Once again, an American president has begged, cajoled or hectored the Saudis and OPEC to produce more oil to keep prices low.
Pressure is mounting on the U.S. government to hold Saudi Arabia accountable for the death of American-based journalist Jamal Khashoggi. Our complicated relationship with the kingdom, held together for decades by oil and arms, narrows our palette of options.
The new fuel economy proposal by the Trump administration goes on for hundreds of pages, and it’s full of facts an figures and tables. One sticks out to us, in which the architects of the proposal tell us exactly how much oil (in their estimation) we should expect to use on top of the 20 million barrels we already consume each day.
You can help improve the proposal: Sign our petition urging the government not to roll back progress on fuel economy standards for cars to be sold in the U.S. in model years 2021-26.
The International Energy Agency warned that oil prices could break out above $80 a barrel unless other producers act to offset deepening supply losses in Iran and Venezuela.
There is one issue that unites America like no other: the pursuit of genuine energy independence. Our national security demands it. Our national economy demands it.
Saudi Arabia wants oil to stay between $70 and $80 a barrel for now as the world’s biggest crude exporter strikes a balance between maximizing revenue and keeping a lid on prices until U.S. congressional elections, OPEC and industry sources said.
The Trump administration announced a series of sanctions on Tuesday targeting Russia, including ships that are delivering Russian oil to North Korea despite ongoing sanctions and marine companies that are supplying Russia’s military.
China, seeking to skirt U.S. sanctions, will use oil tankers from Iran for its purchases of that country’s crude, throwing Tehran a lifeline while European companies such as France’s Total are walking away due to fear of reprisals from Washington.
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.