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.
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.
The highest retail gasoline prices in years are the latest development to raise concerns about one of the longest-running U.S. economic expansions on record.
Fourth of July gas prices will notch their highest mark since 2014 but remain sharply lower than their all-time high for the holiday.