A story in The Los Angeles Times asks a pertinent question: With the price of oil low (by recent historical standards) and continuing to fall, do the economics of the proposed Keystone XL pipeline even make sense anymore? After all, it’s expensive to extract the kind of tar-sands oil in western Canada that would flow […]
Negotiators at the U.N. climate conference in Lima, Peru, emerged after 36 straight hours of talks with a deal that has received mixed reviews. On its face, the Lima Accord is a breakthrough: For the first time, the world’s nations, rich and poor, have signed on to an agreement requiring everyone to cut their own […]
The price of oil continued falling Friday: Brent crude, the international standard, dropped nearly $2, to $62. U.S. WTI crude dropped $2.14, to $57.81, its lowest price since May 2009. A story by Reuters and CNBC notes that the International Energy Agency is predicting further downward pressure, owing to slack demand: The IEA, which coordinates […]
Refiners in the U.S. used the most oil ever last week, taking advantage of crude prices tumbling to a five-year low. Plants processed 16.6 million barrels a day of crude in the week ended Dec. 5, the most in Energy Information Administration data going back to 1989. The rise occurred as futures tumbled to the […]
[Slideshow] Oil’s stunning price collapse is undoubtedly one of 2014’s top stories and will remain a major theme for investors in 2015. Here’s a look at the factors that have led to the largest price decline since the 2008 financial crisis. Indeed, oil futures CLF5, -2.94% have plunged 39% from the beginning of the year, […]
Lawmakers vented their frustration at the Environmental Protection Agency (EPA) Wednesday over its repeated delays of the annual ethanol mandate. The Wednesday hearing in the House Oversight Committee’s subpanel on energy came weeks after the EPA announced that it wouldn’t make a 2014 ethanol blending requirement for fuel refiners until next year. The Wednesday hearing […]
For the first time in four years, Los Angeles drivers are paying less than $3 on average for a gallon of gasoline, part of a nationwide free-fall in fuel prices that could provide a substantial boost to the economy. Because they’re spending less at the pump, Americans are expected to shell out more on holiday […]
An idea is gathering momentum among several governments: Reducing global greenhouse-gas emissions by 2050. As AP reports from the United Nations climate talks going on in Lima, Peru, this week: … in a historic first, dozens of governments now embrace her prescription. The global climate pact set for adoption in Paris next year should phase […]
OPEC cut its forecast for global demand Wednesday, expecting that demand in 2015 will be at the lowest level since 2004. Reuters reports that the cartel, in its monthly report, said it expects worldwide demand for its oil to be 28.92 million barrels per day, about 1 million bpd less than the 12-nation group is producing […]
The plunging price of oil has taken its toll on one of the world’s largest oil companies: Britain’s BP announced Wednesday it would cuts some of its 84,000-member worldwide workforce, as well as take $1 billion in charges over the next five quarters. The New York Times reports that most of the financial hit will […]
