In late May on the floor of a drilling rig on Alaska’s northernmost edge, oil workers were dwarfed by giant pieces of machinery. They were slowly pushing pipe thousands of feet below the tundra to tap one of the biggest oil fields in North America: Prudhoe Bay.
“A simple chemical reaction between hydrogen and oxygen generates energy, which can be used to power a car, producing only water, not exhaust fumes.” That was George W. Bush in 2003, proposing $1.2 billion to research fuel-cell automobiles.
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?
