Elon Musk has always hated the fossil-fuel industry. His stated mission for Tesla Inc. is to hasten its demise, and more than once he’s blamed the “unrelenting and enormous” power of oil interests for sabotaging his efforts.
Former Shell Oil President John Hofmeister said on “Cavuto Coast to Coast” that “the volatility overall is going to be worrisome, particularly as global demand continues to grow.”
Iran’s foreign minister has said the United States will not be able to prevent the country from exporting oil.
The Trump administration’s plan to relax fuel-economy and vehicle pollution standards could be a boon to U.S. oil producers who’ve quietly lobbied for the measure.
The NRDC calculates that the change will have the net effect of reducing the average real world fuel economy of American automobiles by about 8 miles per gallon in 2025 relative to what it would be if Obama era standards were kept in place.
The Trump administration says people would drive more and be exposed to increased risk if their cars get better gas mileage, an argument intended to justify freezing Obama-era toughening of fuel standards.
Oil prices could spike as high as $200 per barrel over the next 18 months, which would cause an “economic crash of horrible proportions,” according to a new report.
There’s a regular drumbeat from petroleum interests that begrudge ethanol its share of the gasoline fuel market: “We need to let the market decide.” The latest was just last week. But there’s a problem with that argument. A monopoly is not a market.
Pushed by the tweeter-in-chief, Saudi Arabia has executed a supertanker-size U-turn, pushing barrels back onto the market.
Oil prices could top all-time highs near $150 a barrel because energy companies are investing too little money in new production, Bernstein Research said.
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