Venezuela has sold discounted oil to energy-deficient clients, practically giving it away in some cases. Lately, however, that generosity has diminished with Venezuela’s economic misfortunes, hastened by tumbling global prices for oil — the country’s only viable source of export revenues.
It may be too soon to write OPEC’s obituary, but the oil producer club appears in urgent need of late-life care.
“For years, Washington stood in the way of our energy dominance, and that changes now,” Perry said. “An energy-dominant America means a self-reliant, a secure nation, free from geopolitical turmoil of other nations who seek to use energy as an economic weapon.”
Though cracks have been developing in the cartel since the start of the current oil crisis, the group has managed to stay together so far. Nevertheless, the success of the current OPEC deal for production cuts will decide its future as a cartel.
Premium gas runs about 50 cents more than regular these days, and you may have noticed that this seems to be much more expensive than it used to be. You’re not crazy, as the U.S. Energy Information Administration would like you to know.
Oil market participants were assessing on Wednesday the potential impact upon the world’s most traded commodity of the momentous overnight leadership change announced within Saudi Arabia’s ruling family.
Donald Trump will tout surging U.S. exports of oil and natural gas during a week of events aimed at highlighting the country’s growing energy dominance.
If the amount of the gas that people are putting out has stopped rising, how can the amount that stays in the air be going up faster than ever?
Could the entire American economy run on renewable energy alone?
An early glimpse of the turn in the oil markets came last August. Thanks to a recovery in the shale oil drilling business, the French company Vallourec started rehiring people it had let go at its Youngstown, Ohio, steel pipe factory.
