Oil prices fell about 5 percent in New York’s morning trade on Friday after Britain’s vote to leave the European Union led to huge risk aversion and rally in safe havens like the U.S. dollar that could derail a three-month long recovery in global oil markets.
The new Saudi oil minister, Khalid Al-Falih, says the oil glut is over. That means the kingdom’s war against U.S. shale producers is coming to an end, too.
German automaker Volkswagen Group is expected to deliver a $10 billion settlement to cover government fines and compensate owners of vehicles fitted with software that cheated emissions standards, according to multiple reports.
This past week Canada and Australia announced plans to construct superhighways in select regions. So what’s super about these highways? They’re stocked to the brim with electric vehicle charging stations, a feature that aims to encourage electric vehicle use and discourage range anxiety. Read more →
Ventura County firefighters have stopped hundreds of gallons of crude oil from flowing toward the ocean after a leak at Prince Barranca valley, officials said.
Union Pacific plans to resume transporting crude oil through the Columbia River Gorge this week, saying federal rules trump state and local officials’ call for a moratorium on oil trains traveling through Oregon.
At first glance, the polystyrene container buried amid the beach detritus was unremarkable. Closer inspection however yielded something jarring about this discarded filet-o-fish box.
Drivers are actually fairly good at postponing filling up to see if they go down again. And if they don’t go down, consumers will adapt their behavior to buy less gas.
The worst oil bust since the 1980s is putting Texas and other oil producing states on the hook for thousands of newly abandoned drilling sites at a time when they have little money to plug wells and seal off environmental hazards.
If the U.K. public votes to leave the European Union (EU) on Thursday, Societe Generale’s head of oil market research predicts the price of would fall — but not for long.
