Low oil prices are rattling global markets and destabilizing economies around the world. They are also posing one of the first big tests to the United States banking system since the financial crisis.
Oil prices could fall further this year as the market faces an “enormous strain” on its ability to absorb new supplies from producers such as Iran, a top world energy monitor said Tuesday.
Gas prices have continued to drop across the state, but one area is seeing gas prices that are the lowest in the country. According to GasBuddy.com, Michigan is the first state that has welcomed back gas prices below $1 per gallon.
The fracking revolution is still largely misunderstood by the oil and gas industry. It helped the U.S. attain a measure of independence from imported oil but even today we import about 6.5 million barrels a day, equivalent to one-third of U.S. consumption.
When Beijing issues a red alert closing schools and restricting traffic because air pollution is ten times the World Health Organization’s recommended level, it seems like another symptom of modern life.
Around 3.5 percent of the world’s natural-gas supply was wastefully burned, or “flared,” at oil and gas fields in 2012, according to the latest estimates from satellite data.
Natural-gas futures plunged Thursday after a government report showed a smaller-than-expected withdrawal last week, fueling fears over the high levels of gas storage.
Despite the fact that there are 10 different affordable (sorry Tesla) all-electric cars on the market today, battery EV sales were extremely low in 2015 — making up less than one quarter of 1 percent of total vehicles sold. Read more →
Crude oil production in February from seven major US shale plays is expected to fall 116,000 b/d to 4.83 million b/d, according to the US Energy Information Administration’s latest Drilling Productivity Report.
There aren’t many people who feel bad for oil companies. But the implosion in oil prices — which briefly pushed the price of crude below $30 a barrel Tuesday for the first time since 2003 — is causing a profit decline that almost invokes pity.
