngberg, a senior energy analyst at the St. Louis investment company Edward Jones. “There’s nowhere to hide.”
The Organization of the Petroleum Exporting Countries may resurrect its heretofore futile attempts to freeze petroleum output in a bid to inject life into oil prices.
The oil industry has left a big footprint along the Gulf Coast, where a Delaware-sized stretch of Louisiana has disappeared. But few politicians would blame Big Oil for ecosystem abuse in a state where the industry employs up to 300,000 people and injects $73 billion into the economy. Until now.
The Volkswagen Group is struggling to get back onto its feet after the diesel emissions scandal rocked the industry last September. The automaker’s newest plan, “Strategy 2025,” is a first step in the direction to recovery.
Crude’s recent brush with levels close to $40 per barrel has made a lot of energy watchers nervous, but a top market analyst believes that international events will conspire to send oil prices sharply higher over the next several months.
